Vietnam: 6 cases of severance tax exemption

14:29, 18/12/2015

Recently, the Ministry of Finance of Vietnam issued Circular No. 152/2015/TT-BTC providing guidelines on severance tax. According to this Circular, cases of severance tax exemption include:

1. Entities extracting natural marine organisms.

2. Entities extracting branches, firewood, bamboo, rattan, etc. serving everyday life.

3. Entities extracting natural water for hydroelectricity generation serving everyday life of households and individuals.

4. Natural water extracted by households and individuals serving their everyday life.

5. Land areas given/leased out to organizations and individuals and used on the spot; earth used for leveling, construction of security, military works, dykes.

Earth extracted and used on the spot eligible for tax exemption include sand, rock, gravel in the earth without specific substances and is used as is for leveling or construction. If earth is transported elsewhere for use or for sale, severance tax must be paid as prescribed.

6. The Ministry of Finance shall cooperate with relevant Ministries and agencies in proposing other cases of exemption from severance tax to the government, which will be considered and decided by the Standing Committee of the National Assembly.

View more details at Circular No. 152/2015/TT-BTC of the Ministry of Finance of Vietnam effective from November 20, 2015, which replaces Circular No. 105/2010/TT-BTC.

- Ngoc Duyen -

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