Circular No. 82/1998/TT-BTC guides the financial regime applicable to industrial zones, export processing zones, and high-tech zones.

CIRCULAR

Guidelines for financial regimes applicable to industrial zones, export processing zones, and high-tech zones

 

Pursuant to Decree No. 36/CP dated April 24, 1997 of the Government promulgating the Regulations on Industrial Zones, Export Processing Zones, and High-Tech Zones; - Pursuant to Decree No. 07/1998/NĐ-CP dated January 15, 1998 of the Government detailing the implementation of the Law on Encouraging Domestic Investment;

Pursuant to Decree No. 10/1998/NĐ-CP dated January 23, 1998 of the Government stipulating certain measures to encourage and ensure the operation of foreign direct investment in Vietnam;

The Ministry of Finance hereby provides specific guidelines for financial regimes as follows:

 

1. This Circular guides on plans and budgets for national reserve funds; import and export of goods in national reserves; handling losses and damages to goods in national reserves due to deterioration, reduced quality, or loss; establishing, issuing, and implementing economic-technical norms, procedures, and regulations for storing goods in national reserves; signing general contracts, storing goods, warehouse storage, planning the national reserve warehouse system; financial management and budget allocation for national reserves; procedures and steps for exporting national reserves in cash; setting up, managing, and using welfare and incentive funds; protecting state secrets, inspecting, and auditing national reserves.

2. National Treasury units at all levels;

Infrastructure construction and business companies (hereinafter referred to as infrastructure development companies) are permitted to establish and operate within industrial zones, export processing zones, and high-tech zones (hereinafter referred to as industrial zones).

Enterprises are permitted to establish and operate within industrial zones, export processing zones, and high-tech zones (hereinafter referred to as enterprises in industrial zones).

Management boards of industrial zones, export processing zones, and high-tech zones located within provinces, centrally governed cities, or across multiple provinces and centrally governed cities (hereinafter referred to as provincial-level industrial zone management boards).

II. FINANCIAL REGIMES APPLICABLE TO ENTERPRISES IN INDUSTRIAL ZONES:

1. Enterprises in industrial zones shall fulfill all financial obligations to the State and comply with current regulations on accounting and statistical systems.

2. Tax regime provisions:

2. 1. Domestic enterprises investing in industrial zones shall fulfill tax obligations according to preferential rates set forth in current tax and domestic investment encouragement documents.

2. 2. Enterprises in industrial zones with foreign capital, foreign parties participating in joint venture contracts operating under the Law on Foreign Investment in Vietnam shall fulfill tax obligations as follows:

a. For high-tech industrial enterprises and high-tech service enterprises in high-tech zones:

+ Pay corporate income tax at a rate of 10% on profits earned;

+ Be exempt from corporate income tax for 8 years starting from the first profitable year.

b. For export processing enterprises:

* Manufacturing enterprises:

+ Pay corporate income tax at a rate of 10% on profits earned;

+ Be exempt from corporate income tax for 4 years starting from the first profitable year.

* Service enterprises:

+ Pay corporate income tax at a rate of 15% on profits earned;

+ Be exempt from corporate income tax for 2 years starting from the first profitable year.

c. For enterprises in industrial zones:

* Enterprises with export activities below 50% of their products:

+ Pay corporate income tax at a rate of 15% on profits earned;

+ Be exempt from corporate income tax for 2 years starting from the first profitable year.

* Enterprises with export activities between 50% to 80% of their products:

+ Pay corporate income tax at a rate of 15% on profits earned;

+ Be exempt from corporate income tax for 2 years starting from the first profitable year.

+ Reduce corporate income tax payable by 50% for the next 2 years.

* Enterprises with export activities above 80% of their products:

+ Pay corporate income tax at a rate of 10% on profits earned;

+ Be exempt from corporate income tax for 2 years starting from the first profitable year.

+ Reduce corporate income tax payable by 50% for the next 2 years.

- During operation, if the enterprise ensures the registered export product ratios in the investment permit, the above tax rates will apply throughout the project's operational period.

- In cases where the actual export ratio does not meet or exceeds the registered ratio in the investment permit, the tax authority directly managing the enterprise must determine the corresponding tax rate based on the actual export ratio.

- If the export ratio is zero, the corporate income tax rate applicable to enterprises in the same industry without registered export activities will be applied.

- If the investment permit does not specify an export ratio but the enterprise exports products during the fiscal year, the tax rate and exemption/reduction regime will be applied as specified above.

