9 types of income, asset must be declared

Government Inspection has issued Circular No.08/2013/TT-TTCP guiding to implement provisions on transparency of assets and incomes. Accordingly, 9 types of asset, income must be declared as follow:

1. Houses, constructions: onesissued the ownership certificates; ones belonging to practical ownership of declarants, of wife or husband and minor children but issued the ownership certificates titled by the others; onesrent or used owned by the Government.
2. Land use rights: ones have issued the land use certificates; ones have not yet issued the certificates or been issued the certificates titled by the others.
3. Money (VND, foreign currency) includes cash, loans, advances, depositsat individuals, domestic or international organizations in Vietnam which are equivalent from VND 50 million.
4. Cars, motors, motorcycles, other vehicles (bulldozers, excavators, others), ships, aircrafts, boats and other movable properties which are managed by Government, value from VND 50 million.
5. Precious metals, gemstones, shares, capital contributions to the business establishments, other transferable papers which have totally the exchange value from VND 50 million.
6. Other types of asset which have exchange value form VND 50 million such as ornamental plants, furniture, paintings, photographs, art objects,…
7. Oversea assets, accounts.
8. Debts include payments, values of custody properties which have total exchange value from VND 50 million.
9. Total incomes in this year in VND include salaries, allowances, pensions, bonus, remunerations, gifts, donations, inheritances, incomes benefited from investments, inventions, patents, others.

Declaring assets, incomes must be completed latest on December 31^st every year.

This Decree takes effect on December 16^th 2013.

For further information or intensive legal advance, please contact ANT Lawyers. Your lawyers in Vietnam.