New regulations coming into force from the middle of June, 2017

5. Change in time limit for notice of invoice issuance made by enterprise

The Circular No. 37/2017/TT-BTC on amendments to the Circular No. 39/2014/TT-BTC and the Circular No. 26/2015/TT-BTC on sales invoices shall officially come into force as from June 12, 2017.

This Circular stipulates some changes in the enterprise’s notice of invoice issuance as follows:

- The notice of invoice issuance and the sample invoice must be submitted to the supervisory tax authority within the maximum duration of 02 days (presently, 05 days) before commencement of use of these sales invoices;
- The tax authority shall be responsible for instructing the enterprise to finalize the invoice printing service contract which does not contain provision on contract finalization time (if the enterprise uses externally-printed sales invoices) upon the availability of the Notice of invoice issuance, and in such case, the enterprise shall not incur penalties.

- If the Notice of invoice issuance fails to contain sufficient contents as required by law, the tax authority shall give a written notification requesting the enterprise to revise the Notice within a maximum duration of 02 working days (presently, 03 working days) as from the receipt of the enterprise’s Notice.

6. Disclosure of information concerning violations against regulations on securities

The Ministry of Finance promulgates the Circular No. 36/2017/TT-BTC on amendments to the Circular No. 217/2013/TT-BTC on penalties for administrative violations against regulations on securities.
 
According to this Circular, information concerning violations committed by the following entities or individuals shall be published within a maximum duration of 03 working days from the date on which the Decision on imposition of administrative penalties in securities sector is made.
                                                                                          
- An individual committing violation faces a fine of VND 15 million or more as regulated, or an entity committing violation is liable for a fine of VND 30 million or more;
 
- An entity or an individual that has the certificate of operation of representative office or the practicing certificate in securities sector suspended for determined period;
 
- An entity or individual committing administrative violation against regulations on securities is liable for one of the additional penalties or remedial measures in accordance with prevailing law.

 (Pursuant to regulations in the Circular No. 217, every time when the decision on imposition of administrative penalties is made, information concerning such administrative violation shall be published).
 
The Circular No. 36/2017/TT-BTC shall come into force as from June 15, 2017.

7. Enrolment of foreign students to distance education programs in Vietnam

This is the most noticeable regulation in the Circular No. 10/2017/TT-BGDDT on Regulation on distance higher education which comes into as from June 12, 2017. To be specific:

- Foreign citizens may attend the enrolment for distance higher education programs organized by higher education institutions in Vietnam;

- The higher education institution must publish contents of the enrolment notice and information concerning distance education programs on its website at least 02 months before the enrolment date;

- Eligibility requirements and procedures for receiving international students shall comply with current regulations on management of foreigners who study in Vietnam;

- Enrolment result must be published on the website of the higher education institution;

- Based on current Regulation on enrolment for full-time higher education and this Regulation, higher education institutions shall formulate and promulgate their own regulations on enrolment for distance education programs applicable to foreign citizens.

The Circular No. 10/2017/TT-BGDDT nullifies certain contents of Decision No. 40/2003/QD-BGDDT .

8. Increasing the maximum amount of student loan to VND 1.5 million/ month

This content is laid down in the Decision No. 751/QD-TTg on revision of student loan limits under regulations in Clause 1 Article 5 of the Prime Minister’s Decision No. 157/2007/QD-TTg.

According to this Decision, the maximum amount of student loan is increased to VND 1,500,000/ month/ student (current amount of student loan is VND 1,250,000).

Therefore, the amount of student loan is increased by VND 250,000/ month/ student.

In addition to the said regulations, this Decision also clearly stipulates responsibility of the Ministry of Planning and Investment and the Bank for social policies in course of grant of loans to students under prevailing regulations.

The Decision No. 751/QD-TTg comes into force as from June 15, 2017.

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