VietnameseConsolidated Text 22/VBHN-VPQH 2022 of the Law on Enterprise Income Tax
ATTRIBUTE
| Issuing body: | Office of the National Assembly | Effective date: | Updating |
| Official number: | 22/VBHN-VPQH | Signer: | Bui Van Cuong |
| Type: | Consolidated Text | Expiry date: | Updating |
| Issuing date: | 29/12/2022 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Enterprise , Tax - Fee - Charge |
CONSOLIDATED TEXT - THE OFFICE OF THE NATIONAL ASSEMBLY |
THE SOCIALIST REPUBLIC OF VIETNAM |
LAW ON ENTERPRISE INCOME TAX[1]
The National Assembly’s Law No. 14/2008/QH12 of June 3, 2008, on Enterprise Income Tax, which takes effect on January 1, 2009, was amended and supplemented by:
The National Assembly’s Law No. 32/2013/QH13 of June 19, 2013, Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014;
The National Assembly’s Law No. 71/2014/QH13 of November 26, 2014, Amending and Supplementing a Number of Articles of the Laws on Taxes, which takes effect on January 1, 2015;
The National Assembly’s Law No. 61/2020/QH13 of June 17, 2020, on Investment, which takes effect on January 1, 2021;
The National Assembly’s Law No. 12/2022/QH15 of November 14, 2022, on Oil and Gas, which takes effect on July 1, 2023.
Pursuant to the 1992 Constitution of the Socialist Republic of Vietnam, which was amended and supplemented under Resolution No. 51/2001/QH10;
The National Assembly promulgates the Law on Enterprise Income Tax[2].
Chapter I
GENERAL PROVISIONS
Article 1. Scope of regulation
This Law provides for enterprise income taxpayers, taxable incomes, tax-exempt incomes, tax bases, tax calculation methods, and tax incentives.
Article 2. Taxpayers
1. Taxpayers are goods and service production and business organizations which have taxable incomes under the provisions of this Law (below referred to as enterprises), including:
a/ Enterprises established under Vietnamese law;
b/ Enterprises established under foreign laws (below referred to as foreign enterprises) with or without Vietnam-based permanent establishments;
c/ Organizations established under the Law on Cooperatives;
d/ Non-business units established under Vietnamese law;
e/ Other organizations engaged in income-generating production and business activities.
2. Enterprises having taxable incomes under Article 3 of this Law shall pay enterprise income tax as follows:
a/ Enterprises established under Vietnamese law shall pay tax on taxable incomes generated in and outside Vietnam;
b/ Foreign enterprises with Vietnam-based permanent establishments shall pay tax on taxable incomes generated in Vietnam and taxable incomes generated outside Vietnam which are related to the operation of such establishments;
c/ Foreign enterprises with Vietnam-based permanent establishments shall pay tax on taxable incomes generated in Vietnam which are not related to the operation of such permanent establishments.
d/ Foreign enterprises without Vietnam-based permanent establishments shall pay tax on taxable incomes generated in Vietnam.
3.[3] Resident establishments of a foreign enterprise means production and business establishments through which the foreign enterprise conducts some or all production and business activities in Vietnam, including:
a/ Vietnam-based branches, executive offices, factories, workshops, vehicles, oil fields, gas fields, mines or other sites for exploiting natural resources;
b/ Construction sites, construction, installation and assembly works;
c/ Establishments providing services, including consultancy services provided via employees or other organizations or individuals;
d/ Agents for the foreign enterprise;
dd/ Vietnam-based representatives that are competent to sign contracts in the name of the foreign enterprise or representatives that are not competent to sign contracts in the name of the foreign enterprise but regularly deliver goods or provide services in Vietnam.
Article 3. Taxable incomes
1. Taxable incomes include income from goods and service production and business activities and other incomes specified in Clause 2 of this Article.
2.[4] Other incomes include income from the transfer of capital or transfer of the capital-contributing rights; income from the transfer of real estate, transfer of investment projects, transfer of the right to participate in investment projects or transfer of the right to explore, exploit and process minerals; income from asset use rights or asset ownership rights, including income from intellectual property rights in accordance with law; income from the transfer, lease or liquidation of assets, including also valuable papers; income from interest on deposits, loans provided or foreign currencies sold; revenue from written-off bad debts which are now recovered; revenue from debts owed to unidentified creditors; omitted income from business activities of previous years, and other incomes.
Vietnamese enterprises that are engaged in offshore investment activities and remit their incomes to Vietnam after paying enterprise income tax in foreign countries shall comply with the double taxation avoidance agreements concluded between Vietnam and such countries, for foreign countries with which Vietnam has concluded double taxation avoidance agreements. For foreign countries with which Vietnam has not yet concluded any double taxation avoidance agreement, if the enterprise income tax rate applicable in a country from which incomes are remitted to Vietnam is lower than that prescribed by the Vietnamese law on enterprise income tax, only difference must be collected.”
