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Submitted by unname1 on Wed, 12/15/2010 - 17:14
The State President Office on December 15 held a press briefing to announce new laws on Insurance Business, Securities, Environmental Protection Tax and a resolution on tax reduction or exemption of agricultural land use.

According to the Environmental Protection Tax Law, with 4 chapters and 13 articles, environmental protection tax will be imposed on products classified as hazardous to the environment including petrol, coal, plastic bags, and plant protection substances. The law will take effect from January 1, 2012.

The revised laws on the amendment of some articles of the Insurance Business Law, part of Vietnam’s commitment to the World Trade Organisation clarifies regulations regarding compulsory reinsurance, cooperation and competitiveness in the insurance business.

The revised Law on Securities controls private offerings to companies to ensure a legal framework for securities operation.

The laws on insurance business and securities will be valid from July 1, 2011.

According to the five-article resolution on tax reduction or exemption of agricultural land use, which will be effect from January 1, 2011 – December 31, 2020, tax will be exempted in agricultural land used for the purposes of research, experimentation, production testing, and farmland. The resolution also defines the subjects for exemption and specifies limits for receipt of agricultural land use rights transferred to households or individuals for agriculture purpose.

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