Thông tư liên tịch 497-TTLB

Joint circular No. 497-TTLB of March 24, 1994, guideline provisions for Decree No.29 - CP of the Government dated 27 May 1993 on measures aimed at encouraging investments of overseas Vietnamese people

Nội dung toàn văn Joint circular No. 497-TTLB guideline provisions for Decree No.29 - CP


STATE COMMITTEE FOR CO-OPERATION AND INVESTMENT CENTRAL COMMITTEE FOR OVERSEAS VIETNAMESE
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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No. 497-TTLB

Hanoi, March 24, 1994

 

JOIN CIRCULAR

GUIDELINE PROVISIONS FOR DECREE NO.29 - CP OF THE GOVERNMENT DATED 27 MAY 1993 ON MEASURES AIMED AT ENCOURAGING INVESTMENTS OF OVERSEAS VIETNAMESE PEOPLE

On 27 May 1993, the Government promulgated Decree No.29-CP stipulating provisions aimed at encouraging investments of overseas Vietnamese. Pursuant to the provisions of this Decree and the Law on foreign Investment in Vietnam, Decree No.18-CP dated 16 April 1993 which makes detail the provisions on the implementation of the foreign investment laws, and other relevant legislation, the State Committee for Co-operation and Investment and the Central Committee for Overseas Vietnamese hereby provide guideline provisions for the implementation of Decree No.29-CP as follows:

1. Applicable Entities

Measures aimed at encouraging investment as stipulated in article 2 of Decree No.29-CP shall apply to the following entities:

- Vietnamese living overseas who are of Vietnamese nationality or of other nationalities which must be confirmed by the Central Committee for Overseas Vietnamese.

- Economic organizations of overseas Vietnamese which have legal status, established in accordance with the law of the country of residence and, when investing into Vietnam under the Law on foreign Investment, the capital contribution of the overseas Vietnamese in the contribution of the foreign party exceeds fifty (50) per cent of the invested capital.

Entities mentioned above which make investments into Vietnam in the investment forms stipulated in the Law on foreign Investment shall be referred to as overseas Vietnamese.

2. Guarantee Ownership of Capital and Assets, and Right to Assign or Bequeath

The Government of Vietnam shall protect the right of ownership of overseas Vietnamese in respect of invested capital, assets, and revenue from investment in accordance with the Law on foreign Investment of Vietnam. The bequest and assignment of assets to Vietnamese citizens shall be in accordance with the provisions currently in force of the law of Vietnam.

3. Exemption from and Reduction of Tax

Profits tax applicable to overseas Vietnamese who make investments in Vietnam shall be calculated on the basis of the profits tax rates stipulated in articles 66 and 67 of Decree No.18-CP dated 16 April 1993 which makes detail the provisions on the implementation of the Law on foreign Investment in Vietnam and they shall enjoy a twenty (20) per cent reduction of such rates. In cases of investment projects which enjoy a tax rate of ten (10) per cent as stipulated in clause 3 article 67 of Decree 18-CP, suc h projects shall not be entitled to exemption from or reduction of tax as stated above.

The period in which the preferential tax rates apply for each specific investment project of overseas Vietnamese shall be stipulated in the investment license. At the expiry of such duration, the applicable profits tax rate shall be the general tax rate stipulated in article 66 of Decree No.18-CP which makes detail the provisions on the implementation of the Law on foreign Investment with a twenty (20) per cent reduction of such rate.

The exemption from or reduction of profits tax shall be applied in accordance with the provisions of article 69 of Decree 18-CP and guidance Circular No.48 CT/TCT of the Ministry of finance dated 30 June 1993.

Overseas Vietnamese who makes investment in the form of foreign investment or joint capital with a Vietnamese organization or individual to form a Vietnamese party for the purpose of entering into a co-operation with a foreign party shall be entitled to a withholding tax rate of five per cent.

4. An overseas Vietnamese may authorized a proxy to participate in the Board of Management or to attend meetings of the Board of Management on his behalf provided that the proxy acts within the scope of the delegated authority. The letter of proxy must contain the registered signature of the person delegating the authority and the content of the letter must not be inconsistent with the scope of authority.

5. The preferential treatments referred to in this Circular which apply to investment projects of overseas Vietnamese shall be effective as from the issuance of Decree No.29/CP of the Government dated 27 May 1993 (including investment projects which were issued with investment license prior to the promulgation of the Decree).

 

Nguyen Ngoc Tran

Dau Ngoc Xuan

 

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Loại văn bảnThông tư liên tịch
Số hiệu497-TTLB
Cơ quan ban hành
Người ký
Ngày ban hành24/03/1994
Ngày hiệu lực27/05/1993
Ngày công báo...
Số công báo
Lĩnh vựcĐầu tư
Tình trạng hiệu lựcKhông còn phù hợp
Cập nhật14 năm trước
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            Joint circular No. 497-TTLB guideline provisions for Decree No.29 - CP
            Loại văn bảnThông tư liên tịch
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            Cơ quan ban hànhBan Việt kiều Trung ương, Uỷ ban Nhà nước về Hợp tác và Đầu tư
            Người kýĐậu Ngọc Xuân, Nguyễn Ngọc Trân
            Ngày ban hành24/03/1994
            Ngày hiệu lực27/05/1993
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            Lĩnh vựcĐầu tư
            Tình trạng hiệu lựcKhông còn phù hợp
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                  • 24/03/1994

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                  • 27/05/1993

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