Article 4. Tax-exempt incomes
1.[5] Cooperatives’ incomes from cultivation, husbandry, agricultural and aquatic product processing and salt production; incomes from agricultural, forestry, fishing and salt production of cooperatives operating in areas with difficult or extremely difficult socio-economic conditions; enterprises’ incomes from cultivation, husbandry, agricultural and aquatic product processing carried out in areas with extremely difficult socio-economic conditions; and incomes from marine fishing.
2. Income from the application of technical services directly for agriculture.
3. Income from the performance of contracts on scientific research and technological development, trial products and products turned out with technologies applied for the first time in Vietnam.
4.[6] Incomes from goods production and service provision activities of enterprises which have at least 30% of their employees being handicapped people, detoxified people, HIV/AIDS-infected people and at least twenty employees on average in a year, excluding financial and real estate enterprises.
5. Income from job-training activities exclusively reserved for ethnic minority people, the disabled, children in extremely disadvantaged circumstances and persons involved in social evils.
6. Incomes divided for capital contribution, joint venture or association with domestic enterprises, after enterprise income tax has been paid under the provisions of this Law.
7. Received financial supports used for educational, scientific research, cultural, artistic, charitable, humanitarian and other social activities in Vietnam.
8.[7] Incomes from the transfer of certificates of emission reduction (CERs) of enterprises that have these certificates.
9.[8] Incomes from the performance of state-assigned tasks of the Vietnam Development Bank in development investment credit and export credit activities; incomes from credit activities for the poor and other policy beneficiaries of the Vietnam Bank for Social Policies; incomes of state financial funds and other state funds operating not for profit in accordance with law; incomes of institutions with 100% charter capital owned by the State established by the Government for settling non-performing loans of Vietnamese credit institutions.
10.[9] Undistributed incomes of establishments engaged in education and training, heath and other sectors under the socialization policy, which are retained for the development of these establishments in accordance with specialized laws; incomes forming undistributed assets of cooperatives established and operating under the Law on Cooperatives.
11.[10] Incomes from the transfer of technologies in prioritized fields to organizations and individuals in areas with extremely difficult socio-economic conditions.
Article 5. Tax period
1. An enterprise income tax period is the calendar year or fiscal year, except the cases defined in Clause 2 of this Article.
2. The enterprise income tax period upon each time of income generation applies to foreign enterprises specified at Points c and d, Clause 2, Article 2 of this Law.
Chapter II
TAX BASES AND TAX CALCULATION METHODS
Article 6. Tax bases
Tax bases include taxed income and tax rate.
Article 7. Determination of taxed income
1. Taxed income in a tax period is the taxable income minus tax-exempt incomes and losses carried forward from previous years.
2. Taxable income is turnover minus deductible expenses for production and business activities plus other incomes, including income received outside Vietnam.
3.[11] Incomes from the transfer of real estate, transfer of investment projects, transfer of the right to participate in investment projects and transfer of the right to explore, exploit and process minerals must be separately determined for tax declaration and payment. If an enterprise suffers a loss from the transfer of investment projects (excluding mineral exploration and exploitation projects), transfer of the right to participate in investment projects (excluding transfer of the right to participate in mineral exploration and exploitation projects), and transfer of real estate, such loss may be offset against the profit from production and business activities in the tax period.
The Government shall detail and guide the implementation of this Article.
Article 8. Turnover[12]
Turnover is the total sales, processing remuneration, service provision charges, subsidies and surcharges enjoyed by enterprises. Turnover is calculated in Vietnam dong; foreign currency turnover, if any, must be converted into Vietnam dong at the average exchange rate on the inter-bank foreign currency market announced by the State Bank of Vietnam at the time foreign-currency turnover is generated.
The Government shall detail and guide the implementation of this Article.
Article 9. Deductible and non-deductible expenses when determining taxable incomes[13]
1. Except the expenses specified in Clause 2 of this Article, when determining taxable incomes an enterprise may deduct all expenses that fully meet the following conditions:
a/[14] Actual expenses related to the enterprise’s production and business activities; expenses paid for vocational training activities; expenses paid for the performance of the enterprise’s national defense and security tasks in accordance with law;
b/ Expenses have sufficient invoices and documents as prescribed by law. Goods and service purchase invoices with a value of twenty million Vietnam dong or more each must have non-cash payment documents, except the cases in which these documents are not required by law.
