Recently, 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.
Vietnam: Duty-free imports for the Dung Quat Oil Refinery Project (Illustrative image)
Under the provisions at point 2, Section I of Circular 50/2006/TT-BTC, goods imported for the construction and warranty process of the Dung Quat Oil Refinery Project in Vietnam are exempted from import duty, including:
1. Goods imported to create fixed assets for the Project, including:
- Equipment, machinery;
- Special-purpose means of transport in technological lines certified by the Ministry of Science and Technology and vehicles for staff transport, including automobiles of over 24 seats and waterway vehicles;
- Spare parts, details, loose parts, fittings, molds, dies, and accessories for assembly into complete units or use with equipment, machinery and special-purpose means of transport;
- Materials for manufacturing equipment and machinery in technological lines or for making spare parts, details, loose parts, fittings, molds, dies, and accessories for assembly into complete units or use with equipment, machinery and special-purpose means of transport;
- Construction materials which cannot be produced domestically.
Note: Construction materials serving the Project include both materials constituting the Project’s items and consumable materials (chemicals, gas, lubricants and grease, special-purpose catalysts) used in the operation of construction machinery.
2. Equipment, machinery, spare parts, accessories and special-purpose means of transport (other than automobiles of under 24 seats) temporarily imported for re-export by contractors to serve the project construction.
More details may be found in Circular 50/2006/TT-BTC effective on July 5, 2006.
Ty Na
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