The fee for verification of conditions for establishment of a Vietnam-based branch of a foreign arbitration center is VND million

Circular No. 222/2016/TT-BTC of the Ministry of Finance of Vietnam applies to the payers and collectors of the fees for verification of eligibility for the practice of commercial arbitration, and to other organizations and individuals concerning the collection, submission, administration and use of the fees for verification of eligibility for the practice of commercial arbitration.

Circular No. 222/2016/TT-BTC specifies the rate of fees for verification of eligibility for the practice of commercial arbitration as follows:

On no later than the fifth of each month, the fee collectors shall deposit the fee amount collected in the previous month into the budgetary contribution account at the State Treasury.

The fee collection agency shall declare and finalize the fees collected on monthly and annual basis, respectively, according to the guidelines in Section 3, Article 19 and Section 2, Article 26 of Circular No. 156/2013/TT-BTC dated November 06, 2013 by the Minister of Finance on guidelines for the implementation of certain articles of the Law of tax administration; the Law on amendments to certain articles of the Law of tax administration and the Government’s Decree No. 83/2013/ND-CP dated July 22, 2013.

Circular No. 222/2016/TT-BTC of the Ministry of Finance of Vietnam takes effect from January 01, 2017 and replaces Circular No. 42/2013/TT-BTC dated April 11, 2013 of the Minister of Finance on the rate, collection, submission, administration and use of the charges for the practice of commercial arbitration.

Source: Thoi bao Tai chinh Viet Nam Online

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