Vietnam: How much shall the fees for verification of eligibility for the practice of commercial arbitration be retained?

08:42, 14/11/2016

This content is specified in Circular No. 222/2016/TT-BTC of the Ministry of Finance of Vietnam on the rate, collection, submission, administration and use of the fees for verification of eligibility for the practice of commercial arbitration.

According to Circular No. 222/2016/TT-BTC of the Ministry of Finance of Vietnam, the fees for verification of eligibility for the practice of commercial arbitration shall be administered and used as follows:

- The collectors shall submit the entire fee amount collected to the state budget except for the circumstance specified below.

- If the operating expenditure of a governmental agency collecting the fees is sourced from the fees collected according to Clause 1, Article 4 of Decree No. 120/2016/ND-CP of Vietnam’s Government, it shall be allowed to retain 90% of the fees collected to cover for the spending defined in Article 5 of Decree No. 120/2016/ND-CP. The remaining 10% of the fee amount collected shall be submitted into the state budget by chapter and subsection of the current state budget index.

View more details at Circular No. 222/2016/TT-BTC of the Ministry of Finance of Vietnam, effective from January 01, 2017.

- Thanh Lam -

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