* Service enterprises:

+ Pay corporate income tax at a rate of 20% on profits earned;

+ Be exempt from corporate income tax for 1 year starting from the first profitable year.

d. The investment permit issuing authority shall determine the appropriate tax rate and exemption/reduction regime for corporate income tax based on the above provisions and the investment project application to include in the investment permit.

- Annual taxable profit is determined according to current regulations on corporate income tax.

- Adjustments to the tax rate, exemption/reduction regime for corporate income tax in the investment permit, and refund of taxes paid on reinvested profits are carried out according to current tax regulations.

e. When transferring profits abroad, enterprises in industrial zones shall pay a 5% withholding tax on the transferred profits (including funds left outside Vietnam).

f. Other types of taxes, fees, and charges shall be paid according to current regulations on taxes, fees, and charges.

III. FINANCIAL REGIMES APPLICABLE TO INFRASTRUCTURE DEVELOPMENT COMPANIES:

1. Determination of rental prices and fees for land already developed with infrastructure and public utilities in industrial zones shall be conducted as follows:

a. According to Clause d, Article 14 of the Regulations issued together with Decree No. 36/CP, infrastructure development companies when renting out land with existing infrastructure and public utilities have the right to set prices and fees based on the principle that:

- The infrastructure development company bases its determination of specific price and fee levels on the budgeted or actual costs incurred for constructing infrastructure and public utilities in the industrial zone, taking into account the need for investment mobilization and the requirement to recover investment costs.

- If infrastructure maintenance fees are charged separately (infrastructure maintenance fees not included in the rental price for land with existing infrastructure), the infrastructure development company must estimate the infrastructure maintenance fees to be collected from enterprises in industrial zones simultaneously with determining the rental price for land with existing infrastructure.

- The prices and fees set by the infrastructure development company must ensure reasonableness and compliance with investment mobilization requirements, avoiding unfair competition with investment attraction in other industrial zones in the region.

b. Prior to announcing the rates for land rental fees after infrastructure construction, public utility usage fees, the Infrastructure Development Company shall be responsible for sending the proposed rates and fees (including infrastructure maintenance fees) to the Provincial Industrial Zone Management Board for review and agreement.

- The Provincial Industrial Zone Management Board must examine and provide comments on the rates and fees submitted by the Infrastructure Development Company within twenty days from the date of receiving all documents. If the Board finds that these rates and fees are not appropriate for attracting investment (higher than those of similar industrial zones...), it has the right to request the Infrastructure Development Company to reconsider and adjust them accordingly.

- In case the Infrastructure Development Company and the Provincial Industrial Zone Management Board cannot reach an agreement on the rates and fees, they must report to the Ministry of Finance for examination and decision.

c. During its operation, the Infrastructure Development Company may increase or decrease the rates and fees in accordance with the trend of investment attraction in the industrial zone. Any such changes must be agreed upon by the Provincial Industrial Zone Management Board. If the Board finds that these changes are not suitable for the investment attraction trend, causing unfair competition among industrial zones in the region or violating the interests of the Vietnamese State, it has the responsibility to require the Infrastructure Development Company to adjust the rates and fees. If no agreement can be reached, the matter should be reported to the Ministry of Finance for examination and decision.

d. In the case where the Infrastructure Development Company collects once-off payments for land rental fees after infrastructure construction, public utility usage fees, and service fees for the entire operating period of the industrial zone enterprises: if the operating period of the industrial zone enterprise exceeds the operating period of the Infrastructure Development Company, the latter must deposit into the state budget the full amount corresponding to the difference in operating periods between the industrial zone enterprise and the Infrastructure Development Company, following the guidelines of the Department of Finance and Price Control, Taxation Department, and the Provincial Industrial Zone Management Board.

e. According to Article 18, Clause 2 of Decree No. 10/1998/NĐ-CP dated January 23, 1998 of the Government, the Infrastructure Development Company is permitted to lease part or all of the undeveloped land area to domestic and foreign enterprises capable of financial investment and experience, for these enterprises to sublease to industrial zone enterprises with existing infrastructure:

The land rental rates between the Infrastructure Development Company and the financially capable and experienced investment calling enterprises, and between this enterprise and the industrial zone enterprises, shall be agreed upon in the land lease contracts. The tax authority will base the tax obligations of such enterprises on the agreements stipulated in the land lease contracts signed between the financially capable and experienced investment calling enterprises and the industrial zone enterprises.

