03 Conditions for industrial and commercial park to enjoy financial incentives in Vietnam

03 Conditions for industrial and commercial park to enjoy financial incentives in Vietnam(Illustrative image)

Circular 162/2007/TT-BTC stipulates that industrial and commercial park can enjoy financial incentives in Vietnam specified in this Circular when simultaneously satisfying the following conditions:

1. A hard fence ensures the isolation of activities within industrial and commercial park from the domestic territory of Vietnam;
2. There are no residential areas, no inhabitants (including foreigners) residing or regularly residing within industrial and commercial park;
3. There is a Customs Checkpoint to monitor and inspect persons, goods, and vehicles entering and leaving industrial and commercial park.

Additionally, this Circular stipulates the principles of investment incentives for industrial and commercial park within the An Giang Border-gate Economic Zone in Vietnam as follows:

- Organizations and individuals investing in industrial and commercial park are entitled to incentives for investment projects in areas with especially difficult socio-economic conditions as prescribed by the investment law, corporate income tax law, value-added tax law, and incentives according to international treaties, bilateral and multilateral trade agreements that Vietnam has signed or participated in;

- In cases where legislative documents stipulate different incentive levels on the same issue, the incentive level stipulated in the document with the higher legal effect shall be applied;

- In cases where legislative documents stipulating the same issue issued by the same agency have different stipulations, the provisions of the document issued later shall be applied.

More details can be found in Circular 162/2007/TT-BTC which takes effect in Vietnam from January 29, 2008.

Ty Na

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