(Luận văn) legal aspects of pension product review of the clients rights and tax incentives related to voluntary pension insurance business

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY t to - ng hi ep w HOANG THI HONG HA n lo ad ju y th yi pl ua al LEGAL ASPECTS OF PENSION PRODUCT – REVIEW OF THE n CLIENT’S RIGHTS AND TAX INCENTIVES RELATED TO va n VOLUNTARY PENSION INSURANCE BUSINESS ll fu oi m at nh z z k jm ht vb om l.c gm MASTER THESIS IN LAW an Lu n va ey t re Ho Chi Minh City, May 2017 MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY t to - ng hi ep w HOANG THI HONG HA n lo ad ju y th yi pl ua al LEGAL ASPECTS OF PENSION PRODUCT – REVIEW OF THE n CLIENT’S RIGHTS AND TAX INCENTIVES RELATED TO va n VOLUNTARY PENSION INSURANCE BUSINESS ll fu oi m at nh Major: Economic Law z z om l.c gm MASTER THESIS IN LAW k jm ht vb Code: 60380107 SUPERVISOR: ASSOC PROF PHAM DUY NGHIA an Lu n va ey t re Ho Chi Minh City, May 2017 INDEX DECLARATION III PREFACE IV t to ABSTRACT V ng LIST OF DEFINITION AND ABBREVIATIONS VI hi ep CONTENTS IX LEGAL ASPECTS OF PENSION PRODUCT – REVIEW OF THE CLIENT’S RIGHTS AND TAX INCENTIVES TO ENCOURAGE VOLUNTARY PENSION INSURANCE BUSINESS IX w INTRODUCTION n CHAPTER lo POLICY AND ITS FEATURES 11 2.1.1 What’s life insurance contract 11 2.1.2 Features of life insurance contract 12 ju y th 2.1 OVERVIEW INSURANCE BUSINESS: THE POLICY AND PENSION 11 ad CHAPTER yi Insurable interest 13 Utmost good faith 16 Warranties 16 Assignment and nomination 16 Return of premium 16 pl n ua al 2.1.2.1 2.1.2.2 2.1.2.3 2.1.2.4 2.1.2.5 PENSION POLICY AND ITS FEATURES 17 2.2.1 Pension policy 17 2.2.2 Legal characteristics of pension contract 18 2.3 PROCEDURE OF LAUNCHING PRODUCT 20 2.4 RIGHTS OF POLICY OWNER (CLIENT) TOWARD POLICY 20 2.4.1 Free-Look Provision 21 2.4.2 Entire Contract Provision 21 2.4.3 Grace Period Provision 21 2.4.4 Reinstatement Provision 22 2.4.5 Policy Withdrawals 22 2.4.6 Nonforfeiture Provision 23 n va 2.2 ll fu oi m at nh z z ht vb k jm CHPATER REVIEW THE CLIENT’S RIGHT OF TERMINATION/ CANCELLATION AND WITHDRAWAL 24 gm REVIEW OF TERMINATION/ CANCELLATION RIGHTS 24 3.1.1 Analysis of the current unsound regulations 24 3.1.2 Other policies reference 28 3.1.3 International reference 30 3.2 REVIEW OF THE RIGHT TO WITHDRAW MONEY IN ADVANCE 34 3.2.1 Analysis of the current unsound regulations 34 3.2.2 Other policies reference 35 3.1 om l.c an Lu 4.1.1 Corporate Income Tax (CIT) 37 4.1.2 Personal Income Tax (PIT) 40 4.2 OTHER POLICIES REFERENCE 43 i ey PRODUCT 37 t re ANALYSIS OF THE CURRENT UNSOUND REGULATIONS – THE NEED TO ENCOURAGE VOLUNTARY PENSION 4.1 n va CHAPTER REVIEW TAX INCENTIVE REGULATIONS APPLIED FOR CORPORATE AND EMPLOYEE CLIENTS BUYING PENSION PRODUCT 37 4.2.1 Corporate Income Tax (CIT) 43 4.2.2 Personal Income Tax (PIT) 44 4.3 INTERNATIONAL REFERENCE 46 t to CHAPTER PROPOSAL ON LEGAL REFORM TO ENHANCE CLIENT RIGHTS AND TAX INCENTIVES FOR PENSION BUSINESS 50 ng hi ep 5.1 5.2 5.3 TERMINATION/ CANCELLATION RIGHTS 50 RIGHTS OF WITHDRAW MONEY IN ADVANCE 51 TAX INCENTIVE 52 5.3.1 Corporate Income Tax (CIT): 52 5.3.2 Personal Income Tax (PIT): 53 w n ANNEX 01 54 lo PENSION CONTRACT IN HONGKONG – PRUMYRETIREMENT RMB ANNUITY INCOME – GENERAL PROVISIONS 54 ad y th ANNEX 02 57 ju PENSION CONTRACT IN SINGAPORE - PRUGOLDEN INCOME .57 yi pl ANNEX 03 59 ua al PROCEDURE OF APPROVED PRODUCT .59 n REFERENCES 61 n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re ii DECLARATION I, HOANG THI HONG HA, trainee code: 7701240806A, a trainee of LLM 24 of Economic University in HCMC, an author of this Thesis on Legal aspects of Pension t to policy – Review of the Client’s rights and tax incentives to encourage voluntary ng hi pension insurance business (hereinafter called ―Thesis‖) ep I hereby declare that all content presented in this thesis is the result of personally w n independent research under the guidance of the Mentor In the thesis there are used, lo ad quoted some ideas, scientific view of some authors These information sources are ju y th cited specific, accurate and verifiable The data and information used in the thesis is completely objective and honest yi pl n ua al Author n va ll fu oi m HOANG THI HONG HA at nh z z k jm ht vb om l.c gm an Lu n va ey t re iii PREFACE In the first place, I would like to express my genuine appreciation to my Mentor, Professor Pham Duy Nghia, for his