Decision No. 358/TTg Regarding Preferential Treatment for Marine Fishing Activities in Offshore Waters

Pursuant to …;

Regarding incentives for marine fishing activities in distant waters

PRIME MINISTER

Pursuant to the Government Organization Law dated September 30, 1992;

Pursuant to current tax laws and decrees; the Law on Encouraging Domestic Investment;

To encourage marine fishing activities in distant waters;

At the proposal of the Minister of Finance,

DECISION:

Article 1. Organizations and individuals of all economic sectors in Vietnam, including foreign-invested enterprises, parties involved in joint business contracts under the Law on Foreign Investment in Vietnam, which operate fishing vessels in distant waters, shall enjoy the following tax incentives:

1. They shall be granted a 50% reduction in resource taxes and business income taxes for the first three years from the date of issuance of the permit for marine fishing in distant waters, and exemption from corporate income tax for the first three years from the date of taxable profit. In addition to the aforementioned tax incentives, entities subject to the Law on Encouraging Domestic Investment shall also benefit from import tax, business income tax, and corporate income tax incentives as stipulated in that Law.

2. When registering and obtaining permits for marine fishing in distant waters, organizations and individuals owning fishing vessels shall pay a stamp duty of 1% (one percent) based on the value of the assets at the time of registration.

All other taxes and fees not specified in Clauses 1 and 2 of this Article must be implemented according to current laws.

Article 2. Organizations and individuals benefiting from tax and stamp duty incentives as provided in this Decision shall have the responsibility to:

1. Register and obtain permits for marine fishing in distant waters from the competent state management agencies for fisheries;

2. Declare and register for tax payment with the local tax authority where their headquarters are located. If they are permitted to fish and move to distant waters outside their headquarters' location, they must also register with the local tax authority where they will conduct fishing operations.

Article 3.

1. The Ministry of Finance, the Ministry of Fisheries, and the Ministry of National Defense shall direct subordinate agencies (tax, fisheries, border guard forces) to cooperate in strictly monitoring fishing vessels operating in distant waters to ensure that incentives are correctly applied, prevent abuse, corruption, and undue harassment of entities entitled to incentives under this Decision;

2. The Ministry of Finance shall coordinate with the Ministry of Fisheries to provide guidance on implementing this Decision.

Article 4. This Decision takes effect from the date of signature and replaces Decision No. 400/TTg dated August 7, 1993, of the Government Chairman regarding the collection of taxes on the exploitation and export of marine products in the Spratly Islands.

Organizations and individuals currently enjoying tax incentive policies under Decision No. 400/TTg dated August 7, 1993, of the Government Chairman shall continue to implement such policies until the end of the period specified in this Decision.

Article 5. Ministers of Ministries, Heads of ministerial-level agencies and agencies under the Government, Chairmen of People's Committees of provinces and centrally governed cities are responsible for enforcing this Decision./.