Circular 25/2022/TT-BTC providing for charge and fee rates and the collection, remittance, management and use of the securities charges and fees

CIRCULAR

Providing for charge and fee rates and the collection, remittance, management and use of the securities charges and fees

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Pursuant to the Law on Charges and Fees dated November 25, 2015;

Pursuant to the Law on the State Budget dated June 25, 2015;

Pursuant to the Law on Securities dated November 26, 2019;

Pursuant to the Government’s Decree No. 155/2020/ND-CP dated December 31, 2020, detailing the implementation of a number of articles of the Law on Securities;

Pursuant to the Government’s Decree No. 158/2020/ND-CP dated December 31, 2020, on derivatives and derivatives market;

Pursuant to the Government’s Decree’s No. 120/2016/ND-CP dated August 23, 2016, on detailing and guiding the implementation of a number of articles of the Law on Fees and Charges;

Pursuant to the Government’s Decree No. 126/2020/ND-CP dated October 19, 2020, detailing a number of articles of the Law on Tax Administration;

Pursuant to the Government’s Decree No. 135/2015/ND-CP dated December 31, 2015, prescribing offshore indirect investment;

Pursuant to the Government’s Decree No. 87/2017/ND-CP dated July 26, 2017, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

Pursuant to the Prime Minister’s Decision No. 29/2009/QD-TTg dated February 20, 2009, on the State Securities Commission’s autonomy in payrolls and operation funds;

At the proposal of the Director of the Department of Taxation Polity;

The Minister of Finance hereby promulgates the Circular providing for charge and fee rates and the collection, remittance, management and use of the securities charges and fees.

Article 1. Scope of regulation and subjects of application

1. This Circular provides the rates, collection, remittance, management and use of the charge for managing and supervising securities activities; fee for grant of securities operation licenses and certificates by the State Securities Commission.

2. This Circular applies to charge and fee payers; charge and fee collectors; other organizations and individuals involved in the collection and remittance of securities charges and fees.

Article 2. Charge and fee collectors, charge and fee payers

1. Charge and fee collector is the State Securities Commission.

2. Charge and fee payers are organizations and individuals conducting securities operations specified in the Charge and Fee Tariff issued together with this Circular.

Article 3. Charge and fee rates

The rates of charge for management and supervision of securities activities, fee for grant of securities operation licenses and certificates are specified in the Charge and Fee Tariff issued together with this Circular.

Article 4. Declaration, collection and remittance of charges and fees by charge and fee payers

1. Securities charges and fees shall be collected in Vietnam dong.

2. Charge and fee collection: Fee payers shall pay fees in lump sum to the State Securities Commission when being granted securities operation licenses and certificates.

3. Collection and payment of charges for securities operation supervision: Hanoi Stock Exchange and Ho Chi Minh Stock Exchange (hereinafter referred to as Stock Exchanges), Vietnam Securities Depository and Clearing Corporation (hereinafter referred to as VSDC), and reimbursing banks shall pay the supervision charges to the State Securities Commission on a quarterly basis; the deadline for payment is the last day of the first month of the following quarter.

4. The collection and payment of the charge for management of unlisted public companies that have not yet been registered for trading shall be made in lump sum when being granted certificates of completion of registration of public companies by the State Securities Commission.

5. Collection and payment of charges for management of open-end funds

a) Within 30 days after being granted a certificate of registration for establishment of an open-end fund, the fund management company must pay the management charge as follows:

- In case of being granted the certificate in the period from January 01 to June 30 every year, the charge rate to be paid is 10 million VND/fund.

- In case of being granted the certificate in the period from July 01 to December 31 every year, the charge rate to be paid is 5 million VND/fund.

b) From the next year, the fund management company shall pay a charge rate of 10 million VND/fund, the deadline for payment is from December 01 to December 31 every year.

Article 5. Declaration and remittance of charges and fees by charge and fee collectors

1. Not later than the Monday of every week, the charge collector shall deposit the charge amounts collected in the previous week into its State Treasury account of charges pending remittance into the state budget.

2. The charge and fee collectors shall declare and pay the collected charges and fees on a monthly basis and conduct annual settlement according to the Law on Tax Administration and the Government’s Decree No. 126/2020/ND-CP dated October 19, 2020, detailing a number of articles of the Law on Tax Administration. The fee and charge collectors shall remit 30% of total amount of the collected charges and 100% of total amount of the collected fees into the state budget according to the corresponding chapters, items and sub-items of the current State budget Index.

Article 6. Management and use of charges

Charge collectors may retain 70% of the collected charge amounts for use purposes under the Government’s Decree No. 120/2016/ND-CP dated August 23, 2016, detailing a number of articles of the Law on Tax Administration, the Prime Minister's Decision No. 29/2009/QD-TTg dated February 20, 2009, on the State Securities Commission’s autonomy in payrolls and operation funds, and the Minister of Finance's Circular No. 104/2009/TT-BTC dated May 25, 2009, on the implementation of the Prime Minister's Decision No. 29/2009/QD-TTg dated February 20, 2009, on the State Securities Commission’s autonomy in payrolls and operation funds.

Article 7. Effect

1. This Circular takes effect on July 01, 2022.

2. To repeal the Minister of Finance's Circular No. 272/2016/TT-BTC dated November 14, 2016, providing for charge and fee rates and the collection, remittance, management and use of the securities charges and fees.

3. For organizations whose registration of public companies has been certified as completed by the State Securities Commission but their listing and registration for trading have not yet been conducted, the charge payment shall comply with the Circular No. 272/2016/TT-BTC until the end of the month preceding the month on which this Circular takes effect.

4. Other contents related to charge and fee collection, remittance, management and use, receipts, and publicization of the collection regime of securities charges and fees that are not guided in this Circular must comply with the Law on Charges and Fees; the Government’s Decree No. 120/2016/ND-CP; the Law on Tax Administration; the Government’s Decree No. 11/2020/ND-CP dated January 20, 2020, providing administrative procedures in the field of State Treasury; the Government's Decree No. 123/2020/ND-CP dated October 19, 2020, on invoices and documents; the Minister of Finance’s Circular No. 78/2021/TT-BTC dated September 17, 2021, guiding the implementation of a number of articles of the June 13, 2019 Law on Tax Administration and the Government’s Decree No. 123/2020/ND-CP of October 19, 2020, on invoices and documents.

5. While the VSDC has not commenced its operation in accordance with the Law on Securities No. 54/2019/QH14, the Vietnam Securities Depository shall pay the supervision charges applicable to VSDC in accordance with this Circular.

6. In the course of implementation, if the documents referred to in this Circular are amended, supplemented or replaced, the amending, supplementing or replacing ones shall prevail.

7. Any problem arising in the course of implementation should be promptly reported to the Ministry of Finance for review and additional guidance./.

SECURITIES CHARGE AND FEE TARIFF

(Attached to the Minister of Finance’s Circular No. 25/2022/TT-BTC dated April 28, 2022)

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