2. Non-deductible expenses when determining taxable incomes include:
a/ Expense failing to meet the conditions specified in Clause 1 of this Article, except the uncompensated value of losses caused by natural disasters or epidemics or other force majeure events;
b/ Fines for administrative violation;
c/ Expenses offset by other funding sources;
d/ Business management expense distributed by a foreign enterprise for its resident establishment which exceeds the level calculated according to the allocation method prescribed by Vietnam’s law;
dd/ Expenses in excess of the level prescribed by the law on setting-up of provisions;
e/ Expense for interests on loans for production and business activities provided by entities other than credit institutions or economic institutions, which exceeds 150% of the prime interest rate announced by the State Bank of Vietnam at the time of loan provision;
g/ Illegal depreciation of fixed assets;
h/ Illegally advanced expenses;
i/ Salaries and wages of owners of private enterprises; remunerations for founders of enterprises who do not directly administer production and business activities; salaries, wages and other amounts which are accounted as expenses for employees but are not actually paid or do not have lawful invoices and documents;
k/ Expense for interests on loans corresponding to the insufficient amount of charter capital;
l/ Credited input value-added tax, value-added tax paid according to the credit method, and enterprise income tax;
m/[15] (annulled)
n/ Donations, excluding donations for education, health, scientific research, remedy of consequences of natural disasters, building of great unity houses, houses of gratitude and houses for policy beneficiaries in accordance with law, donations under state programs for localities in areas with extremely difficult socio-economic conditions;
o/ Deductions paid to the voluntary pension fund or social protection fund, voluntary pension insurance premiums paid for employees, which exceed the law-prescribed level;
p/ Expenses for business activities: banking, insurance, lottery, securities and some other specific business activities as prescribed by the Minister of Finance.
3.[16] Foreign-currency expenses to be deducted when determining taxable incomes must be converted into Vietnam dong at the average inter-bank exchange rate announced by the State Bank of Vietnam at the time they arise.
The Government shall detail and guide the implementation of this Article.”
Article 10. Tax rates[17]
1. The enterprise income tax rate is 22%, except the cases specified in Clauses 2 and 3 of this Article and except the entities eligible for tax rate preferences specified in Article 13 of this Law.
The entities eligible for the tax rate of 22% prescribed in this Clause shall apply the tax rate of 20% from January 1, 2016.
2. Enterprises having a total annual turnover not exceeding twenty billion dong shall apply the tax rate of 20%.
Turnover serving as a basis for identifying whether enterprises are eligible for the tax rate of 20% in this Clause is the turnover of the preceding year.
3. The enterprise income tax rate for oil and gas activities is between 25% and 50%, depending on each oil and gas contract; the enterprise income tax rate for prospecting and exploitation of other precious and rare natural resources in Vietnam is between 32% and 50%, depending on each project and business establishment.[18]
The Government shall detail and guide the implementation of this Article.
Article 11. Tax calculation method
1. An enterprise income tax amount payable in a tax period is the taxed income multiplied by the tax rate; in case an enterprise has paid income tax outside Vietnam, the paid tax amount may be subtracted but must not exceed the enterprise income tax amount payable under the provisions of this Law.
2. The tax calculation method applicable to enterprises listed at Points c and d, Clause 2, Article 2 of this Law complies with the Government’s regulations.
Article 12. Places for tax payment
Enterprises shall pay tax at places where they are headquartered. In case an enterprise has a dependent cost-accounting production establishment operating in a province or centrally run city other than the place of its headquarters, the payable tax amount shall be calculated based on the ratio of expenses between the place where the production establishment is located and the place where the enterprise is headquartered. The decentralization, management and use of tax revenues comply with the State Budget Law.
The Government shall detail and guide the implementation of this Article.
Chapter III
ENTERPRISE INCOME TAX INCENTIVES
“Article 13. Tax rate preferences[19]
1. To apply the tax rate of 10% for fifteen years to:
a/ Enterprises’ incomes from the implementation of new investment projects in areas with extremely difficult socio-economic conditions, economic zones and hi-tech parks;
b/ Enterprises’ incomes from the implementation of new investment projects, including scientific research and technological development; application of high technologies on the list of high technologies prioritized for development investment in accordance with the Law on High Technologies; incubation of high technologies and incubation of hi-tech enterprises; venture investment in the development of high technologies on the list of high technologies prioritized for development investment in accordance with the Law on High Technologies; investment in the construction and commercial operation of establishments incubating high technologies and incubating hi-tech enterprises; investment in the development of the State’s particularly important infrastructure facilities in accordance with law; production of software products; production of composite materials, lightweight building materials and rare and precious materials; generation of renewable energy, clean energy and energy from waste destruction; biotechnology development; and environmental protection;
c/ Incomes of hi-tech enterprises and hi-tech agricultural enterprises in accordance with the Law on High Technologies;
d/ Enterprises’ incomes from the implementation of new investment projects in production sectors (excluding projects to produce commodities subject to excise tax, and mining projects) provided that such a project satisfies either of the following criteria:
- Having the investment capital of at least six trillion Vietnam dong to be disbursed within three years after being granted the investment certificate and having a total annual turnover of at least ten trillion Vietnam dong within three years after the year it begins earning turnover;
- Having the investment capital of at least six trillion Vietnam dong to be disbursed within three years after being granted the investment certificate and employing more than three thousand workers.
dd/[20] Enterprises’ incomes from the implementation of new investment projects to manufacture products on the list of products of support industries prioritized for development that fall into one of the following categories:
- Products of support industries for high technologies provided in the Law on High Technologies;
- Products of support industries for the manufacture of products of textile and garment, leather and footwear and electronic and informatics industries; automobile manufacture and assembly; and mechanical engineering, which cannot be manufactured in the country or can be manufactured in the country but must meet the European Union technical standards or equivalent standards by January 1, 2015.
