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THE
MINISTRY OF FINANCE
-------
|
SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No.
22/2010/TT-BTC
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Hanoi,
February 12, 2010
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CIRCULAR
GUIDING THE GOVERNMENT'S DECREE NO. 100/2009/ND-CP OF
NOVEMBER 3, 2009, PROVIDING FOR THE COLLECTION OF A SURCHARGE ON THE VOLUME OF
OIL DIVIDED AS PROFIT TO PETROLEUM CONTRACTORS WHEN THE PRICE OF CRUDE OIL
INCREASES
THE MINISTRY OF FINANCE
Pursuant to the Petroleum Law
and guiding documents;
Pursuant to the Tax Administration Law and guiding documents;
Pursuant to the Government's Decree No. 100/2009/ND-CP of November 3, 2009,
guiding the collection of a surcharge on the volume of oil divided as profit to
petroleum contractors when the price of crude oil increases;
Pursuant to the Government's Decree No. 118/2008/ND-CP of November27, 2008,
defining the functions, tasks, powers and organizational structure of the
Ministry of Finance;
The Ministry of Finance guides the collection of a surcharge on the volume of
oil divided as profit to petroleum contractors when the price of crude oil
increases as follows:
Article 1.
Scope of regulation and subjects of application
1. This Circular guides the collection
of a surcharge on the volume of oil divided as profit to petroleum contractors
when the price of crude oil increases.
2. Petroleum contractors defined
in this Circular are Vietnamese or foreign organizations or individuals
conducting petroleum activities in Vietnam under the Petroleum Law (below
collectively referred to as contractors).
Article 2.
Surcharge payers
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2. For petroleum contracts
signed in the form of joint-execution contracts, surcharge payers are
joint-execution companies that enter into these contracts on behalf of
petroleum contractors.
3. For petroleum contracts
signed in the form of joint-venture contracts, surcharge payers are
joint-venture enterprises that enter into these contracts on behalf of
petroleum contractors.
4. In case the Vietnam Oil and
Gas Group or corporations and companies of the Vietnam Oil and Gas Group
conduct petroleum activities on its/their own, surcharge payers are the Vietnam
Oil and Gas Group or corporations and companies of the Vietnam Oil and Gas
Group.
Article 3.
Currency for surcharge payment
1. In case crude oil is sold for
US dollar or a freely convertible foreign currency, the currency for surcharge
payment is US dollar or such freely convertible foreign currency.
2. In case crude oil is sold for
Vietnam dong, the currency for surcharge payment is Vietnam dong.
3. In case crude oil is sold for
both US dollar or a freely convertible foreign currency and Vietnam dong. the
currency for surcharge payment is Vietnam dong.
4. The conversion of US dollar
or a freely convertible foreign currency into Vietnam dong for tax payment
shall be made at the average inter-bank exchange rate announced by the State
Bank of Vietnam at the time of surcharge payment.
Article 4.
Places for surcharge registration, declaration and payment
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Article 5.
Objects to be surcharged
The whole oil volume divided as
profit on a quarterly basis to a contractor is liable to a surcharge, in which:
1. Profit oil is the crude oil
volume left after subtraction of royalty oil and oil for cost recovery from the
net oil volume under the Petroleum Law. In case a petroleum contract contains
no agreement on cost recovery rate which serves as a basis for determining the
profit oil volume specified in this Clause, such rate will be 35%, except for
oilfields to be further exploited after the petroleum contract expires.
2. Profit oil to be divided to a
petroleum contractor on a quarterly basis means the profit oil volume specified
in Clause 1 of this Article shared to that contractor under a signed petroleum
contract.
3. In case the Vietnam Oil and
Gas Group or corporations and companies of the Vietnam Oil and Gas Group
conduct petroleum activities on its/their own. to be liable to a surcharge is
the whole profit oil volume generated on a quarterly basis by the Vietnam Oil
and Gas Group or corporations and companies of the Vietnam Oil and Gas Group.
Article 6.
Determination of payable surcharge amounts
1. For petroleum projects
eligible for investment promotion: A quarterly payable surcharge amount is
equal to 30% of the profit oil volume divided to a contractor on a quarterly
basis when the average sale price of crude oil in a quarter increases by over
20% compared to the base price in the corresponding year. The surcharge amount
shall be determined as follows:
Quarterly
payable surcharge amount
=
30% x
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-
1.2 x
Base
price in the corresponding year
x
Volume
of oil divided as profit to contractor on a quarterly basis
In which:
a/ The average sale price of crude
oil in the quarter is the price calculated by the contractor based on
statistical data on actual daily sale prices of crude oil in each quarter, in
which:
- The first quarter is the
period from January 1 to March 31:
- The second quarter is the
period from April 1 to June 30;
- The third quarter is the
period from July 1 to September 30;
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b/ The base price in the
corresponding year is the price estimated for the corresponding year which is
stated in the approved oilfield development plan. In case the approved oilfield
development plan is modified or supplemented, the base price in the
corresponding year is the price estimated in the approved oilfield development
plan which has been modified or supplemented for the year of implementation.
For oilfields planned for further exploitation after the expiration of
petroleum contracts, the base price of the last year of the petroleum contract
will apply.
c/ Petroleum projects eligible
for investment promotion are those under which petroleum activities will be
conducted offshore, in deep-water seas or areas with extremely difficult
geographical conditions or complex geological conditions or other listed areas
to be decided by the Prime Minister.
For example: Determination of
the payable surcharge amount for a petroleum project in which investment is
encouraged:
Presuming that:
- Base price of a year: USD
50/barrel
- Oilfield output: 24 million
barrels/year
- Oil for cost recovery: 35% of
turnover
- Royalty: 8% of turnover
- Profit divided to the host
country: 50%
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With the above presumption, the
oil volume divided as profit to the petroleum contractor on a quarterly average
shall be determined as follows:
No
Item
Percentage
of turnover (%)
Converted
into oil (barrel)
1
Annual exploitation output
(barrel)
24,000,000
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Average quarterly output
(barrel)
6,000,000
3
Oil for cost recovery
50%
2,100,000
4
Royalty
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480,000
5
Profit oil = (2) -(3) - (4)
57%
3,420,000
6
Profit divided to the host
country = 50% x (5)
28.5%
1,710,000
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Profit divided to the
contractor = 50% x (5)
28.5%
1,710,000
The crude oil price in a year is
estimated as follows:
Items
Quarter
I
Quarter
II
Quarter
HI
Quarter
IV
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Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
...
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Dec
Average monthly price
(USD/barrel)
48
50
51
54
56
58
61
...
...
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65
70
80
90
Average quarterly price
(USD/barrel)
49.67
56
63
80
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0.99
1.12
1.26
1.6
According to the above figures, the
contractor shall pay a surcharge for the third and fourth quarters, which shall
be specifically calculated as follows:
For the third quarter:
Surcharge
amount payable for the third quarter
=
30% x
Average
sale price of crude oil in the quarter
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Base
price in the corresponding year
x
Volume
of oil divided as profit to contractor on a quarterly basis
= 30% x [ 63 - 1.2 x 50 ] x
1,710,000
= 30% x [63-60] x 1,710,000
= 30%x3x 1,710,000
= USD 1,539,500
For the fourth quarter:
Surcharge
amount payable for the fourth quarter
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Average
sale price of crude oil in the quarter
-
1.2 x
Base
price in the corresponding year
x
Volume
of oil divided as profit to contractor on a quarterly basis
= 30% x [ 80 - 1.2 x 50 ] x
1,710,000
= 30% x [ 80 - 60 ] x 1,710,000
= 30% x 20 x 1,710,000
= USD 10,260,500
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2. For petroleum projects not specified
in Clause 1 of this Article: Surcharge amounts payable on a quarterly basis at
partially progressive rates shall be determined as follows:
a/ In case the average sale
price of crude oil in the quarter increases by between more than 20% and 50% over
the corresponding base price, the surcharge amount payable on a quarterly basis
shall be determined as follows:
Surcharge
amount payable on a quarterly basis
=
50% x
Average
sale price of crude oil in the quarter
-
1.2 x
Base
price in the corresponding year
x
Volume
of oil divided as profit to contractor on a quarterly basis
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- The average sale price of
crude oil in the quarter is the price calculated by contractors themselves
based on statistical data on actual daily sale prices of crude oil in each
quarter under the guidance of Point a. Clause 1, Article 6 of this Circular,
but must not exceed 150% of the base price in the corresponding year.
- The base price in the
corresponding year is that guided at Point b, Clause 1, Article 6 of this
Circular.
b/ In case the average sale
price of crude oil in the quarter increases by more than 50% over the
corresponding base price, the surcharge amount payable on a quarterly basis
shall be determined as guided at Point a of this Clause plus an additional
surcharge calculated as follows:
Payable
surcharge amount corresponding to crude oil sale price on a quarterly average
which is over 50% higher than base price
=
60% x
Average
sale price of crude oil in the quarter
-1.2
x
Base
price in the corresponding year
x
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
In which:
- The average sale price of
crude oil in the quarter is the price calculated by contractors themselves
based on statistical data on actual daily sale prices of crude oil in each
quarter under the guidance of Point a. Clause 1. Article 6 of this Circular,
but may be applied at a rate exceeding 150% of the base price in the
corresponding year.
