THE MINISTRY OF FINANCE
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No. 119/2005/TT-BTC
Hanoi, December 22, 2005
 
CIRCULAR
GUIDING THE FINANCIAL REGIME APPLICABLE TO DUNG QUAT ECONOMIC ZONE
 
Pursuant to the State Budget Law;
Pursuant to the laws and ordinances on taxes, charges and fees;
Pursuant to the Prime Minister's Decision No. 50/2005/QD-TTg of March 11, 2005, establishing, and promulgating the operation Regulation of, Dung Quat Economic Zone, Quang Ngai province;
Pursuant to the Prime Minister's Decision No. 72/2005/QD-TTg of April 5, 2005, establishing, and defining the functions, tasks, powers and organizational structure of, the Dung Quat Economic Zone Management Board;
The Finance Ministry hereby guides the financial regime applicable to Dung Quat Economic Zone as follows:
I. GENERAL PROVISIONS
1. Scope of application:
The financial regime provided for in this Circular applies to Dung Quat Economic Zone (hereinafter called Dung Quat EZ for short), embracing the communes of Binh Chanh, Binh Thanh, Binh Dong, Binh Thuan, Binh Tri, and Binh Hai, and part of the land areas of Binh Phuoc, Binh Hoa and Binh Phu communes, of Binh Son district, according to the planned boundaries of Dung Quat EZ.
The financial regime provided for in this Circular applies only to production and business activities which are conducted in Dung Quat EZ. Where organizations or individuals conduct production and business activities in both Dung Quat EZ and Vietnam's inland, they must separately account production and business activities in Dung Quat EZ to have a basis for determination of the applicable financial regime.
Foreign-invested enterprises and foreign parties to business cooperation contracts having been granted investment licenses and domestic business establishments having been granted investment preference certificates, which invest in Dung Quat EZ, before the effective date of Decision No. 50/2005/QD-TTg but have not yet fully enjoyed the preferences, shall be entitled to the preferential policies specified in this Circular for the remaining duration.
2. Subjects of application:
Subject to the application of this Circular are:
a/ Domestic investors of all economic sectors operating under the State Enterprise Law, the Enterprise Law or the Cooperative Law, individual business households and independent profession-practicing individuals.
b/ Foreign organizations and individuals, including foreign-invested enterprises, foreign investors to business cooperation contracts, overseas Vietnamese operating in the forms specified in the Law on Foreign Investment in Vietnam, and foreign investors doing business not under the Law on Foreign Investment in Vietnam.
3. Investment preference principles:

Investment projects in Dung Quat EZ shall enjoy maximum preferences for investment projects in geographical areas hit by exceptional socio-economic difficulties and economic zones according to the provisions of the Law on Foreign Investment in Vietnam, the Law on Domestic Investment Promotion, the Enterprise Income Tax Law, and other relevant provisions of law.

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