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STATE
BANK OF VIETNAM
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SOCIALIST
REPUBLIC OF VIETNAM
Independence- Freedom-Happiness
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No.
02/1999/TT-NHNN14
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Hanoi,
April 16, 1999
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CIRCULAR
GUIDING
THE IMPLEMENTATION OF THE GUARANTEE OF THE PAYMENT OF THE IMPORT TAX ON CONSUMER
GOODS BY CREDIT INSTITUTIONS
With the view to implementing
paragraph 3 d, Article 4 of the Decree No. 94/1998/ND-CP dated 17 November,
1998 of the Government on the guarantee of the payment of the import tax on
consumer good and contributing to the implementation of the new tax Laws of the
State, The State Bank of Vietnam provides guidance on the guarantee of the
payment of the import tax on consumer goods by credit institutions as follows:
1. Interpretation
a. Guarantee of the import tax
on consumer good by credit institutions is a commitment issued by credit
institutions to the tax collection unit (the guarantee accepting party) on the
obligation to pay tax in lieu of the customer being the importer (the
guaranteed party) in case of the customer failing to fulfil the obligation to
pay tax to the tax collection unit within 30 days since the date of receipt of
the official notice by the tax collection unit on the tax to be paid.
b. The guaranteeing party is
credit institutions which have been established and operating in accordance
with the Law on credit institutions, including:
State-owned commercial banks,
development banks, investment banks, policy banks, joint-stock commercial
banks, joint-venture banks, branches of foreign banks in Vietnam, finance
companies (hereinafter referred to as credit institutions).
Credit institutions shall be
entitled to guarantee on the basis of their reputation and financial
capability.
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d. The guarantee receiving party
is the customs authority or other tax collecting agencies in accordance with
applicable laws, being responsible for the collection of tax (hereinafter
referred to as tax collection unit).
2. Imported goods the tax
payment of which is guaranteed are those consumer goods permitted to import
under the List of consumer goods which is issued in conjunction with the
Decision No. 1655/1998/QD-BTM dated 25 December, 1998 of the Ministry of Trade.
3. Conditions for
customers to be guaranteed by credit institutions for the payment of the import
tax on consumer goods shall be as follows:
a. Having the civil legal
capability and the civil act capability, being established and operating in
accordance with the current laws of Vietnam;
b. The imported goods shall be
those covered by the scope of business and registered in the business
registration certificate and included in the List of consumer goods mentioned
in paragraph 2 of this circular. In case of an conditional import item, there
needs to be a permit issued by the Ministry of Trade or the Line ministry in
charge of the sector in accordance with the current provision on the management
of the import, export.
c. Availability of an
application for the guarantee of the payment of the import tax on consumer
goods, which states clearly the reason of the application.
d. Availability of a business
plan for the imported goods which proves profitable.
dd. The business is profitable,
no tax arrears to the Budget and overdue debts to credit institutions.
e. Availability of assets to
secure the guarantee.
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4. The acceptance or
refusal to issue a guarantee of the payment of the import tax shall be decided
upon by credit institutions on their determination of the effectiveness of the
guarantee, the financial status and the reputation of the guaranteed party. No
organization, individual shall have the right to interfere in the guarantee of
payment of the import tax by credit institutions.
5. The value of guarantees
of a credit institution issued to a single customer shall not be more than 15%
of the own capital of the credit institution and the total value of guarantees
by a credit institution of the payment of the import tax shall not exceed its
own capital. In case of exceeding this limit, an approval of the Governor of
the State Bank shall be required.
6. The amount of import
tax on consumer goods guaranteed by credit institutions for customers shall be the
total or a part of the tax payment which the guaranteed party have to pay to
the tax collection unit, at the level provided for in the circular No.
172/1998/TT/BTC dated 22 December 1998 of the ministry of finance on the
guidance of the implementation of the Law on the import, export tax.
7. Guarantee fee: The
guaranteed party shall have to pay to the guaranteeing party a guarantee fee.
The fee shall be agreed upon by both party but not exceed 2% per year
calculated on the tax payment being guaranteed.
8. The guaranteed and
guaranteeing party shall enter into an guarantee contract which provides
clearly for the amount to be guaranteed, the maturity of the guarantee, the
guarantee fee, forms of security for the guarantee and the responsibility of
each party. The notarization of the guarantee contract shall be subject to the
agreement by the parties.
9. The guarantee
commitment of the credit institutions for the guarantee receiving party shall
be made in writing.
The authorization of signature
of the guarantee of the payment of the import tax on consumer goods which is
issued by the credit institution shall be guided by the credit institution for
its system in accordance with provisions of applicable laws.
10. The security for the
guarantee by the credit institutions shall be applied on the basis of current
provisions on the forms of security for loans.
11. Within 30 days since
the date of receiving the notice of the tax collection unit, the guaranteed
party shall be responsible to pay tax to the tax collection unit in accordance
with current provisions. In case the guaranteed party does not sufficiently pay
the tax, the guaranteeing party shall, upon receiving the notice requesting the
payment for its customer, have to pay for the guaranteed party, and the guaranteed
party shall automatically become liable to the guaranteeing party for the
amount which has been paid by the guaranteeing party and be subject to a
penalty interest rate.
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12. Accounting and
Information
Directors General (Directors) of
the credit institutions shall guide the accounting for the guarantee of the
payment of the import tax on consumer goods in his/her own system in accordance
with the current accounting regime.
The guaranteed party shall be
responsible for the periodical report (at the end of each month, quarter, year)
to the guaranteeing party on the performance of its production, business, the
financial status and the performance of sale. In addition to the periodical
report, the guaranteed party shall be responsible to make report on its general
performance upon the request by the guaranteeing party during the guarantee
term.
13. Examination and control
regime
The guaranteed party shall be
subject to the examination, control of the guaranteeing party like in the case
of the examination, control of a loan, including the control before, after the issuance
of the guaranty and during the guaranty period.
Credit institutions guaranteeing
the payment of the import tax on consumer goods shall report and be subject to
the supervision, inspection by the State Bank in accordance with current
provisions.
14. Implementing provision
This Circular shall be effective
after 15 days from the date of signing. On the basis of provisions of this
circular, Chairmen of the Board of Directors, General Directors (Directors) of
credit institutions provides guidance and organization on the implementation.
Any obstacle arising during the implementation, credit institutions shall
timely report to the State Bank for the supplement and amendment.
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FOR
THE GOVERNOR OF THE STATE BANK
DEPUTY GOVERNOR
Nguyen Van Giau