valuable commentaries, constantly guiding and t to encouraging me through the whole process of working on this thesis I would also like ng hi to thank the Prudential Life Vietnam Company and Cathay Life Vietnam Company ep for their ideal working environment, for a practical repertory, for giving me a lot of w practical experience, which is an important part of the success of this thesis In n lo addition, I am also grateful to my esteemed chief, Mr Robin, Director of Policy ad Administrative / Finance & Accounting / Legal Department of Cathay Life Vietnam, y th ju for his strong assistance in providing me the valuable data and documents in Taiwan yi Dear Mr Nguyen Viet Hai, a former Secretary Deputy General of Insurance pl ua al Association of Vietnam, it was a great experience and a great pleasure to work with n you, for your worth sharing on life insurance market in Vietnam, particularly for the n va state policies under the regulator perspective Last, but not least, I would like to offer ll fu my warm thanks to my colleagues, my friends and my family for being with me oi m Ho Chi Minh City, May 2017 at nh z z k jm ht vb om l.c gm an Lu n va ey t re iv ABSTRACT Since 2013, Vietnam had adopted regulation to promote voluntary pension policy Despite the high expectation, after more than three years of deployment, the market t to for pension insurance remains very limited This thesis aims to explain the legal ng hi contracts which impede the development of pension insurance The thesis also ep analyses the right of clients to terminate the pension contract and to withdraw money w in advance of pension contract n lo ad Finally, the thesis reviews tax implications on current policies of corporate income tax ju y th and personal income tax applied for corporate and employee clients yi As a result, this thesis proposes that pension regulation should admit the client right of pl ua al termination of pension contract; extend the client right of withdrawal of money in n advance in any circumstances And last but not least, tax policies should be adjusted to va ensure the fair tax treatment between voluntary pension and social pension n fu ll In this thesis, research instruments are used including survey, statistics, comparison oi m and analysis to support for the persuasion at nh z z k jm ht vb om l.c gm an Lu n va ey t re v LIST OF DEFINITION AND ABBREVIATIONS Policy Owner / Policy Holder are organizations or individuals that enter into insurance contracts with insurance enterprises and pay premium An insurance buyer may also t to be concurrently the insured or the beneficiary ng hi ep The Insured / Life Assured means organizations or individuals that have property, civil liabilities and/or life are insured under insurance contracts The insured may also w n be concurrently the beneficiary lo ad The Beneficiaries mean organizations or individuals designated by the insurance y th ju buyers to receive insurance money under person insurance contracts yi pl Insurable interests mean the rights to ownership, the rights to possession, the right to al n va support for insured objects n ua use, the property rights; the rights and obligations to foster and provide financial ll fu Insured events mean objective events mutually agreed upon by the parties or oi m prescribed by law upon the occurrence of which the insurance enterprises shall have to at nh pay the insurance money to the beneficiaries or pay indemnities to the insured z Premium means a sum of money to be paid by the insurance buyers to insurance z vb enterprises according to time limits and by modes mutually agreed upon by the parties k jm ht in the insurance contracts gm Pension insurance means a class of insurance in case where the insured person reaches l.c a determined age shall be paid insurance money by insurance enterprise as agreed in om the insurance contract an Lu Surrender Value means an amount of money the Policy Owner will receive if the provision or a cooling-off provision, which gives the policy owner a stated period of vi ey typically includes a free-look provision, some- times referred to as a free-examination t re Free-look period / Cooling-off period means an individual life insurance policy n va Policy Owner terminates the Policy while the Policy is on effective period time—usually at least 10 days—after the policy is delivered within which to cancel the policy and receive a refund In most jurisdictions, this period of time ranges from 10 to 30 days The free-look period begins on the date the policy is delivered to the t to policy owner, not on the date of issue Insurance coverage is in effect throughout the ng hi free-look period or until the policy owner rejects the policy, whichever occurs first ep Grace period means a length of time following each renewal premium due date within w which the premium may be paid without loss of coverage The specified time (often n lo 31 days) following each premium due date during which the contract remains in effect ad ju y th regardless of whether the premium is paid yi Reinstatement means the conditions that the policy owner must meet for the insurer to pl reinstate a policy ua al n Defined-benefit plan means a pension plan with a guarantee by the insurer or pension va n agency that a benefit based on a prescribed formula will be paid Such plans can be ll fu fully funded or unfunded oi m nh Defined-contribution means the contributions that the plan sponsor agrees to make to at the plan The benefit that a participant will receive is not determined in advance of the z z participant’s retirement but depends on the investment performance of the funds in the vb jm ht plan k PAYG (Pay as you go) means a withholding tax which requires you to pay gm liability om l.c incremental amounts which accumulate towards your expected end of year income tax n va ISA: Insurance and Supervision Authority an Lu MOF: Ministry of Finance CIT: Corporate income tax vii ey MOIT: Ministry of Industry and Trade t re MOLISA: Ministry of Labor, War Invalid and Social Ware fares PIT: Personal income tax ULP: Universal life product t to ILP: Unit link life product ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re viii of withdrawal shall lead no distinction among pension and other products any more t to 5.3 Tax incentive ng For the specific difficulties of the pension product as mentioned above, I would hi ep like to suggest a requirement of equal treatment as follow: w 5.3.1 Corporate Income Tax (CIT): n lo ad 5.3.1.1 Uniformity of tax policy applied to pension product: y th ju  Suggest the Government and MOF not to separate the pension product from yi other products when calculating the deductible expenses for CIT purpose In pl ua al cases where Government has reasonable grounds to separate pension n product, it is proposed to consider extending the maximum deduction level va for calculating CIT applicable to pension product (1 million/ person/ month, n ll fu which is quite low) and apply the deduction indistinguishable from the oi m supplementary pension insurance of the Social insurance Agency Referring at nh to the average deduction and balance of income of the countries in the z region (India: 12% of paid premium by company, but not exceed 100.000 z Rupi (≈ 34 million/ person/ year); Thailand: maximum 15% of paid vb jm ht premium by company; Singapore: 20% of paid premium by company, but k not exceed 5.000 SGD (≈ 81 million/ person/ year), it is acceptable if 24 l.c gm million/ person/ year is applied in Vietnam  Theoretically as well as regulations, there should be no distinction between om the products, as well as equality in the ―playground‖ of the service provided an Lu by insurers and by Social insurance Agencies (for example: pension, n va supplement pension insurance and other voluntary pension insurance types) Tax applied for maturity benefit: in the spirit of accounting principles, total premium, and then when company receives the refund; it will have to calculate the CIT on that percentage The rest (previously not deducted) is now not ey the paid premium by company is deductible from the CIT how many percent of the t re 5.3.1.2 subject to CIT For example: Company ABC buys pension in 2014 equal to 1,8 billion, in which only 1,2 billion is deductible from CIT in 2014 (with the threshold of million/ person/ month) In the early 2015, ABC suggests to refund t to of 10 persons quitting the job before the committed period The first paid premium ng hi is 180 million, after deducting all administrative cost equal to 60 million, ABC ep receives 120 million Then, based on the level deducted in 2014 is 66.67%, the real money received 120 million is processed CIT as follows: w n lo  Included in CIT: 66,67% x 120M = 80M ad y th  Excluded from CIT: 120M – 