2. Provisions regarding land rental payments:

2. 1. The Infrastructure Development Company shall pay land rental payments to the State (if applicable) in accordance with current regulations of the State:

- The Infrastructure Development Company with foreign investment capital shall pay land rental payments to the State at the rate specified in the investment permit, consistent with the regulations on land rental payments, water surface, and sea surface applicable to foreign investment forms in Vietnam as prescribed by the Minister of Finance.

- The Infrastructure Development Company belonging to domestic economic sectors shall pay land rental payments at the rate decided by the Prime Minister (if applicable), or as prescribed by the People's Committee of the province or centrally governed city in accordance with the regulations on land, water surface, and sea surface applicable to domestic investment forms as prescribed by the Minister of Finance.2. 2. After being approved by the competent state agency for investment or granted an investment permit for infrastructure construction and operation in the industrial zone,

the Infrastructure Development Company, which is a domestic enterprise belonging to all economic sectors, may prepare a dossier requesting the People's Committee of the province where the Provincial Industrial Zone Management Board is headquartered to allow it to delay payment of land rental payments in the form of debt to the state budget.- The dossier for delayed land rental payment includes:

+ A request for delayed land rental payment (according to Form No. 01 attached to this Circular), clearly stating the requested delay period, the amount of delayed payment, and the plan for using the delayed payment to allow domestic enterprises in the industrial zone to delay payment for land rental after infrastructure construction...

+ A copy of the investment permit or the decision of the competent authority allowing investment in infrastructure construction in the industrial zone;

+ A financial capability report: detailing the financial capacity of the Company and the funding mobilization plan for infrastructure construction...

+ An approved feasibility study on industrial zone infrastructure construction, specifying the progress and deadline for completing the main infrastructure projects in the industrial zone (understood as infrastructure projects directly affecting the operations of industrial zone enterprises);

+ Other relevant documents (if any).

- After reviewing the dossier, the People's Committee of the province decides whether to allow the Infrastructure Development Company to delay land rental payments and the plan for the Company to allow domestic enterprises in the industrial zone to delay payment for land rental after infrastructure construction in the form of debt between the Infrastructure Development Company and the domestic enterprises in the industrial zone.

- The duration for which the Infrastructure Development Company is allowed to delay land rental payments (measured in years) is determined by the People's Committee of the province but shall not exceed the necessary time determined according to the approved feasibility study for the Infrastructure Development Company to complete the main infrastructure projects in the industrial zone (understood as infrastructure projects directly affecting the operations of industrial zone enterprises).

||| - The period during which the Infrastructure Development Company is allowed to delay payment of land rent (determined annually) shall be decided by the Provincial People's Committee but shall not exceed the necessary time determined according to the approved feasible plan for the Infrastructure Development Company to complete the construction of major infrastructure projects in the Industrial Zone (understood as infrastructure projects that directly affect the operations of Industrial Zone enterprises).

- The amount of land rent that the Infrastructure Development Company is allowed to defer payment shall be implemented in the form of debt recognition with the state budget. Within fifteen days from the date of being permitted by the competent state agency to defer land rent payments, the Infrastructure Development Company must submit to the Provincial Department of Finance and Prices a set of documents for signing a debt transfer contract, including: 

+ A copy of the decision on land lease issued by the competent state agency; 

+ A copy of the Land Lease Contract (if any); 

+ A copy of the decision allowing deferred payment of land rent.

- After reviewing the documents, the Provincial Department of Finance and Prices will proceed to sign a debt transfer contract for the deferred land rent with the Infrastructure Development Company (to be prepared according to Model No. 02 attached to this Circular). The contract must clearly specify the amount of debt recognized, the time frame for full repayment, the number of annual repayments, and the amount of each repayment, as follows: 

+ The amount of debt recognized is determined by multiplying the annual land rent payable by the number of years allowed for deferred payment of land rent; ||| x) the period (number of years) permitted for delaying payment of land rent;|||

+ The time frame for full repayment: To be determined based on the proposal of the Infrastructure Development Company but not exceeding the period allowed for deferred payment of land rent; 

+ The number of annual repayments: Based on the proposal of the Infrastructure Development Company, but there must be at least two repayments per year; 

+ The amount of each repayment: Determined by dividing the total debt recognized by the total number of repayments. 

- Procedures for payment, place of payment, and handling violations in the collection of the recognized debt shall be carried out in accordance with regulations on land rent payment.3. Experts, leading scientists, chief engineers participating in national defense and security industrial activities at key national defense industrial facilities and key security industrial facilities.

