What are the regulations surcharge finalization for petroleum projects in Vietnam?

What are the regulations surcharge finalization for petroleum projects in Vietnam? (Internet image) 

Clause 2, Article 7 of Circular 22/2010/TT-BTC stipulates the regulations surcharge finalization for petroleum projects in Vietnam as follows:

- Payable surcharge amounts shall be determined under the guidance in Article 6 of this Circular.

- Determination of surcharge amounts underpaid (or overpaid) in a year:

A dossier on surcharge finalization includes:

• A completed declaration form for surcharge finalization made according to a form applicable to petroleum projects eligible for investment promotion or other petroleum projects as provided in this Circular (not printed herein);

• A list of exploited crude oil outputs and sale prices, made according to a form provided in this Circular (not printed herein);

• A list of temporarily calculated surcharge amounts already paid, made according to a form provided in this Circular (not printed herein).

- The deadline for submission of dossiers of declaration for surcharge finalization:

• The 90th day after the end of a calendar year.

• The 45th day after the expiration of a petroleum contract.

• In case that deadline falls on a weekend or holiday, it will be the working day following that weekend or holiday.

- Payment of surcharge according to dossiers of declaration for surcharge finalization:

• If the temporarily calculated surcharge amount in a year is larger than the payable one, the overpaid amount may be cleared against the payable surcharge amount of the next payment of temporarily calculated surcharge or refunded under tax refund regulations of the current tax administration law.

• If the temporarily calculated surcharge amount in a year is smaller than the payable one. the surcharge payer shall fully remit the deficit into the State Treasury before the deadline for submission of the dossier of declaration of surcharge finalization.

More details can be found in Circular 22/2010/TT-BTC, which comes into force from March 29, 2010.

Nguyen Phu

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