80M = 40M ju 5.3.2 Personal Income Tax (PIT): yi pl Uniformity of tax policy applied to PIT for cash allowances: ua al n  Suggest not to separate pension product from other life insurance product va n types when calculating the deduction of PIT (allow PIT to be deferred until fu ll the employee actually receives the pension amount) In cases where m oi Government has reasonable grounds to separate pension product, it is nh proposed to consider extending the maximum deduction level for calculating at z PIT applicable to pension product (the total deduction rate of both employee z ht vb and employer is million/ person/ month (Article 2.8 of Decree 12 k with other products.) jm amending to Article 11 of Decree 65), which is extremely low, and is unfair gm  Although the Law on insurance business and the Law on social insurance l.c govern different fields of activity, in essence, both pension and supplement om pension are targeted to the beneficiaries who are employees after retirement an Lu To avoid discriminating against PIT for these two activities, I propose that it ey basis waves (for example: 1.5% x 20 months of basis salary) t re forms of retirement; and this deduction should be the highest percentage of n va should be issued a policy applied the same deductible tax rate for the two ANNEX 01 t to PENSION CONTRACT IN HONGKONG – PRUMYRETIREMENT RMB ANNUITY INCOME – GENERAL PROVISIONS ng The contract This policy is a legal contract between you and us in which we hi ep agree to pay you the benefits set out in your Certificate of Life Assurance as specified in this policy w n lo Your entire contract with us shall be made up of all pages of ad this policy including the Certificate of Life Assurance, the ju y th proposal form, the supplementary proposal form (if any) and yi endorsements (if any) pl al n ua You shall be responsible for giving us complete and correct va information If two persons are named as Policy owners on n your Certificate of Life Assurance, both persons shall be fu ll jointly and severally responsible for the completeness and oi m accuracy of all information that you supply us for any reason at nh z We rely on the information you gave us in your proposal z vb form, supplementary proposal form and any correspondence jm ht for this policy to decide whether to accept your insurance k application or not If any such information is incomplete or gm inaccurate or you not comply with any conditions of this l.c policy, we may determine that this policy shall be void om an Lu This policy only covers the benefits for the period from the Date of Policy to the Benefit Expiry Date as shown on your ey Kong Special Administrative Region t re governed by and interpreted according to the law of the Hong n conditions contained in this policy This policy shall be va Certificate of Life Assurance, subject to the terms and If this policy ever changes, we shall issue you an endorsement and you should attach it to this policy for safe-keeping t to ng hi Cooling-off We want you to be completely satisfied with the policy If Period not, you have the right to change your mind You would be ep entitled to a refund of the Premium(s) you have already paid, w provided no claim has been made under this policy, by n lo sending us a written request together with this policy This ad request must be signed by you and received directly by our ju y th Principal Office in Hong Kong within 21 days after (a) the yi delivery of this policy or (b) the issuance of a notice pl ua al (informing the availability of this policy and the expiry date of n the Cooling-off Period) to you or your representative, va n whichever is earlier fu ll Premium means the single premium paid under the policy In oi m case that you cancel the policy during the Cooling-off Period, nh at we will refund the original amount of Premium paid in the z z original currency tendered to us without interest vb k any of the following events: jm this policy of This Plan will automatically terminate upon the occurrence of ht Termination gm l.c  death of the Life Assured (or if later, the time at which om all outstanding benefits under the policy have been paid an Lu as specified in Clause (ii) of the attached document named ―PRUmyretirement RMB annuity income plan – ey  surrender of this policy, t re Certificated of Life Assurance); or n  the Benefit Expiry Date of the Plan (as shown on