THE MINISTRY OF FINANCE
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No. 68/2005/TT-BTC
Hanoi, August 19, 2005
 CIRCULAR
GUIDING THE DISTRIBUTION AMONG BUDGETS OF VARIOUS LEVELS OF VALUE ADDED TAX AND BUSINESS INCOME TAX PAID BY SUBCONTRACTORS FOR OIL AND GAS FIELD EXPLORATION AND DEVELOPMENT, AND OIL AND GAS EXPLOITATION ACTIVITIES
Pursuant to State Budget Law No. 01/2002/QH11 of December 16, 2002, and its guiding documents;
Pursuant to the July 6, 1993 Petroleum Law, the June 9, 2000 Law Amending and Supplementing a Number of Articles of the Petroleum Law, and guiding documents;
Pursuant to the Governments Decree No. 77/2003/ND-CP of July 1, 2003, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;
The Ministry of Finance hereby guides the distribution among budgets of various levels of value added tax and business income tax paid into the state budget by subcontractors for oil and gas field exploration and development, and oil and gas exploitation activities as follows:
I. GENERAL PROVISIONS
1. Contractors and subcontractors mean Vietnamese or foreign organizations and individuals specified in Clause 8 and Clause 9, Article 3 of the July 6, 1993 Petroleum Law.
2. Direct activities of oil and gas field exploration and development, and oil and gas exploitation by subcontractors are oil and gas activities specified in Clause 4, Article 3 of the July 6, 1993 Petroleum Law and oil and gas field development activities specified in Clause 6, Article 4 of the Governments Decree No. 48/2000/ND-CP of September 12, 2000, detailing the implementation of the Petroleum Law, including: collection and processing of seismological documents; seismological interpretation; sea bed exploration and geologic investigation; exploration of drill wells; directional drilling; geophysical measurement of drill wells; construction of drilling platforms; well ridge plastering; solid substance separation; desalination and dehydration; preparation and investment in the construction of oil and gas exploitation works, exploitation drilling, installation of equipment; and operation of drilling platforms.
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