The Government shall promulgate the list of products of support industries prioritized for development specified in this Clause;
e/[21] Enterprises’ incomes from the implementation of investment projects in the manufacturing fields, except projects to produce goods liable to excise tax and mining projects, which are capitalized at twelve trillion Vietnam dong or more, use technologies subject to appraisal under the Law on High Technologies and the Law on Science and Technology, are planned to disburse their total registered capital amounts within five years from the date of investment licensing under the investment law.
2. To apply the tax rate of 10% to:
a/ Enterprises’ incomes from education and training, vocational, health, cultural, sports and environmental activities implemented under the socialization policy;
b/ Enterprises’ incomes from the implementation of projects on investment in social houses for sale, lease or lease-purchase for the entities defined in Article 53 of the Housing Law;
c/ Press agencies’ incomes from printed newspapers, including advertising on printed newspapers in accordance with the Press Law; publishing agencies’ incomes from publishing activities in accordance with the Publishing Law;
d/[22] Enterprises’ incomes from planting, tending and protecting forests; farming and processing agricultural and aquatic products in areas with difficult socio-economic conditions; farming and rearing forest products in areas with difficult socio-economic conditions; producing, propagating and hybridizing plant varieties and animal breeds; producing, exploiting and refining salt, except salt production prescribed in Clause 1, Article 4 of this Law; and investing in the post-harvest preservation of agricultural products and preservation of agricultural and aquatic products and food;
dd/ Incomes of cooperatives from agricultural, forest, fishery and salt making activities outside areas with difficult socio-economic conditions or areas with extremely difficult socio-economic conditions, except incomes of cooperatives prescribed in Clause 1, Article 4 of this Law.
3. To apply the tax rate of 20% for ten years to:
a/ Enterprises’ incomes from the implementation of new investment projects in areas with difficult socio-economic conditions;
b/ Enterprises’ incomes from the implementation of new investment projects, including manufacture of high-grade steel; energy-saving products; machines and equipment for agricultural, forest and fishery production and salt making; and irrigation equipment; production and refining of livestock, poultry and aquatic feeds; and development of traditional trades and occupations.
From January 1, 2016, enterprises’ incomes specified in this Clause will enjoy the tax rate of 17%.
3a[23]. To apply the tax rate of 15% to enterprises’ incomes from cultivation, husbandry and processing of agricultural and aquatic products carried out outside areas with difficult or extremely difficult socio-economic conditions.
4. To apply the tax rate of 20% to incomes of people’s credit funds and microfinance institutions.
From January 1, 2016, incomes of people’s credit funds and microfinance institutions will enjoy the tax rate of 17%.
5.[24] The extension of the period of application of preferential tax rates is provided as follows:
a/ For large-sized hi-tech projects which need special investment attraction, the period of application of preferential tax rates may be extended for not more than fifteen years;
b/ Projects specified at Point e, Clause 1 of this Article must meet one of the following criteria:
- Manufacturing products that are globally competitive, earning an annual turnover of over 20 trillion Vietnam dong within five years from the first year of turnover generation;
- Regularly employing over six thousand workers;
- Investment projects in the field of economic and technical infrastructure, including development investment in water plants, power plants, water supply and drainage system, bridges, roads, railways, airports, seaports, river ports, air terminals, railway stations, new energies, clean energies, energy-efficient industries, and petrochemical projects.
The Prime Minister may decide on the extension of the period of application of preferential tax rates specified at this Point for not more than fifteen years.
5a.[25] For the investment projects specified in Clause 2, Article 20 of the Law on Investment, the Prime Minister shall decide on application of preferential tax rates reduced by no more than 50% of the preferential tax rates specified in Clause 1 of this Article; the duration for application of preferential tax rates must not exceed 1.5 times the duration for application of the preferential tax rates specified in Clause 1 of this Article, and may be extended for no more than 15 years but must not exceed the duration of investment projects.
6. The period of application of preferential tax rates prescribed in this Article is counted from the first year the new investment project earns turnover; for a hi-tech enterprise or hi-tech agricultural enterprise, this period is counted from the date it is granted the certificate of hi-tech enterprise or hi-tech agricultural enterprise; for a hi-tech application project, this period is counted from the date it is granted the certificate of hi-tech application project.
The Government shall detail and guide the implementation of this Article.
Article 14. Tax exemption and reduction period preferences[26]
1. Enterprises’ incomes from the implementation of new investment projects prescribed in Clause 1 and at Point a, Clause 2, Article 13 of this Law as well as hi-tech enterprises and hi-tech agricultural enterprises are eligible for tax exemption for not more than four years and 50% reduction of payable tax amounts for not more than nine subsequent years.
1a.[27] For the investment projects specified in Clause 2, Article 20 of the Law on Investment, the Prime Minister shall decide on application of tax exemption for no more than 6 years and the 50% reduction of payable tax amounts for no more than 13 subsequent years.
2. Enterprises’ incomes from the implementation of new investment projects prescribed in Clause 3, Article 13 of this Law and enterprises’ incomes from the implementation of new investment projects in industrial parks, except industrial parks in areas with favorable socio-economic conditions as prescribed by law, are eligible for tax exemption for not more than two years and 50% reduction of payable tax amounts for not more than four subsequent years.