- The base price in the
corresponding year is that guided at Point b. Clause 1, Article 6 of this
Circular.
For example: The surcharge
amount to be paid for the third and fourth quarters by the contractor of a
petroleum project ineligible for investment promotion, with a presumption like
that in the example provided at Point b, Clause 1, Article 6 of this Circular,
shall be specifically calculated as follows:
For the third quarter:
Surcharge
amount payable for the third quarter
=
50% x
Average
sale price of crude oil in the quarter
-1.2
x
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x
Volume
of oil divided as profit to contractor on a quarterly basis
= 50% x [ 63 - 1.2 x 50 ] x
1,710,000
= 50%x[63 - 60]x 1,710,000
= 50%x3x 1,710,000
= USD 2,565,500
For the fourth quarter:
- The surcharge amount payable
at the rate of 50% when the average sale price of crude oil in the quarter
increases by up to 50% over the base price:
Surcharge
amount payable for the fourth quarter
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Average
sale price of crude oil in the quarter
-
1.2 x
Base
price in the corresponding year
x
Volume
of oil divided as profit to contractor on a quarterly basis
= 50% x [ 150% x 50 - 1.2 x 50 ]
x 1,710,000
= 50%x[75 -60]x 1,710,000
= 50%x 15 x 1,710,000
= USD 12,825.000
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Surcharge
amount payable for the fourth quarter
=
60% x
Average
sale price of crude oil in the quarter
-1.5
x
Base
price in the corresponding year
x
Volume
of oil divided as profit to contractor on a quarterly basis
= 60% x [ 80 - 1.5 x 50 ] x
1,710,000
= 60%x[ 80- 75 ]x 1,710,000
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= USD 5,130,000
- The surcharge amount payable for
the fourth quarter is: USD 12,825,000 + USD 5,130,000 = USD 17,955.000
The whole year = third quarter +
fourth quarter = USD 2,565,500 + USD 17,955,000 = USD 20,520,500
Article 7.
Surcharge declaration and payment
1. Declaration and payment of
temporarily calculated surcharge amounts: a/ Determination of temporarily
calculated surcharge amounts:
- For a petroleum project
eligible for investment promotion, the temporarily calculated surcharge amount
payable on a quarterly basis shall be determined as follows:
Temporarily
calculated surcharge amount payable on a quarterly basis
=
3% x
Average
sale price of crude oil in the quarter
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Base
price in the corresponding year
x
Volume
of oil divided as temporarily calculated profit to contractor on a quarterly
basis
In which: The volume of oil
divided as temporarily calculated profit to the contractor on a quarterly basis
determined under the petroleum law is that temporarily calculated at the time
of taking the oil share, using the net oil output available for taking in the
quarter estimated on the basis of the quarter's exploitation plan. Other items
shall still be determined under the guidance in Clause 1, Article 6 of this
Circular.
- For a petroleum project
ineligible for investment promotion, the temporarily calculated surcharge
amount payable on a quarter basis at a partially progressive rate shall be
determined as follows:
+ In case the average sale price
of crude oil in the quarter actually increases by between more than 20% and 50%
over the base price:
Temporarily
calculated surcharge amount payable on a quarterly basis
=
50% x
Average
sale price of crude oil in the quarter
...
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Base
price in the corresponding year
x
Volume
of oil divided as temporarily calculated profit to contractor on a quarterly
basis
+ In case the average sale price
of crude oil in the quarter actually increases by more than 50% over the base
price:
Temporarily
calculated surcharge amount payable on a quarterly basis
=
60% x
Average
sale price of crude oil in the quarter
-1.5
x
Base
price in the corresponding year
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Volume
of oil divided as temporarily calculated profit to contractor on a quarterly
basis
In which: The volume of oil
divided as temporarily calculated profit to the contractor on a quarterly basis
determined under the petroleum law is that temporarily calculated at the time
of taking the oil share, using the net oil output available for taking in the
quarter estimated on the basis of the quarter's exploitation plan. Other items
shall still be determined under the guidance in Clause 2. Article 6 of this
Circular.
b/ Declaration and payment of
temporarily calculated surcharge amounts:
- Based on the crude oil output
planned to be exploited annually and volume of oil divided as temporarily
calculated profit on a quarterly basis, the base price of a year and the
average sale price of crude oil in the previous quarter, a surcharge payer shall
assess the temporarily calculated surcharge amount payable for the quarter
according to the declaration of temporarily calculated surcharge, made
according to a set form (not printed herein), and submit the dossier to the
local tax office where its tax registration is made no later than the 30,h day
of the subsequent quarter. In case such deadline falls on a Saturday. Sunday,
public holiday or new year festival (below collectively referred to as weekend
or holiday), the deadline for submitting the dossier of declaration of
temporarily calculated surcharge is the day following such weekend or holiday.
