Quyết định 358-TTg

DECISION

ON PREFERENTIAL TAXATION OF OFF-SHORE FISHING

THE PRIME MINISTER

Pursuant to the Law on Organization of the Government of September 30, 1992;
Pursuant to the current tax laws and ordinances; and the Law on the Promotion of Domestic Investment;
To encourage off-shore exploitation of maritime resources;
At the proposal of the Minister of Finance,

DECIDES:

Article 1.- Vietnamese organizations and individuals of all economic sectors, including foreign-invested enterprises and parties to business cooperation contracts under the Law on Foreign Investment in Vietnam, having ships and boats engaged in off-shore exploitation of maritime resources shall be entitled to enjoy the following preferential tax policies:

1. A fifty-percent reduction of natural resource tax and turnover tax for the first three years from the date of granting the off-shore fishing permit, exemption of profit tax for the first three years of taxable profit. In addition to the above-said tax privileges, the subjects governed by the Law on the Promotion of Domestic Investment shall be entitled to enjoy preferential treatment in import tax, turnover tax and profit tax under the Law on the Promotion of Domestic Investment.

2. When making registration and being granted permits for off-shore fishing, the organizations and individuals that are owners of fishing ships and boats shall have to pay registration fee equal to 1% (one percent) of the value of such assets at the time of registration.

3. Taxes and charges other than those prescribed in Clauses 1 and 2 of this Article shall be collected in accordance with current law.

Article 2.- Organizations and individuals entitled to enjoy preferential treatment in taxes and charges provided for in this Decision shall have to:

1. Make registration and be granted permits for off-shore fishing by the State water resources managing agency;

2. Make tax declaration and payment registration at the tax agency of the locality where their head office is located. In cases where they are permitted to move to and conduct off-shore exploitation of maritime resources on sea areas outside the locality where their head office is located, they shall also have to register with the tax agency there.

Article 3.-

1. The Ministry of Finance, the Ministry of Aquatic Resources, the Ministry of Defense shall direct their respective attached agencies (tax agencies, aqua-product agencies, border-guards) to coordinate with one another in strictly supervising and controlling ships and boats engaged in off-shore fishing to ensure that the incentives are given to eligible subjects without abusing them and causing troubles and negative acts to subjects entitled to the incentives as stipulated in this Decision;

2. The Ministry of Finance shall coordinate with the Ministry of Aquatic Resources in guiding the implementation of this Decision.

Article 4.- This Decision takes effect after its signing and replaces Decision No.400-TTg of August 7, 1993 of the Prime Minister on the collection of tax on the exploitation and export of sea products in the waters of the Spratly islands.

Organizations and individuals that are still in the grace period under Decision No.400-TTg of August 7, 1993 of the Prime Minister shall continue to enjoy the preferential treatment till the end of such period.

Article 5.- The Ministers, the Heads of the ministerial-level agencies, the Heads of the agencies attached to the Government, the Presidents of the Peoples Committees of the provinces and cities directly under the Central Government shall have to implement this Decision.