3. The periods of tax exemption and reduction for enterprises’ incomes from the implementation of new investment projects prescribed in Clauses 1 and 2 of this Article are counted from the first year an enterprise earns taxable incomes from these investment projects. In case the enterprise earns no taxable income in the first three years from the first year it earns turnover from a project, the periods of tax exemption and reduction will be counted from the fourth year. The periods of tax exemption and reduction for hi-tech enterprises and hi-tech agricultural enterprises prescribed at Point c, Clause 1, Article 13 of this Law are counted from the date an enterprise is granted a certificate of hi-tech enterprise or hi-tech agricultural enterprise.
4. Enterprises having investment projects to develop operating investment projects in the fields and geographical areas eligible for enterprise income tax preferences in accordance with this Law which expand production, increase capacity or renew production technologies (make expanded investment) and satisfy one of the three criteria specified in this Clause may select to enjoy tax preferences under the operating projects for the remaining period (if any) or enjoy tax exemption and reduction for the incomes increased as a result of expanded investment. The periods of tax exemption and reduction for the incomes increased as a result of expanded investment prescribed in this Clause equal the periods of tax exemption and reduction applicable to new investment projects in the same geographical areas and fields eligible for enterprise income tax preferences.
To be eligible for preferences prescribed in this Clause, an expanded investment project must meet one of the following criteria:
a/ The historical cost of fixed assets when the project is completed and put into operation has increased by at least twenty billion Vietnam dong, for expanded investment projects in the fields eligible for enterprise income tax preferences in accordance with this Law, or at least ten billion Vietnam dong, for expanded investment projects in areas with difficult socio-economic conditions or areas with extremely difficult socio-economic conditions as prescribed by law;
b/ The historical cost of fixed assets has increased at least 20% of the total historical cost of fixed assets before the investment is made;
c/ The design capacity has increased at least 20% of the design capacity before the investment is made.
An operating enterprise which makes expanded investment in the fields and geographical areas eligible for tax preferences in accordance with this Law but fails to satisfy one of the three criteria specified in this Clause will enjoy tax preferences like those for operating projects for the remaining period (if any).
For an enterprise eligible for tax preferences like those for expanded investment, the income increased as a result of expanded investment must be separately accounted; if this income cannot be separately accounted, it shall be determined based on the proportion between the historical cost of fixed assets newly put into use for production and business activities and the total historical cost of fixed assets of the enterprise.
The periods of tax exemption and reduction specified in this Clause are counted from the year the investment project is completed and put into production and commercial operation.
Tax preferences specified in this Clause do not apply to cases of expanded investment as a result of enterprise merger or redemption and to operating investment projects.
The Government shall detail and guide the implementation of this Article.
Article 15. Other cases eligible for tax reduction
1. Production, construction or transport enterprises which employ many female laborers are entitled to reduction of enterprise income tax amounts equal to additional expenses for female laborers.
2. Enterprises which employ many ethnic minority laborers are entitled to reduction of enterprise income tax amounts equal to additional expenses for ethnic minority laborers.
3.[28] Enterprises which transfer technologies in prioritized fields to organizations and individuals in areas with difficult socio-economic conditions are entitled to 50% reduction of enterprise income tax amounts calculated on the incomes from technology transfer.
The Government shall detail and guide the implementation of this Article.
Article 16. Carrying forward of losses[29]
1. Enterprises may carry forward their losses to subsequent years; these losses may be subtracted from taxed incomes. The period of loss carrying-forward must not exceed five years, counting from the year following the year when the losses arise.
2. Enterprises which suffer losses from the transfer of real estate, transfer of investment projects or transfer of the right to participate in investment projects even after making offsetting under Clause 3, Article 7 of this Law, and enterprises which suffer losses from the transfer of the right to explore and exploit minerals may carry forward losses to subsequent years and include them in taxed incomes from such transfer. The loss-carrying forward period complies with Clause 1 of this Article.
Article 17. Deduction for setting up of enterprises’ scientific and technological development funds
1.[30] Enterprises established and operating under Vietnam’s law may deduct up to 10% of their annual taxed incomes for setting up scientific and technological development funds. Particularly, state enterprises shall set up scientific and technological development funds in accordance with this Law and at the minimum rate prescribed by the science and technology law.
2. Within five years after being set up, if a scientific and technological development fund is not used, has been used below 70% or used for improper purposes, the enterprise shall remit into the state budget the enterprise income tax amount calculated on the income already deducted for setting up the fund but not used or used for improper purposes and the interest on that enterprise income tax amount.
The enterprise income tax rate used for calculating the to-be-recovered tax amount is the tax rate applicable to the enterprise during the time of operating the fund.
The interest rate for calculating the interest on the to-be- recovered tax amount calculated on the unused fund amount is the interest rate for one-year term treasury bonds applicable at the time of recovery, and the interest payment period is two years.
