Vietnam’s regulation on tax incentives policies on science and technology activities

Vietnam’s regulation on tax incentives policies on science and technology activities
Nguyễn Trinh

The Law on Science and Technology 2013 of Vietnam was issued on June 18, 2013. In order to encourage and promote the key role and driving force of science and technology, the state has prescribed a number of preferential policies for science and technology activities, typically tax incentives.

Specifically, according to Article 64 of the Law on Science and Technology 2013 of Vietnam, the following cases are eligible for tax incentives as prescribed in the law on taxation:

One, earnings come from the implementation of the contract for scientific research and technological development;

Two, earnings from products made from technologies applied for the first time in Vietnam; products in the process of trial production;

Three, hi-tech enterprises, agricultural enterprises applying high technology and a number of activities in the areas of high technology;

Four, scientific and technological services;

Five, machinery and equipment, accessories, materials imported for activities of scientific research and technological development;

Six, grants from organizations, individuals for scientific research; grants received for scientific research;

Seven, transfer of technology of priority areas to organizations, individuals in socio-economically disadvantaged administration divisions;

Eight, other cases as prescribed.

The Law on Science and Technology 2013 of Vietnam officially comes into force from January 01, 2014.

BÀI 20:

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BẢN DỊCH: 04 credit policies on science and technology activities in Vietnam

The Law on Science and Technology 2013 of Vietnam officially comes into force from January 01, 2014. In order to encourage and prioritize the development of science and technology, besides stipulating a number of preferential tax policies for science and technology activities, Vietnam’s Government also provides a number of credit policies to support organizations and individuals in this activity.

Specifically, according to Article 65 of the Law on Science and Technology 2013 of Vietnam, credit policies on science and technology activities include:

One, organizations, individuals that apply for middle-term or long-term loans for science and technology activities shall receive preferential interests from the national fund for scientific and technological development and other state funds.

Two, organizations, individuals that apply for loans for science and technology activities shall receive credit incentives according to the charter of the fund where loans are granted.

Three, organizations, individuals that apply for loans at commercial banks to make investment in science and technology activities, especially activities of conducting experimentation and trial production shall be considered by the Vietnam Development Bank for interest subsidy or investment credit guarantees, putting aside a certain proportion of outstanding credit balance for science and technology activities.

Four, programs, topics and projects on science and technology that directly serve key socio-economic programs of the State and develop national scientific and technological potential, especially projects on conducting experimentation and trial production requiring use of large capital shall be favored with access to official development assistance (ODA) as follows:

- Non-refundable sponsorship or concessional loans for activities of scientific research and technological development;

- Grant loans for projects on investment and construction of scientific and technological potential or refundable loans for projects applying findings from scientific research and technological development.

View more preferential policies of the state for science and technology activities at the Law on Science and Technology 2013 of Vietnam, issued on June 18, 2013.

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