In case the period for calculating the surcharge payable for the first quarter
or the last quarter is equal to or less than I month, such period may be added
to the subsequent quarter or the last quarter for surcharge calculation to make
up a full quarter for surcharge calculation.
- The deadline for payment of
temporarily calculated surcharge is that for submission of the dossier of
declaration of the temporarily calculated surcharge specified at this Point.
2. Surcharge finalization
a/ Payable surcharge amounts
shall be determined under the guidance in Article 6 of this Circular.
b/ Determination of surcharge
amounts underpaid (or overpaid) in a year:
Surcharge
amount underpaid (or overpaid) in a year
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Surcharge
amount payable on a quarterly basis for the whole year
-
Temporarily
calculated surcharge amount paid for the whole year
-
Surcharge
amount overpaid in the previous year (if any)
c/ A completed declaration form
for surcharge finalization. made according to a form applicable to petroleum
projects eligible for investment promotion or other petroleum projects as
provided in this Circular (not printed herein);
- A list of exploited crude oil
outputs and sale prices, made according to a form provided in this Circular
(not printed herein);
- A list of temporarily
calculated surcharge amounts already paid, made according to a form provided in
this Circular (not printed herein).
d/ The deadline for submission
of dossiers of declaration for surcharge finalization:
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- The 45th day after
the expiration of a petroleum contract.
In case that deadline falls on a
weekend or holiday, it will be the working day following that weekend or
holiday.
e/ Payment of surcharge
according to dossiers of declaration for surcharge finalization:
- If the temporarily calculated
surcharge amount in a year is larger than the payable one, the overpaid amount
may be cleared against the payable surcharge amount of the next payment of
temporarily calculated surcharge or refunded under tax refund regulations of
the current tax administration law.
- If the temporarily calculated
surcharge amount in a year is smaller than the payable one. the surcharge payer
shall fully remit the deficit into the State Treasury before the deadline for
submission of the dossier of declaration of surcharge finalization.
Article 8.
Surcharge exemption
For petroleum projects which
need investment incentives higher than surcharge incentives provided in Clause
1, Article 4 of Decree No. 100/2009/ND-CB project investors or surcharge payers
shall send their written requests enclosed with written explanations (clearly
stating the necessity of proposal on surcharge exemption for projects to be
decided by the Prime Minister; specific calculation figures and impacts of
surcharge collection on projects under Decree No. 100/2009/ND-CP and this
Circular) to the Ministry of Finance for subsequent submission to the Prime
Minister for consideration and decision.
Article 9.
Organization of implementation
1. This Circular takes effect 45
days from the date of its signing.
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3. If the average sale price of
crude oil in a quarter actually increases by up to 20% of the base price of the
corresponding year, surcharge payers shall still fill in dossiers of
temporarily calculated surcharges and finalize surcharges under this Circular.
4. For petroleum contracts
signed or not yet signed but approved by the Prime Minister before January 1,
2010, surcharge will not be collected under Decree No. 100/2009/ND-CP and this
Circular. For petroleum projects with negotiation and signing or re-signing of
petroleum contracts from January 1, 2010, surcharge shall be collected under
Decree No. 100/2009/ND-CP and this Circular.
5. Surcharge amounts already
paid by petroleum contractors on oil volumes divided as profit to them when the
crude oil price increases shall be regarded as expenses deductible upon
determination of their taxable incomes if they pay value-added tax by the
credit method and pay enterprise income tax based on their declarations of
turnover and expenses for determination of taxed incomes. In case contractors
pay value-added tax by the method of calculation directly based on added value
and pay enterprise income tax in proportion to turnover, their taxed turnover
will be the whole turnover they have earned, exclusive of value-added tax.
other payable tax amounts (if any) and this surcharge.
6. Any problems arising in the
course of implementation should be promptly reported to the Ministry of Finance
for timely settlement.-
FOR
THE MINISTER OF FINANCE
DEPUTY MINISTER
Do Hoang Anh Tuan