THE MINISTRY OF FINANCE
SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom - Happiness
No.: 11/2010/TT-BTC
Hanoi, January 19, 2010
 
CIRCULAR
GUIDING THE FULFILLMENT OF TAX OBLIGATIONS BY VIETNAMESE INVESTORS MAKING OFFSHORE INVESTMENT
 
THE MINISTRY OF FINANCE
 
Pursuant to the current tax laws and ordinances of the Socialist Republic of Vietnam and government decrees detailing these tax laws and ordinances;
Pursuant to the Government's Decree No. 78/ 2006/ND-CP of August 9, 2006, stipulating offshore direct investment;
Pursuant to the Government's Decree No. 121/2007/ND-CP of July 25, 2007, stipulating offshore direct investment in petroleum activities;
Pursuant to the Government's Decree No. 118/2008/ND-CP of November 27, 200® defining the functions, tasks, powers and organizational structure of the Ministry of Finance;^
The Ministry of Finance guides the fulfillment of tax obligations by Vietnamese investors making offshore investment under the Government's Decree No. 78/2006MD-CP of August 9, 2006 (below referred to as Decree No. 78/2006/ND-CP), and Decree No. 12S2007/ND-CP of July 25, 2007 (below referred as Decree No. 121/2007/ND-CP), as follows:
 
DECIDES:
 
Article 1. Scope of regulation and subjects of application 
1. This Circular stipulates tax obligations of Vietnamese investors defined in Article 2 of Decree No. 78/2006/ND-CP and in Article 2 of Decree No. 121/2007/ND-CP permit to make offshore direct investment under Decree No. 78/2006/ND-CP and No. 121/2007/ND-CP.
2. In case a treaty signed or acceded to by the Vietnamese Government and concerning offshore investment by Vietnamese investors contains tax provisions different from the guidance of this Circular, tax obligations comply with the signed treaty.
 
Article 2. Import and export duties
1. For exported goods
1.1. Machinery, equipment, detached parts, supplies, materials and fuels exported by investors to create fixed assets of offshore investment projects comply with the current Law on Import and Export Duties.
-                      For cases of exemption from export duty under regulations, a dossier submitted to the custom office for export duty exemption comprises:
-                      A written request of the Vietnamese enterprise making offshore investment;
-                      The export goods customs declaration;
-                      A list of exported goods for the implementation of an offshore investment project which are exempt from export duty, made by the enterprise itself (specifying categories, quantities and value of goods);
-                      A copy of the offshore investment license granted by a competent agency, certified by the Vietnamese enterprise making offshore investment;
-                      A copy of the export entrustment contract (in case of entrusted export), certified by the Vietnamese enterprise making offshore direct investment;
For multiple exportation of goods the document at the fourth and fifth em rules above need to be submitted for the first exportation only.
For exported goods not liable to export duty, on the basis of the list of exported goods for the implementation of an offshore project declared by the enterprise itself, the customs office shall supervise the exportation of these goods and write the categories, quantities and values of actually exported goods in the export customs declaration.
1.2. For goods exported in the form of temporary export for re-import for the implementation of an offshore investment project, when exported, export duty shall be declared and paid under the law on import and export duties. When re-imported, no import duty shall be paid and the paid export duty amount (if any) corresponding to the actually re-imported quantity of goods shall be refunded.
2. For imported goods
2.1. For machinery, equipment and detached parts already exported for creating fixed assets of an offshore investment project which are re-imported into Vietnam after they are liquidated or upon completion of the project, they are not liable to import duty while the paid export duty amount corresponding to the actually re-imported quantity of goods shall be refunded.
A dossier submitted to the customs office for consideration of refund of paid export duty and non-collection of import duty comprises:
-                      A written request of the Vietnamese enterprise making offshore investment;
-                      A list of documents in the dossier of request for export duty refund (if any);
-                      Documents on payment of export duty (for cases in which export duty has been paid);
-                      A list of exported goods;
-                      The export customs declaration (with the certification of the completion of customs procedures and actually exported goods), for the export of goods for creating fixed assets of an offshore investment project- the original or a copy certified by the Vietnamese enterprise making offshore investment;

The re-imported goods declaration indicating that these goods were previously exported under which export dossier and results of physical inspection of goods by the customs office certifying that the re-imported goods are the ones previously exported by the enterprise. If the previously exported goods were exempt from physical inspection, the customs office shall compare results of inspection of actually re-imported goods with the dossier of exported goods in order to certify whether the re-imported goods are exactly the exported ones;