Circular No. 01/2020/TT-BTC stipulates the level of collection, collection system, payment, management, and use of fees for managing and supervising insurance activities. It applies to insurance businesses licensed in Vietnam and related agencies and organizations. The fee rate is 0.03% of the original insurance premium, received reinsurance premium, or insurance brokerage income.
적용 범위
Insurance businesses licensed in Vietnam and related agencies and organizations involved in collecting and paying fees for managing and supervising insurance activities.
핵심 사항
- Insurance enterprises, branches of foreign insurance enterprises in Vietnam → must pay a management and supervision fee for insurance activities at 0.03% of the original insurance premium (after deducting refunds and reductions on the original insurance premium).
- Reinsurance enterprises → must pay a management and supervision fee for insurance activities at 0.03% of the received reinsurance premium (after deducting refunds and reductions on the received reinsurance premium).
- Insurance brokerage enterprises → must pay a management and supervision fee for insurance activities at 0.03% of the income from insurance brokerage activities.
- The payer of the fee shall remit the fee into the account for pending budget payments opened by the fee collector at the State Treasury, with the deadline for payment following the fiscal year.
- The fee collector retains 48% of the collected fees for managing and supervising insurance activities to be used for supervision activities.
🌐 이 문서의 사회적 영향
- Insurance enterprises will have to bear additional costs from paying the management and supervision fee, which may increase financial burdens.
- The fee collector (Insurance Supervision and Management Department) will have new sources of revenue to support more effective supervision activities.
❓ 자주 묻는 질문
What is the level of the fee for managing and supervising insurance activities?
The fee rate is 0.03% of the original insurance premium (after deducting refunds and reductions on the original insurance premium) for insurance enterprises; 0.03% of the received reinsurance premium (after deducting refunds and reductions on the received reinsurance premium) for reinsurance enterprises; and 0.03% of the income from insurance brokerage activities for insurance brokerage enterprises.
When must the payer of the fee make the payment?
The payer of the fee must remit the management and supervision fee for insurance activities into the account for pending budget payments opened by the fee collector at the State Treasury. The deadline for payment follows the fiscal year: period 1 is August 31 each year, period 2 is April 30 of the following year.
What percentage of the management and supervision fee does the fee collector retain?
The fee collector retains 48% of the collected fees for managing and supervising insurance activities to be used for supervision activities.
How should the payer of the fee declare and pay the fee?
The payer of the fee shall declare and remit the collected management and supervision fee for insurance activities to the tax authority monthly, with annual settlement according to the guidance provided in Clause 3, Article 19 and Clause 2, Article 26 of Circular No. 156/2013/TT-BTC.
When does this circular take effect?
This circular takes effect from February 20, 2020 and applies from the 2020 fiscal year.
전문
CIRCULAR
Regulations on the level of collection, collection system, payment, management, and use of fees for managing and supervising insurance activities.
Management and supervision fees for insurance activities.
________________
Pursuant to the Law on Fees and Registration Fees dated November 25, 2015;
Pursuant to the State Budget Law dated June 25, 2015;
Pursuant to Decree No. 120/2016/NĐ-CP dated August 23, 2016 of the Government detailing and guiding the implementation of certain provisions of the Law on Fees and Charges;
Pursuant to Decree No. 87/2017/NĐ-CP dated July 26, 2017, issued by the Government, stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;
At the request of the Director of the Tax Policy Department;
The Minister of Finance issues this Circular to regulate the level of collection, collection system, payment, management, and use of fees for managing and supervising insurance activities.
Article 1. Scope of Regulation and Applicability
1. This Circular regulates the level of collection, collection system, payment, management, and use of fees for managing and supervising insurance activities.
2. This Circular applies to:
a) Insurance business organizations that have been granted permission to establish and operate in Vietnam.
b) Other agencies, organizations, and individuals related to the collection, payment of management and supervision fees for insurance activities.
Article 2. Fee Payers and Fee Collecting Organizations
1. The fee payers are insurance business organizations that have been granted permission to establish and operate in Vietnam, including:
a) Insurance companies, branches of foreign insurance companies in Vietnam.
b) Reinsurance companies.
c) Insurance brokerage companies.
