VietnameseDecree No. 100/2009/ND-CP dated November 3, 2009, of the Government providing for the collection of a surcharge on the volume of oil divided as profits to petroleum contractors when the price of crude oil increases
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Decree No. 100/2009/ND-CP dated November 3, 2009, of the Government providing for the collection of a surcharge on the volume of oil divided as profits to petroleum contractors when the price of crude oil increases
| Issuing body: | Government | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 100/2009/ND-CP | Signer: | Nguyen Tan Dung |
| Type: | Decree | Expiry date: | Updating |
| Issuing date: | 03/11/2009 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Bidding - Competition , Commerce - Advertising , Industry , Natural Resources - Environment |
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Effect status: Known
THE GOVERNMENT ------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom – Happiness --------- |
No. 100/2009/ND-CP | Hanoi, November 03, 2009 |
DECREE
PROVIDING FOR THE COLLECTION OF A SURCHARGE ON THE VOLUME OF OIL DIVIDED AS PROFITS TO PETROLEUM CONTRACTORS WHEN THE PRICE OF CRUDE OIL INCREASES
THE GOVERNMENT
Pursuant to the December 25, 2001 Law on Organization of the Government;
Pursuant to the National Assembly Standing Committee's opinion in Document No. 255/UBTVQH12 of July 22, 2009;
At the proposal of the Minister of Finance,
Pursuant to the National Assembly Standing Committee's opinion in Document No. 255/UBTVQH12 of July 22, 2009;
At the proposal of the Minister of Finance,
DECREES:
Article 1. Scope of regulation
This Decree provides for the collection of a surcharge on the volume of oil divided as profits to petroleum contractors (below referred to as contractors) when the price of crude oil increases.
Article 2. Condition for collection of a surcharge
A surcharge will be calculated and collected under this Decree when the average sale price of crude oil in a quarter increases more than 20% compared to the base price of the corresponding year.
Article 3. Surcharge rates and surcharge calculation method
To apply the partially progressive surcharge rates and the surcharge calculation method as follows:
1. The rate of 50% will apply to the volume of oil divided as profits to contractors on a quarterly basis when the average sale price of crude oil in the quarter increases by between over 20% and 50% compared to the base price in the corresponding year. The surcharge amount is determined according to the following formula:
Surcharge amount | = | 50% | x | Average sale price of crude oil in the quarter | - | 1.2 | x | Base price in the corres-ponding year | x | Volume of oil divided as profits to contractors on a quarterly basis |
In which:
a/ The average sale price of crude oil in the quarter is the price calculated by contractors based on statistical data on actual daily sale prices of crude oil in each quarter which, however, must not exceed 150% of the base price of the corresponding year.
b/ The base price in the corresponding year is the price estimated for the corresponding year which is stated in the approved oilfield development plan.
2. The rate of 60% will apply to the volume of oil divided as profits to contractors on a quarterly basis when the average sale price of crude oil in the quarter increases by over 50% compared to the base price in the corresponding year. The surcharge amount is determined according to the following formula:
Surcharge amount | = | 60% | x | Average sale price of crude oil in the quarter | - | 1.5 | x | Base price in the corres-ponding year | x | Volume of oil divided as profits to contractors on a quarterly basis |
In which:
a/ The average sale price of crude oil in the quarter is the price calculated by contractors based on statistical data on actual daily sale prices of crude oil in each quarter which is higher than 150% of the base price of the corresponding year.
b/ The base price in the corresponding year is the price estimated for the corresponding year which is stated in the approved oilfield development plan.
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