THE PRIME MINISTER OF GOVERNMENT
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No: 116/2001/QD-TTg
Hanoi, August 02, 2001
 
DECISION
ON A NUMBER OF PREFERENCES AND INCENTIVES FOR OVERSEAS INVESTMENT IN THE FIELD OF PETROLEUM ACTIVITIES
THE PRIME MINISTER
Pursuant to the Law on Organization of the Government of September 30, 1992;
Pursuant to the Petroleum Law of July 6, 1993, the Law Amending and Supplementing a Number of Articles of the Petroleum Law of June 9, 2000 and the Government’s Decree No. 48/2000/ND-CP of September 12, 2000 detailing the implementation of the Petroleum Law;
Pursuant to the Government’s Decree No. 22/1999/ND-CP of April 14, 1999 on investment abroad by Vietnamese enterprises;
At the proposal of the Minister-Director of the Government Office,
DECIDES:
Article 1.- To apply a number of preferences and incentives to Vietnamese enterprises which invest abroad in form of their 100% investment capital or capital contribution according to the proportion of their participation in the field of petroleum activities, including oil and gas prospection, exploration and exploitation as well as field development, as well as activities in direct service of petroleum activities, hereafter called petroleum projects for short.
Article 2.- Vietnamese enterprises investing abroad in petroleum projects (hereafter called enterprises for short) shall, apart from enjoying preferences stipulated in the Government’s Decree No. 22/1999/ND-CP of April 14, 1999 on investment abroad by Vietnamese enterprises, also enjoy a number of preferences prescribed in Articles 3 and 4 of this Decision.
Article 3.-
1. When determining the enterprise income tax amount to be paid in Vietnam for overseas investment petroleum projects, the enterprise shall be entitled to deduct the enterprise income tax amount already paid overseas or already paid on its behalf by the investment-receiving country (with valid vouchers), but the deductible income tax amount must not exceed the income tax amount calculated according to the tax rates prescribed in Clause 3, Article 10 of the Law on Enterprise Income Tax of May 10, 1997.
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