Vietnam: Cases of reduction of severance tax

14:26, 15/11/2015

On October 02, 2015, the Ministry of Finance of Vietnam issued Circular No. 152/2015/TT-BTC providing guidelines on severance tax. According to this Circular, cases of reduction of severance tax include:

1. Taxpayers who suffer from a natural disaster, conflagration, or accident that inflicts damage to the declared resources may be given exemption or reduction of severance tax on the amount of damaged resources.

If tax has been paid, taxpayers shall receive a refund or have it offset against severance tax payable in the next period.

2. The Ministry of Finance shall cooperate with relevant Ministries and agencies in proposing other cases of severance tax reduction 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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