What is the time limit for processing the request for invalidation of an outward investment registration certificate in Vietnam?
- When does the investor follow procedures for invalidating the outward investment registration certificate in Vietnam?
- What is the time limit for processing the request for invalidation of outward investment registration certificate in Vietnam?
- What to do when the investor does not implement outward investment reporting?
When does the investor follow procedures for invalidating the outward investment registration certificate in Vietnam?
Pursuant to Clause 4, Article 86 of Decree No. 31/2021/ND-CP stipulating as follows:
Termination of outward investment activities
1. After terminating investment activities, the investor must liquidate their investment project in accordance with laws of the host country.
2. Within 06 months from the date on which the tax finalization report or another equivalent document is available according to laws of the host country in connection with liquidation of the investment project, the investor must repatriate all proceeds from the project liquidation.
3. If the investor wishes to extend the time limit specified in Clause 2 of this Article, at least 15 days prior to the expiration date, the investor shall submit an application form specifying the reasons to the Ministry of Planning and Investment for consideration and decision. Extension shall be granted only once for a period not to exceed 06 months. Within 15 days from the receipt of the application form, the Ministry of Planning and Investment shall give the investor a written response to the extension.
4. Within 60 days from the date of completing the project liquidation and repatriation of proceeds from the liquidation (if any), the investor shall follow procedures for invalidating the outward investment registration certificate as prescribed in Article 87 hereof.
Thus, according to the above provisions, within 60 days from the date of completing the project liquidation and repatriation of proceeds from the liquidation (if any), the investor shall follow procedures for invalidating the outward investment registration certificate.
What is the time limit for processing the request for invalidation of outward investment registration certificate in Vietnam? (Image from the Internet)
What is the time limit for processing the request for invalidation of outward investment registration certificate in Vietnam?
Pursuant to Clause 4, Article 87 of Decree No. 31/2021/ND-CP stipulating as follows:
Applications and procedures for invalidation of outward investment registration certificates
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4. Within 15 days from the receipt of the valid application, the Ministry of Planning and Investment shall issue an invalidation decision and revoke the outward investment registration certificate and send a copy of the decision to the State Bank of Vietnam, Ministry of Finance, Ministry of Foreign Affairs, Ministry of Labor, War Invalids and Social Affairs, relevant ministry, People’s Committee of the central-affiliated city or province where investor's headquarters is located or investor’s permanent residence is registered, tax authority certifying the investor’s fulfillment of the tax payment obligation and investor’s state ownership representative agency (if any).
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Thus, according to the above provisions, the time limit for processing the request for invalidation of outward investment registration certificates is 15 days from the date the Ministry of Planning and Investment receives the valid application.
What to do when the investor does not implement outward investment reporting?
Pursuant to Clause 4, Article 83 of Decree No. 31/2021/ND-CP stipulating as follows:
Outward investment reporting
1. After the outward investment registration certificate is issued, the investor shall be granted an account to access the National Investment Information System for implementing periodical reporting regulations.
2. Every investor has the responsibility to send reports on progress of their outward investment project as prescribed in Clauses 3, 4 and 5 Article 73 of the Law on Investment; manage their account and sufficiently, punctually and accurately update information on the National Investment Information System.
3. In case of any discrepancy between information on the National Investment Information System and information in physical reports, the former shall prevail.
4. Actions against the investor’s failure to implement the reporting regulations as prescribed:
a) The Ministry of Planning and Investment shall issue a written warning for the first violation;
b) Impose penalties for administrative violations in accordance with regulations of law on penalties for administrative violations against regulations on planning and investment;
c) Publish violations on the National Investment Information System, web portal of the Ministry of Planning and Investment and other mass media.
Thus, according to the above regulations, the investor who does not implement outward investment reporting will be handled as follows:
- The Ministry of Planning and Investment shall issue a written warning for the first violation;
- Impose penalties for administrative violations in accordance with regulations of law on penalties for administrative violations against regulations on planning and investment;
- Publish violations on the National Investment Information System, web portal of the Ministry of Planning and Investment and other mass media.
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