- For industrial zones located in areas spanning multiple provinces or cities, the People's Committee of the province where the provincial-level Industrial Zone Management Board is headquartered, together with the Provincial Department of Finance and Prices of the relevant province, shall be responsible for implementing the above provisions after consultation with the People's Committees and Departments of Finance and Prices of the involved provinces. In case of disagreement, the matter shall be referred to the Ministry of Finance for consideration and decision.||| n. In case of disagreement, the matter shall be reviewed and decided by the Ministry of Finance.

2. 3. Pursuant to Article 27 of Decree No. 07/1998/NĐ-CP dated January 15, 1998, detailing the implementation of the Law on Encouraging Domestic Investment, Infrastructure Development Companies investing in industrial zones located in districts listed in Category B or regions listed in Category C as stipulated in Decree No. 07/1998/NĐ-CP, if granted land by the State, shall not have to pay land use fees. If they lease land, they shall be exempt from land rent for the first five years and enjoy a 50% reduction in land rent for the subsequent five years from the date of signing the lease contract.

2. 4. Pursuant to Article 28 of Decree No. 07/1998/NĐ-CP dated January 15, 1998, detailing the implementation of the Law on Encouraging Domestic Investment, the following applies:

- During the five-year period starting from the date of signing the land lease contract, the Infrastructure Development Company shall be entitled to a 50% reduction in the land rent payable to the State.

- The aforementioned Infrastructure Development Company, when leasing land to industrial zone enterprises eligible for investment incentives under Category A as stipulated in Decree No. 07/1998/NĐ-CP, shall be responsible for reducing the land rent for these enterprises as follows:

+ The annual amount of reduced land rent is calculated as 50% of the land surface rent based on the original price charged by the State (excluding the value of infrastructure constructed by the Infrastructure Development Company) that the company has to pay to the State for the area leased by the industrial zone enterprise.

+ The period during which the land rent reduction applies is five years from the date the Infrastructure Development Company signs the land lease contract with the industrial zone enterprise.

2. 5. In cases where the Infrastructure Development Company receives an investment incentive certificate before the effective date of Decree No. 07/1998/NĐ-CP (January 31, 1998), the incentive period shall be the remaining time from the effective date of Decree No. 07/1998/NĐ-CP.

2. 6. The provincial-level Industrial Zone Management Board is responsible for monitoring and requiring the Infrastructure Development Company to comply with the above provisions.

3. Provisions regarding accounting for investment capital in infrastructure construction: Investment capital related to infrastructure construction activities within industrial zones, upon completion of the investment project, must be accounted for as fixed assets of the enterprise in accordance with Decision No. 1062 TC/QĐ-CSTC dated November 14, 1996, issued by the Minister of Finance.

4. Provisions regarding tax obligations when collecting rent for land with existing infrastructure over multiple years:

- The Infrastructure Development Company, a Vietnamese enterprise belonging to all economic sectors, shall fulfill its tax obligations in accordance with current laws on taxation and the Law on Encouraging Domestic Investment.

- The Infrastructure Development Company, a joint venture operating under the Law on Foreign Investment in Vietnam:

+ Pay corporate income tax at a rate of 10% on profits earned;

+ Exempt from corporate income tax for four years from the start of profitable operations;

+ Reduced by 50% of the corporate income tax payable for the next four years.

- In cases where the Infrastructure Development Company collects rent for land with existing infrastructure, public utility fees, and service fees over multiple years in one lump sum, the determination of tax obligations shall be as follows:

+ Business income tax: Pay business income tax at the time of revenue generation for the entire amount of revenue generated (including advance revenue from renting land with existing infrastructure, providing public utilities, and services over multiple years).

+ Corporate income tax: The corporate income tax obligation of the Infrastructure Development Company shall be determined in accordance with Circular No. 74 TC/TCT dated October 20, 1997, issued by the Ministry of Finance (for Infrastructure Development Companies operating under the Law on Foreign Investment), and Circular No. 48/1998/TC-BTC dated April 11, 1998, issued by the Ministry of Finance (for Infrastructure Development Companies operating domestically).

If the Infrastructure Development Company pays corporate income tax in accordance with Circular No. 74 TC/TCT or Circular No. 48/1998/TC-BTC and encounters difficulties in funding infrastructure construction, it may apply to the Ministry of Finance for permission to pay corporate income tax annually corresponding to the actual revenue of that year (without pre-collecting corporate income tax on advance revenue).

- Fees collected from industrial zone enterprises for infrastructure maintenance are considered business revenue for determining business income tax and corporate income tax.