your va Benefits‖); or Whichever is the earliest t to Surrendering You can apply at any time to surrender this policy The this policy surrender value shall be equal to the total cash value of the ng policy (―Total Cash Value‖), which is a sum of: hi ep  A Guaranteed Cash Value corresponding to the time of your surrender as shown in the ―Guaranteed Cash w n Value Table‖ attached to this policy, subject to lo ad adjustment as conclusively determined by us if this y th policy is being surrendered prior to its policy ju yi anniversary; and pl ua al A Non-guaranteed Cash Value which is calculated based on n actual experience and projection of the Plan (including but not va to investment n limited returns, expenses, claims and fu ll persistency experience) The amount of the non-guaranteed m oi cash value is not guaranteed and is conclusively determined at nh by us z z This policy will automatically terminate once we have vb jm ht approved the surrender We will pay out the surrender value (if any) of this policy within six calendar months from the k l.c gm date of our approval To apply for surrendering this policy, you must complete and submit to us our appropriate om application form and meet all our specified conditions and your application or not an Lu administrative rules We shall notify you whether we accept n va ey t re ANNEX 02 PENSION CONTRACT IN SINGAPORE - PRUGOLDEN INCOME t to PruGolden Income - a fixed-term policy that offers a Monthly Income upon ng hi retirement and additional Monthly Income upon a disability caused by an accident ep It also provides financial protection against death w Review period n lo ad a We give you a period of 14 days in which you can review your y th policy ju yi b If you decide this policy is not suitable for your needs, simply pl ua al return this Policy Booklet and your Certificate of Life Assurance to us within 14 days from the date you received them We will refund n ll fu proposal n va your premium less medical expenses incurred in accepting your oi m Surrender your policy nh at a We give you a surrender value after 24 months from your first z z premium due date and after you have paid premiums for 24 months vb jm ht b You can apply at any time to surrender (terminate) your policy The surrender value will be much lower than the premiums paid if k l.c gm you surrender your policy during the early years c To apply you must use our appropriate application form and meet om the conditions on it We will notify you if we accept your an Lu application n va Types of benefit b Additional Monthly Income upon Disability caused by an Accident; ey a A Monthly Income; t re PruGolden Income offers the following benefits: c Waiver of premium upon Disability caused by an Accident; d A Lifestyle Multiplier Benefit; e A Death Benefit; and t to f A Family Income Benefit ng hi g Termination of benefits ep The benefits under your PruGolden Income policy will terminate upon: w n a The death of the life assured; lo ad b The surrendering of the policy; y th c The Maturity Date of the policy as shown on your Certificate of Life ju yi Assurance; or pl d The policy lapsing because the amounts owing to us within the al n ua policy exceeds the surrender value n va Whichever event occurs first ll fu oi m Besides the above, the Disability Monthly Income benefit will also terminate: nh a On the Policy Anniversary immediately before the life assured turns at z 65 years old; z jm Disabled; ht vb b When the life assured stops being Totally and Permanently k c Upon the successful claim and first payment of this Disability om l.c Whichever event occurs first gm Monthly Income benefit an Lu n va ey t re ANNEX 03 PROCEDURE OF APPROVED PRODUCT t to ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m In which: at nh Insurers submit application dossiers under Article 39, 40 of Decree z z 73/2016/NĐ-CP and dossier of a model contract registration under Article 10.1 MOF sends application dossiers to MOIT (VCA) to get appraisal opinions om 2a’ l.c within working days from the day Insurers full-fill dossiers gm 2a k jm ht vb Decree 99/2011/NĐ-CP to MOF (ISA) Within working days from the received date of application dossiers from an Lu MOF (ISA), MOIT (VCA) will inspect the dossier and send appraisal feedback to n va MOF (ISA) In case of non-approval on the insurance products: Base on the appraisal full-fill the application