The interest rate for calculating the interest on the to-be- recovered tax amount calculated on the fund amount used for improper purposes is the interest used for late payment fines under the provisions of the Tax Administration Law, and the interest payment period is counted from the time a fund is set up to the time of recovery.
3. Enterprises may not account expenses covered by their scientific and technological development funds as deductible ones upon the determination of taxable incomes in a tax period.
4. Enterprises’ scientific and technological development funds may be used only for scientific and technological investment in Vietnam.
Article 18. Conditions for application of tax preferences[31]
1. Enterprise income tax preferences prescribed in Articles 13 thru 17 of this Law apply to enterprises that implement the regime on accounting, invoices and documents and pay tax according to declarations.
Enterprise income tax preferences for new investment projects prescribed in Articles 13 and 14 of this Law do not apply to cases of separation, split-up, merger, consolidation, transformation and ownership change of enterprises and other cases prescribed by law.
2. An enterprise shall account incomes from production and business activities eligible for tax preferences prescribed in Articles 13 and 14 of this Law separately from incomes from production and business activities ineligible for tax preferences. If these incomes cannot be separately accounted, incomes from production and business activities eligible for tax preferences are determined based on the proportion of turnover from production and business activities eligible for tax preferences and the total turnover of the enterprise.
3. The tax rate of 20% specified in Clause 2, Article 10 and tax preferences specified in Clauses 1 and 4, Article 4, and Articles 13 and 14, of this Law do not apply to:
a/ Income from the transfer of capital or transfer of the capital-contributing right; income from the transfer of real estate, except social houses specified in Article 13 of this Law; income from the transfer of investment projects, transfer of the right to participate in investment projects or transfer of the right to explore and exploit minerals; and income from production and business activities outside Vietnam;
b/ Income from the prospecting, exploration and exploitation of oil, gas and other rare and precious natural resources and income from mining activities;
c/ Income from the provision of services liable to excise tax under the Law on Excise Tax;
d/ Other cases as prescribed by the Government.
4. In the same period, an enterprise which is entitled to different tax preferences for the same income may select to apply the highest preference.
Chapter IV
IMPLEMENTATION PROVISIONS[32]
Article 19. Effect
1. This Law takes effect on January 1, 2009.
2. This Law replaces Law No. 09/2003/QH11 on Enterprise Income Tax.
3. Enterprises which enjoy enterprise income tax incentives under Law No. 09/2003/QH11 on Enterprise Income Tax may continue enjoying those incentives for the remaining duration under Law No. 09/2003/QH11 on Enterprise Income Tax; in case enterprise income tax incentives, including tax rate incentives and tax exemption and reduction duration, are lower than the tax incentives specified in this Law, the tax incentives under this Law apply for the remaining duration.
4. Enterprises which are entitled to tax exemption or reduction duration under Law No. 09/2003/QH11 on Enterprise Income Tax but have no taxable income yet, the tax exemption or reduction duration will be counted under this Law and from the date this Law takes effect.
Article 20. Implementation guidance
The Government shall detail and guide the implementation of Articles 4, 7, 8, 9, 10, 11, 12, 13, 14, 15, 18 and other necessary contents of this Law as required.-
THE OFFICE OF THE NATIONAL ASSEMBLY No. 22/VBHN-VPQH | THE CONSOLIDATED TEXT IS AUTHENTICATED BY Hanoi, December 29, 2022 |
| Chairman of the Office of the National Assembly BUI VAN CUONG |
[1] Công Báo Nos. 575-576 (06/03/2023)
[2] Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax is promulgated on the following bases:
“Pursuant to the 1992 Constitution of the Socialist Republic of Vietnam, which was amended and supplemented under Resolution No. 51/2001/QH10;
The National Assembly promulgates the Law Amending and Supplementing a Number of Articles of Law No. 14/2008/QH12 on Enterprise Income Tax.”.
Law No. 71/2014/QH13 Amending and Supplementing a Number of Articles of the Laws on Taxes is promulgated on the following bases:
“Pursuant to the Constitution of the Socialist Republic of Vietnam;
The National Assembly promulgates the Law Amending and Supplementing a Number of Articles of Law No. 14/2008/QH12 on Enterprise Income Tax, which was amended and supplemented under Law No. 32/2013/QH13; Law No. 04/2007/QH12 on Personal Income Tax, which was amended and supplemented under Law No. 26/2012/QH13; Law No. 13/2008/QH12 on Value-Added Tax, which was amended and supplemented under Law No. 31/2013/QH13; Law No. 45/2009/QH12 on Royalties; Law No. 78/2006/QH11 on Tax Administration, which was amended and supplemented under Law No. 21/2012/QH13; Law No. 27/2008/QH12 on Excise Tax, Law No. 45/2005/QH11 on Export Duty and Import Duty, and Law No. 54/2014/QH13 on Customs.”.
Law No. 61/2020/QH14 on Investment is promulgated on the following bases:
“Pursuant to the Constitution of the Socialist Republic of Vietnam;
The National Assembly promulgates the Law on Investment.”.