- The advance receipts, turnover subject to turnover tax, and income subject to corporate income tax from the Infrastructure Development Company's collection from industrial zones' enterprises and remittance to the state budget pursuant to point d, Section 1, Part III above shall not be included in the aforementioned revenue.

 IV. FINANCIAL REGIME APPLICABLE TO THE PROVINCIAL INDUSTRIAL ZONE MANAGEMENT BOARD

1. The provincial industrial zone management board is a state budget entity; all operating expenses of the provincial industrial zone management board are covered by the state budget. All revenues collected by the provincial industrial zone management board in accordance with regulations must be remitted to the state budget in accordance with the current hierarchical financial management system.

||| 2. The Provincial Industrial Zone Management Board is authorized to collect fees and charges corresponding to the tasks delegated by state management agencies in accordance with current regulations. When authorized by competent state authorities to perform the duties of such agencies towards Industrial Zone enterprises or activities, the Provincial Industrial Zone Management Board shall notify and register with the provincial tax office where its headquarters is located to handle procedures for collecting and remitting the fees and charges collected from performing the delegated tasks.

||| - In addition to the fees and charges corresponding to the delegated tasks, the Provincial Industrial Zone Management Board is also authorized to collect other types of fees and charges as stipulated in Appendix I attached hereto. The Provincial Industrial Zone Management Board shall be responsible for registering and working with the provincial tax office to handle procedures for collecting and remitting the fees and charges collected.

||| - The Provincial Industrial Zone Management Board shall publicly announce the rates of fees and charges collected; post a list of fee and charge items and their rates at the headquarters of the Provincial Industrial Zone Management Board and at the representative offices of the Board in each Industrial Zone (if any).

||| - The Provincial Industrial Zone Management Board must use revenue and payment vouchers issued by the Ministry of Finance (General Department of Taxation); be responsible for managing and using the fee and charge collection vouchers in accordance with the provisions of the Ministry of Finance. All licenses and certificates issued by the Provincial Industrial Zone Management Board must be accompanied by a receipt for the payment of fees and charges (except for cases where the work does not fall within the scope of fee and charge collection).

||| - Monthly, the Provincial Industrial Zone Management Board may temporarily retain 10% of the total fees and charges collected to serve the collection of fees and charges by the Board; to support investment promotion activities in Industrial Zones; to establish a bonus fund and welfare fund, with the amount allocated to each fund annually not exceeding three months' basic salary of the Provincial Industrial Zone Management Board. The Provincial Industrial Zone Management Board shall be responsible for preparing and settling the budget of collected fees and charges, the amount retained in the annual budget, and any unused funds must be remitted to the state budget (excluding the surplus of the bonus fund and welfare fund).

||| - No later than the end of day 5 of the following month, the Provincial Industrial Zone Management Board must remit all collected fees and charges to the state budget (after deducting the temporarily retained 10%). In cases where the amount of fees and charges to be remitted to the state budget exceeds VND 50 million before the end of the month, the Provincial Industrial Zone Management Board shall be responsible for immediately remitting that amount to the state budget.

||| 3. The Provincial Industrial Zone Management Board is responsible for reviewing and agreeing on leaseback land rental prices and public utility usage fees as prescribed in Section 1, Part III above.

||| The Provincial Industrial Zone Management Board is responsible for determining and informing the Department of Finance and the provincial tax office of the amount collected by the Infrastructure Development Company according to Point d, Section 1, Part III above, and requesting the Infrastructure Development Company to promptly remit the full amount to the state budget. This amount will be included in the provincial budget revenue where the Provincial Industrial Zone Management Board is headquartered and considered as additional revenue outside the annual budget plan of the province. - When the Infrastructure Development Company ceases operations according to its license, the People's Committee of the province receiving this revenue shall be responsible for funding maintenance and upkeep of infrastructure in the industrial zone to ensure normal operation of industrial enterprises for the remaining period.

||| If the Infrastructure Development Company is granted an extension of operations, the People's Committee of the province shall be responsible for refunding to the Infrastructure Development Company the amount previously collected (as stipulated in Point d, Section 1, Part III) corresponding to the extended period of operation of the Infrastructure Development Company.

