Circular No. 202/2016/TT-BTC dated November 9, 2016 of the Ministry of Finance on the rate, collection, submission, administration and use of the fees on secured transaction

THE MINISTRY OF FINANCE

Circular No. 202/2016/TT-BTC dated November 9, 2016 of the Ministry of Finance on the rate, collection, submission, administration and use of the fees on secured transaction

Pursuant to the Law of fees and charges dated November 25, 2015;

Pursuant to the Law of State budget dated June 25, 2015;

Pursuant to the Government’s Decree No. 120/2016/ND-CP dated August 23, 2016 on details and guidelines for the implementation of certain articles of the Law of fees and charges;

Pursuant to the Government’s Decree No. 215/2013/ND-CP dated December 23, 2013 on the functions, missions, authority and organizational structure of the Ministry of Finance;

At the request of the Head of the Department of Tax policy,

Minister of Finance promulgates the following Circular on the rate, collection, submission, administration and use of the fees on secured transaction:

Article 1. Scope of adjustment and subject of application

1. This Circular stipulates the rate, collection, submission, administration and use of the fees on secured transaction.

2. This Circular applies to the persons paying and the agency collecting the fees for registration of secured transactions, disclosure of information on secured transactions, issuance of codes of access to the database on secured transactions. It also applies to other organizations and individuals concerning the collection, submission, exemption, administration and use of the fees thereof.

Article 2. Payer

The organizations and individuals shall incur the regulated fees upon applying to competent government authorities for registration of a secured transaction, disclosure of information on a secured transaction, issuance of a copy of the certificate of registration of a secured transaction, issuance of a code of access to the database on secured transactions.

Article 3. Fee collection

1. The branches of Vietnam Maritime Administration (Ministry of Transport) shall collect the fees for registration and disclosure of information on transactions secured by maritime vessels.

2. Centers for registration of transactions and assets under the National Registration Agency for Secured Transactions (Ministry of Justice) shall collect the fees for registration of secured transactions and relevant contracts and for disclosure of information on transactions secured by movable assets (except aircrafts) and maritime vessels.

3. National Registration Agency for Secured Transactions (Ministry of Justice) shall collect the fee for issuance of codes of access to the secured transaction database in the National Registration Agency for Secured Transaction.

Article 4. Rate of fee

The rate of fees on secured transactions is defined below:

Article 5. Fee waiver

The fees are exempted in the following circumstances:

1. Individuals and households taking out loans from credit institutions for agricultural and rural development as defined in Article 4 and Article 9 of the Government s Decree No. 55/2015/ND-CP dated June 09, 2015 on the policy on credit for agricultural and rural development.

2. Request for revision to errors, at the registrar’s fault, in the registration of the secured transaction or contract.

3. Notification of the distrainment of assets for sentence enforcement, request for revision to or removal of the enforcement officer s notification as per the laws.

4. Revision to the information of the organization or individual given the code of access to the secured transaction database.

5. Enforcement officer s request for information on the assets distrained.

6. Request by an investigator, procurator or judge for information concerning procedural activities.

Article 6. Fee declaration and submission

1. Payers shall pay the fees upon filing the applications to the competent government authorities providing services defined in fee schedule in this Circular.

2. On no later than the fifth of each month, the fee collector shall deposit the fee amount collected in the previous month into the budgetary contribution account at the State Treasury.

3. The fee collector shall declare and finalize the fee amount collected on monthly and annual basis, respectively, according to the guidelines in Section 3, Article 19 and Section 2, Article 26 of the Circular No. 156/2013/TT-BTC dated November 06, 2013 by the Minister of Finance on guidelines for the implementation of certain articles of the Law of tax administration; the Law on amendments to certain articles of the Law of tax administration and the Government’s Decree No. 83/2013/ND-CP dated July 22, 2013.

Article 7. Fee administration and use

1. The collection agency shall submit all fee amount collected to the state budget. The expenditure for assessment and fee collection shall be sourced from the state budget apportioned in the fee collector’s financial estimate pursuant to the regime and norm of state budget spending as per regulations.

2. If the fee collector receives fixed operating subsidies according to the regulations of the government or Prime Minister on autonomy and self-responsibility for the disposition of tenure and administrative expenditure in government agencies, the agency shall manage and use the fees in the following manner:

a) Centers for registration of transactions and assets: The fee amount collected shall be managed and used as follows:

- 80% of the fee amount collected shall be retained for the spending defined in Section 2, Article 5 of the Government’s Decree No. 120/2016/ND-CP dated August 23, 2016.

- 5% of the fee amount collected shall be transferred to the account of the National Registration Agency for Secured Transaction for the operation and maintenance of the system for online registration of secured transactions.

- 15% of the fee amount collected shall be submitted into the state budget by chapter and sub-section of the current state budget index.

b) Maritime administration branches: The fee amount collected shall be managed and used as follows:

85% of the fee amount collected shall be retained for the spending defined in Section 2, Article 5 of the Government’s Decree No. 120/2016/ND-CP dated August 23, 2016 while 15% of the fee amount collected shall be submitted into the state budget by chapter and sub-section of the current state budget index.

Article 8. Implementation organization

1. This Circular takes effect on January 01, 2017. It replaces the Joint Circular No. 69/2011/TTLT-BTC-BTP dated May 18, 2011 by the Ministry of Finance and Ministry of Justice on guidelines for the collection, submission, administration and use of the fees for registration and information of secured transactions.

2. Other matters related to the collection, submission, administration, use, receipt and disclosure of the fees, if not defined in this Circular, shall be governed by the Law of fees and charges; the Government s Decree No. 120/2016/ND-CP dated August 23, 2016 on details and guidelines for the implementation of certain articles the Law of charges and fees; the Circular No. 156/2013/TT-BTC dated November 06, 2013 by the Minister of Finance on guidelines for the implementation of certain articles of the Law of tax administration; the Law on amendments to certain articles of the Law of tax administration, the Government s Decree No. 83/2013/ND-CP dated July 22, 2013 and the Circular by the Minister of Finance on the printing, issuance, administration and use of the receipts for collection of fees and charges for the state budget and the written amendments thereof (if available).

3. Any difficulties arising in the course of implementation shall be reported to the Ministry of Finance for review, guidance and amendment./.

For the Minister

The Deputy Minister

Vu Thi Mai