CIRCULAR

AMENDMENTS TO CIRCULAR NO. 44/2017/TT-BTC DATED MAY 12, 2017 OF THE MINISTER OF FINANCE OF VIETNAM ON THE TAXABLE PRICE BRACKETS FOR GROUPS/TYPES OF NATURAL RESOURCES WITH SIMILAR PHYSICAL AND CHEMICAL PROPERTIES AND CIRCULAR NO. 152/2015/TT-BTC DATED OCTOBER 2, 2015 OF THE MINISTER OF FINANCE OF VIETNAM ON GUIDELINES ON SEVERANCE TAX

Pursuant to the Law on Severance Tax dated November 25, 2009;

Pursuant to Decree No. 50/2010/ND-CP dated May 14, 2010 of the Government of Vietnam on elaboration and guidelines on the implementation of the Law on Severance Tax;

Pursuant to Decree No. 12/2015/ND-CP dated February 12, 2015 of the Government of Vietnam on guidelines on the implementation of the Law on amendments to Tax Laws and Decrees on Taxations;

Pursuant to Decree No. 14/2023/ND-CP dated April 20, 2023 of the Government of Vietnam on functions, tasks, entitlements, and organizational structure of the Ministry of Finance of Vietnam; 

At the request of the Director of the General Department of Taxation of Vietnam;

The Minister of Finance of Vietnam hereby promulgates a Circular on amendments to Circular No. 44/2017/TT-BTC dated May 12, 2017 of the Minister of Finance Of Vietnam on the taxable price brackets for groups/types of natural resources with similar physical and chemical properties and Circular No. 152/2015/TT-BTC dated October 2, 2015 of the Minister Of Finance of Vietnam on guidelines on severance tax.

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“Article 6. Amendments to taxable price bracket

1. Cases of amendments to the taxable price bracket:

a) The price of common natural resources decreases by more than 20% compared to the minimum price of the taxable price bracket;

b) The price of common natural resources increases by more than 20% compared to the maximum price of the taxable price bracket;

c) There is a new type of natural resource that has yet been specified in the taxable price bracket.

2. Where the price of common natural resources decreases by more than 20% compared to the minimum price of the taxable price bracket, the Provincial People’s Committee shall submit a document to the Ministry of Finance of Vietnam to provide information enclosed with specific presentation proposals, documents, and schemes for use as the basis for considering adjusting the taxable price bracket. The Provincial People’s Committee shall only promulgate a taxable price schedule or a document on adjustments to the taxable price schedule after the Ministry of Finance of Vietnam has adjusted the taxable price bracket.

3. Where the price of common natural resources decreases by 20% or less compared to the minimum price or increases by 20% or less compared to the maximum price of the taxable price bracket, the Department of Finance shall take charge and cooperate with relevant authorities in determining and requesting the Provincial People’s Committee to promulgate a taxable price schedule or a document on adjustments to the taxable price schedule.

4. Where the price of common natural resources increased by more than 20% compared to the maximum price of the taxable price bracket, the Department of Finance shall take charge and cooperate with relevant authorities in determining and requesting the Provincial People’s Committee to promulgate a taxable price schedule or a document on adjustments to the taxable price schedule.  After promulgating a taxable price schedule or a document on adjustments to the taxable price schedule, the Provincial People’s Committee shall send a document to the Ministry of Finance of Vietnam to provide information enclosed with specific presentation proposals, documents, and schemes for used as the basis for considering adjusting the taxable price bracket.

5. Where there is a new type of natural resource that has yet been specified in the taxable price bracket, the Department of Finance shall take charge and cooperate with relevant authorities in determining and requesting the Provincial People’s Committee to promulgate a taxable price schedule or a document on additions to the taxable price schedule for such a type of natural resource based on its common transaction price or selling price. After promulgating a taxable price schedule or a document on additions to the taxable price schedule, the Provincial People’s Committee shall send a document to the Ministry of Finance of Vietnam to provide information enclosed with specific presentation proposals, documents, and schemes for used as the basis for considering making additions to the taxable price bracket.”

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1. Clause 5.2 Article 6 shall be annulled.

2. Amendments to Clause 5.3 Article 6:

“The Department of Finance shall cooperate with relevant authorities in developing and requesting the Provincial People’s Committee to promulgate a taxable price schedule by December 31 every year for disclosure and application from January 1 of the following year.

Within 30 days from the date the Provincial People’s Committee promulgates the taxable price schedule or the document on adjustments or additions to the taxable price schedule, the Department of Finance shall provide information and a document for the Ministry of Finance of Vietnam (through the General Department of Taxation of Vietnam) for updating the database on taxable prices.”

3. Amendments to Point a Clause 1 Article 13:

“1. The Provincial People’s Committee shall:

a) Direct the Department of Finance to take charge and cooperate with relevant authorities in developing a taxable price schedule for local application and regularly making reviews and adjustments in conformity with the local developments.”

Article 3. Implementation provisions

1. This Circular comes into force as of July 15, 2024.

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PP. MINISTER
DEPUTY MINISTER




Cao Anh Tuan