Law No. 12/2022/QH15 on Oil and Gas is promulgated on the following bases:
“Pursuant to the Constitution of the Socialist Republic of Vietnam;
The National Assembly promulgates the Law on Oil and Gas.”.
[3] This Clause is amended and supplemented under Clause 1, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014.
[4] This Clause is amended and supplemented for the first time under Clause 2, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014, as follows:
“2. Other incomes include income from the transfer of capital or transfer of the capital-contributing right; income from the transfer of real estate, transfer of investment projects, transfer of the right to participate in investment projects or transfer of the right to explore, exploit and process minerals; income from asset use rights or asset ownership, including income from intellectual property rights in accordance with law; income from the transfer, lease or liquidation of assets, including valuable papers; income from interest on deposits, loans provided or foreign currency sold; revenue from written-off bad debts which are now recovered; revenue from debts of unidentifiable debtors; omitted income from business activities of previous years, and other incomes, including income from production and business activities outside Vietnam.”.
This Clause is amended and supplemented for the second time under Clause 1, Article 1 of Law No. 71/2014/QH13 Amending and Supplementing a Number of Articles of the Laws on Taxes, which takes effect on January 1, 2015.
[5] This Clause is amended and supplemented for the first time under Clause 3, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014, as follows:
“1. Incomes of cooperatives from cultivation, animal husbandry, aquaculture and salt making; incomes of cooperatives from agricultural, forest, fishery and salt-making activities in areas with difficult or extremely difficult socio-economic conditions; incomes of enterprises from cultivation, animal husbandry or aquaculture in areas with extremely difficult socio-economic conditions; and incomes from marine fishing activities.”.
This Clause is amended and supplemented for the second tine under Clause 2, Article 1 of Law No. 71/2014/QH13 Amending and Supplementing a Number of Articles of the Laws on Taxes, which takes effect on January 1, 2015.
[6] This Clause is amended and supplemented under Clause 3, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014.
[7] This Clause is added under Clause 3, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014.
[8] This Clause is added under Clause 3, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014.
[9] This Clause is added under Clause 3, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Article of the Law on Enterprise Income Tax, which takes effect on January 1, 2014.
[10] This Clause is added under Clause 3, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Article of the Law on Enterprise Income Tax, which takes effect on January 1, 2014.
[11] This Clause is amended and supplemented under Clause 4, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014.
[12] To annul provisions on exchange rates for determination of turnover, expenses, taxable prices, taxable incomes, taxed incomes and taxes to be remitted into the state budget in this Article under Point a, Clause 2, Article 6 of Law No. 71/2014/QH13 Amending and Supplementing a Number of Articles of the Laws on Taxes, which takes effect on January 1, 2015.
[13] This Article is amended and supplemented under Clause 5, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014.
[14] This Point is amended and supplemented for the first time under Clause 5, Article 1 of Law No. 32/2013/QH13, Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014, as follows:
“a/ Actual expenses are related to the enterprise’s production and business activities; expenses are paid for the performance of the enterprise’s defense and security tasks in accordance with law;”.
This Article is amended and supplemented for the second time under Clause 3, Article 1 of Law No. 71/2014/QH13 Amending and Supplementing a Number of Articles of the Laws on Taxes, which takes effect on January 1, 2015.
[15] This Point is amended and supplemented for the first time under Clause 5, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014, as follows:
“m/ Expenses for advertising, marketing, sales promotion, brokerage commission, receptions, conferences, marketing support, support for expenses directly related to production and business activities, which exceed 15% of the total deductible expense. The total deductible expense excludes the expenses specified at this Point; for trade activities, the total deductible expense excludes the purchase price of goods sold;”.
This Article is annulled under Clause 4, Article 1 of Law No. 71/2014/QH13 Amending and Supplementing a Number of Articles of the Laws on Taxes, which takes effect on January 1, 2015.
[16] To annul provisions on exchange rates for determination of turnover, expenses, taxable prices, taxable incomes, taxed incomes and taxes to be remitted into the state budget in this Clause under Point a, Clause 2, Article 6 of Law No. 71/2014/QH13 Amending and Supplementing a Number of Articles of the Laws on Taxes, which takes effect on January 1, 2015.
[17] This Article is amended and supplemented under Clause 6, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014.
[18] The phrase “The enterprise income tax rate for prospecting and exploitation of oil, gas and other precious and rare natural resources in Vietnam is between 32% and 50%, depending on each project and business establishment.” is replaced with the phrase “The enterprise income tax rate for oil and gas activities is between 25% and 50%, depending on each oil and gas contract; the enterprise income tax rate for prospecting and exploitation of other precious and rare natural resources in Vietnam is between 32% and 50%, depending on each project and business establishment” under Clause 1, Article 67 of Law No. 12/2022/QH15 on Oil and Gas, which takes effect on July 1, 2023.
[19] This Article is amended and supplemented under Clause 7, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014.
[20] This Point is added under Clause 5, Article 1 of Law No. 71/2014/QH13 Amending and Supplementing a Number of Articles of the Laws on Taxes, which takes effect on January 1, 2015.