The content of the dispatch shall state clearly the content should be revised and the reason why ey report of MOF and MOIT, MOF (ISA) establishes a dispatch to order insurers to t re 2b 2b Insurers submit application after full-fill it In case of approval on the insurance products: MOF establishes a dispatch to t to approve the products ng hi Within working days from the date of approval dispatch, MOF sends the ep approved dispatch and the approved product to MOIT (VCA) to register the model contract and general transaction condition w n Within working days from the received date of the approved dispatch and lo ad y th approved product from MOF, MOIT (VCA) establishes a notice about approval on ju the registration of a model contract, general transaction condition if insurers yi pl comply with MOIT’s appraisal opinions al For the insurance product which have some inconsistent contents compared n ua 5’ n va with the one approved by MOF, in case of having further opinions, MOIT (VCA) oi m required ll fu will discuss with MOF (ISA) to guide insurance enterprise to full fill the dossier as at nh z z k jm ht vb om l.c gm an Lu n va ey t re REFERENCES SCIENTIFIC RESEARCH t to ng Andrew Reilly and Edward Whitehouse (2008), Pension at a Glance hi Asia/Pacific Edition, World Bank Website ep w Azad Singh Bali and Mukul G Asher (2012), Coordinating Healthcare and n lo Pension Policies: An Exploratory Study, World Bank Website ad y th ju Bui Cam Huong (2014), What are Supplement pension and Pension product, yi World Bank Website pl ua al n Carsten Andersen and Peter Skjodt (2007), Pension Institutions and Annuities va n in Denmark, World Bank Website ll fu m oi Deepest Raghaw, Tax Treatment of Pension Plans from Insurance at nh Companies, link http://www.personalfinanceplan.in/insurance/tax-treatment- z of-pension-plans-from-insurance-companies/, updated 12th May 2016 z ht vb jm Definition of hardship, link http://www.unidroit.org/instruments/commercial- k contracts/unidroit-principles-2010/403-chapter-6-performance-section-2- gm hardship/1058-article-6-2-2-definition-of-hardship, updated 2nd December om l.c 2013 an Lu Do Van Dai (2016), Criticism on new points of Civil Code 2015, Publisher n va Hong Duc – Vietnam Lawyers Association ey contract from the view of economics, Magazine of State and Legislation, t re Duong Anh Son and Hoang Vinh Long (2013), Discussing on the nature of Number Feature of life insurance contract, link t to http://marketinglord.blogspot.com/2012/08/features-of-life-insurance- ng hi contract.html ep w 10 Glossary of statistical terms, link n lo https://stats.oecd.org/glossary/detail.asp?ID=6290, updated 16th August ad 2005 ju y th yi 11 Hong Chi, In 2017: Insurance market reach premium revenue target up to pl ua al 18,6%, link http://thoibaotaichinhvietnam.vn/pages/tien-te-bao-hiem/2017- n 03-31/nam-2017-thi-truong-bao-hiem-dat-muc-tieu-doanh-thu-phi-tang- va n 186-42049.aspx, updated 31st March 2017 ll fu m oi 12 Insurance Act of Taiwan amended in 2016 at nh z 13 Khuat Thi Kieu Van (2013), Role of pension fund toward security market and z jm ht vb multi pillar pension system, World Bank Website k 14 Landdis MacKellar (2009), Pension systems for the Informal Sector in Asia, om l.c gm World Bank Website 15 LOMA 280 Principles of Insurance of Life Office Management Association an Lu Inc., an international association founded in 1924 ey 17 Ministry of Finance, Conference in 2015 – the solutions for enhancement of t re and Social Security, World Bank Website n va 16 Mark Dorfman and Robert Palacios (2012), World Bank support for Pensions insurance business environment in Vietnam 18 Ministry of Planning and Investment (2015), Vietnam 2035 toward t to Prosperity, Creativity, Equity, and Democracy, World Bank Website ng hi ep 19 Ngoc Lan (2014), Pension: opportunity or expectation, World Bank Website w n 20 Nguyen Nguyet Nga (2012), Vietnam – Developing a modern pension lo ad system: current challenges and options for future reform, World Bank y th Website ju yi pl ua al 21 Nguyen Thi Thu Phuong (2009), Voluntary Pesnion system – Challenge of expanding coverage, World Bank Website n n va ll fu 22 Olha Cherednychenko (2007), Fundamental Rights and Private Law, oi m Contract Law and the Protection of the Weaker Party, Published by Igitur nh at 23 Pension Manual, Irish tax and customs, link z z