Vietnam: Natural resource tax must be paid when exploiting petroleum

11:39, 23/08/2000

This is a mandatory provision stated in the Law on Petroleum 1993, which was approved by the National Assembly of Vietnam at its 3rd session on July 06, 1993 and officially effective from September 01, 1993.

According to the Law on Petroleum 1993 of Vietnam, petroleum-exploiting organizations and individuals must pay natural resource tax.

- The natural resource tax shall be calculated on the actual exploited output in the tax payment period for each petroleum contract.

- The natural resource tax rates prescribed for crude oil shall range from six percent (6%) to twenty five percent (25%) or higher in special cases.

- The natural resource tax rates prescribed for natural gas shall range from zero percent (0%) to ten percent (10%).

The Government of Vietnam shall prescribe the specific tax rates within the above-mentioned tax rate brackets, depending on the geographical, economic and technical conditions of oil fields and crude oil or natural gas output.

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