2. The Department of Insurance Supervision and Management (Ministry of Finance) shall organize the collection of fees in accordance with this Circular.
Article 3. Level of Fees
The level of collection of management and supervision fees for insurance activities is as follows:
1. Insurance companies, branches of foreign insurance companies in Vietnam: 0.03% of the original premium (after deducting refunds and reductions from the original premium).
2. Reinsurance companies: 0.03% of the reinsurance premium received (after deducting refunds and reductions from the reinsurance premium received).
3. Insurance brokerage companies: 0.03% of the income from insurance brokerage activities.
Article 4. Declaration, Collection, Payment of Fees
1. The fee payer shall remit the management and supervision fees for insurance activities into the account for pending budget payments opened at the State Treasury by the fee collector. The management and supervision fees for insurance activities are calculated annually and paid in two installments.
a) By no later than August 31 each year, the fee payer shall calculate and remit the management and supervision fees for the first six months of the year (first installment) as follows:
Amount of fee payable = original premium (or reinsurance premium received or income from insurance brokerage activities) for the first six months of the year x 0.03%.
b) By no later than April 30 of the following year, the fee payer shall calculate and remit the management and supervision fees for the previous fiscal year (second installment) as follows:
Amount of fee payable = original premium (or reinsurance premium received or income from insurance brokerage activities) for the previous fiscal year x 0.03% - amount of fee already paid in the first installment.
2. By no later than the 5th day of each month, the fee collector must transfer the amount of management and supervision fees for insurance activities collected in the previous month into the account for pending budget payments opened at the State Treasury.
3. The fee collector shall declare and remit the management and supervision fees for insurance activities collected monthly and settle accounts annually according to the guidance provided in Clause 3, Article 19 and Clause 2, Article 26 of Circular No. 156/2013/TT-BTC dated November 6, 2013, issued by the Minister of Finance to guide the implementation of certain provisions of the Law on Tax Administration; the Law Amending and Supplementing Certain Provisions of the Law on Tax Administration, and Decree No. 83/2013/NĐ-CP dated July 22, 2013 of the Government. The fee collector shall remit 52% of the total management and supervision fees collected into the state budget according to the chapters, sections, and sub-sections of the State Budget Manual.
Article 5. Management and use of fees
The fee collector may retain 48% of the management and supervision fees collected to be used for supervisory and collection activities in accordance with Article 5 of Decree No. 120/2016/NĐ-CP dated August 23, 2016, of the Government detailing and guiding the implementation of certain provisions of the Law on Fees and Charges.
Article 6. Implementation organization and enforcement provisions
1. This Circular takes effect from February 20, 2020, and applies from the 2020 fiscal year.
2. Any other matters related to the collection, payment, receipt vouchers, publicizing the collection system for management and supervision fees for insurance activities not mentioned in this Circular shall be implemented in accordance with the Law on Fees and Charges; Decree No. 120/2016/NĐ-CP dated August 23, 2016, of the Government detailing and guiding the implementation of certain provisions of the Law on Fees and Charges; Circular No. 328/2016/TT-BTC dated December 26, 2016, of the Minister of Finance guiding the collection and management of state budget revenues through the State Treasury; Circular No. 156/2013/TT-BTC dated November 6, 2013, of the Minister of Finance guiding the implementation of certain provisions of the Law on Tax Administration; the Law Amending and Supplementing Certain Provisions of the Law on Tax Administration, and Decree No. 83/2013/NĐ-CP dated July 22, 2013, of the Government; Circular No. 303/2016/TT-BTC dated November 15, 2016, of the Minister of Finance guiding the printing, issuance, management, and use of various types of receipts for fees and charges under the state budget.
3. In cases where legal normative documents cited in this Circular are amended, supplemented, or replaced, they shall be implemented according to the new amended, supplemented, or replaced documents.
4. During the implementation process, if there are any difficulties, organizations and individuals are requested to promptly reflect them to the Ministry of Finance for research and supplementary guidance.
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