Chapter III
PREFERENTIAL TREATMENT TO THE EQUITIZED ENTERPRISE AND ITS EMPLOYEES AND OFFICIALS
Article 10.- The equitized enterprise shall enjoy the following preferential treatment:
1. To be entitled to a 50% reduction of the profit tax in two consecutive years from the time it changes its operations in accordance with the Corporate Law.
If the equitized enterprise satisfies the conditions defined in Article 15 of Decree No.29-CP of May 12, 1995 of the Government on detailed stipulations for the implementation of the Law on Promotion of Domestic Investment, it is entitled only to the tax preferential levels specified in Articles 16, 17, 18, 19, 20, 21 and 22 of that Decree.
2. To be exempt from the registration fee on the transfer of assets under the management and use of the equitized State enterprise to the ownership of the joint-stock company.
3. To be entitled to continue borrowing capital from State Commercial Banks according to the mechanism and at the interest rate applied to State enterprises.
4. To be entitled to continue the export and import of goods according to the State prescriptions.
5. Before equitization, it is allowed to distribute at its discretion the residue in the reward and welfare funds (in cash) to its working employees and officials for share-buying.
To be entitled to maintain and develop the welfare fund in kind, the cultural constructions, clubs, clinics and sanitoria in order to ensure the welfare of the laborers in the joint-stock company. These assets shall belong to the labor collective in the joint-stock company and be placed under the management of the trade union in the company.
6. The actual reasonable and necessary expenditures for transforming the State enterprise into the joint-stock company shall be accounted for in the value of the enterprise as stipulated by the Ministry of Finance.
Article 11.- The laborers in the equitized enterprise shall be entitled to enjoy the following preferential treatment:
1. Financial preferential treatment:
a) To be provided by the State with a number of shares, depending on the seniority and work performance of each person. The laborers shall enjoy the dividends of these shares which can be inherited by their children who also work at the joint-stock company but these shares are not transferable. These shares shall belong to the State ownership in the joint-stock company.
The value of the shares issued to each person shall not exceed six months’ salaries and wages based on grades and positions on wage scale issued by the State; the total shares issued shall not exceed 10 % of the value of the enterprise.
b) To be entitled to buy a number of shares with deferred payment in 5 years at the interest rate of 4% per annum; the total shares bought with deferred payment shall not exceed 15% of the value of the enterprise, or 20% of the value of the enterprise if its self-procured capital represents 40% or more of its value.
2. To be entitled to continue to work at the joint-stock company (if they wish) as provided for in Article 31 of the Labor Code of June 23, 1994. If after 12 months from the time the enterprise becomes a joint-stock company, the laborers lose their jobs due to its technological restructuring to meet the need of reorganizing the business operation, they shall benefit from the policies stipulated in Article 17 of the Labor Code and Decree No.72-CP of October 31, 1995 of the Government.
Tìm kiếm
Nghị định 28-CP (Bản Word)