Circular 22/2010/TT-BTC: Surcharge amounts payable for other petroleum projects in Vietnam

Circular 22/2010/TT-BTC: Surcharge amounts payable for other petroleum projects in Vietnam (Internet image)

Clause 2, Article 6 of Circular 22/2010/TT-BTC stipulates the surcharge amounts payable for other petroleum projects on a quarterly basis at partially progressive rates in Vietnam shall be determined as follows:

- In case the average sale price of crude oil in the quarter increases by between more than 20% and 50% over the corresponding base price, the surcharge amount payable on a quarterly basis shall be determined as follows:

In which:

• The average sale price of crude oil in the quarter is the price calculated by contractors themselves based on statistical data on actual daily sale prices of crude oil in each quarter under the guidance of this Circular, but must not exceed 150% of the base price in the corresponding year.

• The base price in the corresponding year is that guided in this Circular.

- In case the average sale price of crude oil in the quarter increases by more than 50% over the corresponding base price, the surcharge amount payable on a quarterly basis shall be determined as guided at Point a of this Clause plus an additional surcharge calculated as follows:

In which:

• The average sale price of crude oil in the quarter is the price calculated by contractors themselves based on statistical data on actual daily sale prices of crude oil in each quarter under the guidance of this Circular, but may be applied at a rate exceeding 150% of the base price in the corresponding year.

• The base price in the corresponding year is that guided in this Circular.

More details can be found in Circular 22/2010/TT-BTC, effective from March 29, 2010.

Nguyen Phu

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE