Vietnam: What are the responsibilities of importers for the Dung Quat Oil Refinery Project?

20:45, 09/07/2024

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.

Responsibility of the Importing Entities for the Dung Quat Refinery Project, Circular 50/2006/TT-BTC

Vietnam: What are the responsibilities of importers for the Dung Quat Oil Refinery Project? (Illustrative Image)

At point 3.1 Section I of Circular 50/2006/TT-BTC, the responsibilities of importers for the Dung Quat Oil Refinery Project are clearly defined as follows:

- Responsibilities of the Investor (or organizations authorized by the Investor): the Investor shall take responsibility before law for certifying the detailed list of quantities, types and values of imported goods (for consumable materials, consumption norms shall be required)

- Responsibilities of bid package contractors

Contractors shall manage and monitor the list of goods temporarily imported for re-export to serve construction and maintenance of the Project. When the term of construction and maintenance of the Project terminates, bid package contractors shall re-export machinery, equipment and special-purpose means of transport mentioned above, including broken ones. When re-exporting, bid package contractors shall not have to pay export tax.

In case the term of temporary import for re-export terminates and the imported goods are allowed by competent state agencies to be sold, bid package contractors shall declare to pay import duty, value-added tax and special consumption tax (if any) according to current regulations.

More details may be found in Circular 50/2006/TT-BTC effective from July 5, 2006.

Ty Na

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

0 lượt xem

- This translation is generated by OpenAI's GPT-4o model;
- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn