Vietnam: 03 entities eligible for exemption from import duty for the Dung Quat Oil Refinery Project

20:46, 09/07/2024

On June 07, 2006, the Ministry of Finance of Vietnam issued Circular 50/2006/TT-BTC guiding the application of import duty and corporate income tax incentives to Dung Quat Oil Refinery Project.

Subjects Exempted from Import Tax for the Dung Quat Oil Refinery Project, Circular 50/2006/TT-BTC

Vietnam: 03 entities eligible for exemption from import duty for the Dung Quat Oil Refinery Project (Illustration)

According to point 1, Section I of Circular 50/2006/TT-BTC, entities that import goods to serve the construction and maintenance of the Dung Quat Oil Refinery Project shall be eligible for exemption from import duty, including:

1. Vietnam Oil and Gas Corporation - the Project investor (hereinafter referred to as the Investor), or

2. Domestic and foreign contractors (including principal contractors and subcontractors) implementing bid packages of the Project;

Principal contractors are domestic or foreign organizations winning one of the bid packages of the Project and directly sign contract with the Investor (or organizations authorized by the Investor).

Subcontractors are organizations or individuals running independent business and signing contracts with principal contractors to perform part of the work under contracts which principal contractors sign with the Investor (or organizations authorized by the Investor)

3. Importing enterprises entrusted by contractors under regulations on import entrustment.

More details may be found in Circular 50/2006/TT-BTC effective from July 5, 2006.

Ty Na

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