V. IMPLEMENTATION

||| 1. This Circular takes effect from the date of signature, replacing Circular No. 27 TC/CSTC dated May 25, 1996 of the Ministry of Finance; abolishing previous financial regulations for industrial zones, export processing zones, and high-tech parks that conflict with this Circular.

||| In addition to the incentives provided in this Circular, the Infrastructure Development Company and Industrial Zone enterprises are entitled to other incentives stipulated in other documents (if any). Where multiple incentive criteria are met simultaneously, the highest incentive criterion shall apply.

||| 2. Enterprises operating in Industrial Zones, Export Processing Zones, and High-Tech Parks prior to the effective date of the Regulations on Industrial Zones, Export Processing Zones, and High-Tech Parks issued together with Decree No. 36/CP dated April 24, 1997 of the Government, if permitted by competent authorities to adjust their investment permits to enjoy investment incentives under Decree No. 36/CP, shall also be subject to the provisions of this Circular.

||| 3. During implementation, any difficulties should be reported to the Ministry of Finance for study and resolution.

 

FORM NO. 01

SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

||| ..., date..., month..., year...

||| APPLICATION FOR DELAYED PAYMENT OF LAND RENT

||| To: Provincial People's Committee/City People's Committee...

||| Based on the provisions regarding the right to enjoy incentives for delayed payment of land rent in Circular No. 82/1998/TT-BTC dated June 19, 1998 of the Ministry of Finance.

||| Infrastructure Construction and Business Company... ||| (company name)||| ...is a domestic enterprise with the function of constructing and operating infrastructure in (industrial zones/export processing zones/high-tech parks)... ||| (zone name)||| ...according to Decision/Business License/Investment Permit No...issued on...month...year by... ||| (issuing authority)||| ...issued at...

Requests the Provincial/Municipal People's Committee to permit the company to delay payment of land rent in the form of debt recognition with the state budget.

Requested delay period: …years, from .../.../... to .../.../...

Amount of delayed payment: …dong/dollars.

Time to fully repay the debt: …years, starting from .../.../... to .../.../...

Number of repayment times per year: ...times/year, expected at various points ... during the year.

Repayment amount each time: …dong/dollars per time.

Plan for using the delayed payment amount:…

Requests the Provincial/Municipal People's Committee to approve.

Applicant

Credit organization branch in province/city and basic credit cooperative…

(signature, stamp)

 

FORM NO. 02

SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

CONTRACT FOR RECEIVING DEBT OF PERMITTED DELAYED LAND RENT PAYMENT

Based on Circular No. 82/1998/TT-BTC dated June 19, 1998, issued by the Ministry of Finance;

Based on Decision No....of the Provincial/Municipal People's Committee regarding permission for the construction and operation company...to delay land rent payment;

After reviewing the application for signing a debt receiving contract for permitted delayed land rent payment submitted by Company...

Today, the...day of the...month of the...year...

At:...

The Debt Transfer Council consists of:

A. Debtor Side (Party A), including:

1. Representative of the Department of Finance and Prices:

Mr./Ms.:...Position:...Serves as Chairman of the Council.

2. Representative of the Tax Department:

Mr./Ms.:...Position:...Member.

B. Creditor Side (Party B), including:

1. Representative of Company...

Mr./Ms.:...Position:...Member.

Address:...

Domestic currency account number...opened at Bank

Foreign currency account number...opened at Bank

Both parties agree to sign the Debt Transfer Contract for the Company's permitted delayed land rent payment according to Decision No...dated.../.../...of the Provincial/Municipal People's Committee as follows:

1. Party A allows Party B to recognize the debt for the permitted delayed land rent payment amounting to...dong.

2. The debt term is...years, from.../.../... to.../.../...

3. The purpose of using this delayed payment amount is:

4. Party B is responsible for fully repaying the above debt to the state budget within...years, starting from.../.../...

Number of repayments per year:...times, at various points...

Repayment amount each time:...dong

5. The aforementioned repayment amounts shall be paid together with annual land rent payments. Payment procedures and locations follow the tax authority's guidelines.

This contract is established in three original copies having equal legal force:

One copy kept by the Department of Finance and Price Control;

One copy kept by the Tax Department;

One copy kept by Company...

Company...is responsible for notifying the Provincial Industrial Park Management Board about the signing of this debt transfer contract.

REPRESENTATIVE OF COMPANY REPRESENTATIVE OF THE DEPARTMENT OF FINANCE AND PRICE CONTROL  

(Debtor Side) (Creditor Side)

(Signature, Seal) (Signature, Seal)

 

ANNEX 1

List of fees and charges that management boards of export processing zones, industrial parks, and high-tech zones are allowed to collect

(Annexed to Circular No. 82/1998/TT-BTC dated June 19, 1998, issued by the Ministry of Finance)