www.revenue.ie/en/about/foi/s16/pensions/chapter-26.pdf k jm ht vb 24 Personal pension plan, Jubilee insurance, link l.c gm https://www.jubileeinsurance.com/tz/index.php/products- solutions/individual-insurance/pension-products/personal-pension- om plan#.WMe4ajvygdU ey t re plan#.WMe4ajvygdU n solutions/individual-insurance/pension-products/personal-pension- va https://www.jubileeinsurance.com/tz/index.php/products- an Lu 25 Personal pension products, link 26 Personal pension, Zurich Life, link https://www.zurichlife.ie/DocArchive/servlet/DocArchServlet?docId=PN_F IR_PER_CG&docTag, updated January 2017 t to ng hi 27 Phuong Linh, Average income per person in 2015, link ep http://kinhdoanh.vnexpress.net/tin-tuc/vi-mo/thu-nhap-binh-quan-nguoi- viet-nam-2015-hon-45-trieu-dong-3333776.html, updated 26 December w n 2015 lo ad y th 28 Poverty headcount ratio at national poverty lines (% of population), link ju yi http://data.worldbank.org/share/widget?contextual=region&end=2014&in pl dicators=SI.POV.NAHC&locations=VN&start=2014&view=bar&year_h n ua al igh_desc=false n va ll fu 29 Stuart Leckie (2012), Tax and Pensions in China, World Bank Website oi m nh 30 Tan P.P Nguyen (2016), Contract law of Vietnam: an evaluation at approached by the transaction cost theory, www.law.uchicago.edu z z vb k jm ht 31 Tran Viet (2012), Understand about Supplement pension, World Bank Website om l.c of Finance – Insurance gm 32 Truong Xuan (2014), Pension product based on regulation in Vietnam, Journal n va reduction of burden for social insurance fund an Lu 33 VCCI (2014), Pension product – solution for retention key manpower and Focus: Promoting Healthy and Productive Aging in Vietnam, World Bank ey Stock – An update on Vietnam’s recent economic developments – Special t re 34 Viet Tuan Dinh and Sebastian Eckardt and Philip O’Keefe (2016), Taking Website t to 35 Vipin Khandelwal, Surrender Value Taxation – Must know insurance facts, ng link http://www.vipinkhandelwal.com/surrender-value-taxation-must-know- hi ep insurance-facts/, updated 2017 w n 36 Vu Thanh Liem and Duong Manh Hung, Distinction between GDP and lo ad Average income per person, link ju y th http://gso.gov.vn/Default.aspx?tabid=382&ItemID=13875, updated 19 February 2014 yi pl n 38 Civil Code 2015 va 37 Constitution 2013 n ua al LEGAL FOUNDATION IN VIETNAM ll fu 39 Procedure civil Code 2015 m oi 40 Law on insurance business 2000 amended in 2010 at z 42 Law on accounting 2015 nh 41 Law on commerce 2005 z k 49 Law on personal income tax 2007 an Lu 48 Law on corporate income tax 2008 om 47 Law on consumer protection 2010 l.c gm 46 Law on personal income tax 2012 jm 45 Law on corporate income tax 2013 ht 44 Law on social insurance 2014 vb 43 Law on tax 2014 n va 50 Decree 73/2016/ND-CP guiding Law on insurance business 52 Decree 91/2014/ND-CP guiding Law on corporate income tax and personal income tax ey income tax t re 51 Decree 12/2015/ND-CP guiding Law on corporate income tax and personal 53 Decree 92/2014/ND-CP guiding Law on corporate income tax 54 Decree 218/2013/ND-CP guiding Law on corporate income tax 55 Decree 65/2013/ND-CP guiding Law on personal income tax t to 56 Decree 99/2011/ND-CP guiding Law on consumer protection ng hi 57 Decree 115/2015/ND-CP guiding Law on social insurance ep 58 Decision 35/2015/QD-TTg relating to standard contract 59 Circular 212/2015/TT-BTC guiding Law on corporate income tax w n 60 Circular 119/2014/TT-BTC guiding Law on corporate income tax and lo ad personal income tax y th 61 Circular 96/2015/TT-BTC guiding Law on corporate income tax ju yi 62 Circular 151/2014/TT-BTC guiding Law on corporate income tax and pl personal income tax al n ua 63 Circular 66/2010/TT-BTC guiding Law on corporate income tax n va 64 Circular 78/2014/TT-BTC guiding Law on corporate income tax ll fu 65 Circular 135/2013/TT-BTC guiding Law on corporate income tax oi m 66 Circular 37/2010/TT-BTC guiding Law on personal income tax nh 67 Circular 66/2010/TT-BTC guiding Law on personal income tax at 68 Circular 111/2013/TT-BTC guiding Law on personal income tax z z 69 Circular 10/2013/TT-BCT guiding Law on consumer protection jm ht vb 70 Circular 115/2013/TT-BTC on pension product 71 Circular 130/2015/TT-BTC amend to Circular 115/2013/TT-BTC on om l.c 73 Circular 52/2016/TT-BTC on universal life product gm 72 Circular 135/2012/TT-BTC on unit link product k pension product an Lu n va ey t re