[21] This Point is added under Clause 5, Article 1 of Law No. 71/2014/QH13 Amending and Supplementing a Number of Articles of the Laws on Taxes, which takes effect on January 1, 2015.
[22] This Point is amended and supplemented for the first time under Clause 5, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014, as follows:
“d/ Enterprises’ incomes from forest planting, tending and protection; agriculture, forestry and aquaculture in areas with difficult socio-economic conditions; production, multiplication and crossbreeding of plant varieties and animal breeds; making, exploitation and refining of salt, except salt making prescribed in Clause 1, Article 4 of this Law; investment in the preservation of post-harvest agricultural products, aquatic products and food;”.
This Article is amended and supplemented for the second time under Clause 6, Article 1 of Law No. 71/2014/QH13 Amending and Supplementing a Number of Articles of the Laws on Taxes, which takes effect on January 1, 2015.
[23] This Clause is added under Clause 7, Article 1 of Law No. 71/2014/QH13 Amending and Supplementing a Number of Articles of the Laws on Taxes, which takes effect on January 1, 2015.
[24] This Clause is amended and supplemented for the first time under Clause 7, Article 1 of Law No. 32/2013/QH13, Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014, as follows:
“5. For large hi-tech projects which need special investment attraction, the period of application of preferential tax rates may be extended for not more than fifteen years.”.
This Clause is amended and supplemented for the second time under Clause 8, Article 1 of Law No. 71/2014/QH13 Amending and Supplementing a Number of Articles of the Laws on Taxes, which takes effect on January 1, 2015.
[25] This Clause is added under Point a, Clause 4, Article 75 of Law No. 61/2020/QH14 on Investment, which takes effect on January 1, 2021.
[26] This Article is amended and supplemented under Clause 8, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014.
[27] This Clause is added under Point b, Clause 4, Article 75 of Law No. 61/2020/QH14 on Investment, which takes effect on January 1, 2021.
[28] This Clause is added under Clause 9, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Article of the Law on Enterprise Income Tax, which takes effect on January 1, 2014.
[29] This Article is amended and supplemented under Clause 10, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014.
[30] This Clause is amended and supplemented under Clause 11, Article 1 of Law No. 32/2013/QH13, Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014.
[31] This Article is amended and supplemented under Clause 12, Article 1 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014.
[32] Article 2 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014, prescribes as follows:
“Article 2.
1. This Law takes effect on January 1, 2014, except the provisions in Clause 2 of this Article.
2. The provisions on application of the tax rate of 20% to enterprises having a total annual turnover not exceeding twenty billion Vietnam dong in Clause 6, Article 1 and the provisions on application of the tax rate of 10% to enterprises’ incomes from the implementation of social housing projects prescribed in Clause 7, Article 1, of this Law apply from July 1, 2013.
3. Enterprises having investment projects which are still in the period of enjoying enterprise income tax preferences (tax rate preferences and tax exemption and reduction periods) by the end of the 2013 tax period according to legal documents on enterprise income tax issued before the effective date of this Decree may continue to enjoy these preferences for the remaining period according to such documents. If they satisfy the conditions on tax preferences prescribed in this Law, they may select to apply the current preferences or preferences prescribed in this Law like preferences for new investment for the remaining period if they currently enjoy the preferences like enterprises newly established from investment projects, or preferences for expanded investment for the remaining period if they currently enjoy preferences for expanded investment.
By the end of the 2015 tax period, if an enterprise having investment projects eligible for the preferential tax rate of 20% prescribed in Clause 3, Article 13 of Law No. 14/2008/QH12 on Enterprise Income Tax, which was amended and supplemented under Clause 7, Article 1 of this Law, it may apply the tax rate of 17% for the remaining period from January 1, 2016.
4. To annul the provisions on enterprise income tax in the articles and clauses listed below:
a/ Clause 2, Article 7 of Law No. 06/2012/QH13 on Deposit Insurance;
b/ Clause 2, Article 4 of Law No. 25/2008/QH12 on Health Insurance;
c/ Clause 1, Article 10; Clause 1, Article 12; Clause 2, Article 18; Clause 2, Article 19; Clauses 1 and 2, Article 22; Clause 3, Article 24; and Clause 2, Article 28, of Law No. 21/2008/QH12 on High Technologies;
d/ Clauses 1, 4, 5, 6, 7 and 8, Article 44, and Article 45, of Law No. 80/2006/QH12 on Technology Transfer;
dd/ Clause 1, Article 53; Clause 5, Article 55; and Clause 3, Article 86, of Law No. 76/2006/QH11 on Vocational Training;
e/ Clause 1, Article 68 of Law No. 72/2006/QH11 on Vietnamese Guest Workers;
g/ Clause 2, Article 6 of Law No. 71/2006/QH11 on Social insurance;
h/ Clause 3, Article 8 of Law No. 69/2006/QH11 on Legal Aid;
i/ Clause 3, Article 66 of Law No. 08/2012/QH13 on Higher Education;
k/ Article 34 of Law No. 51/2010/QH12 on People with Disabilities;
l/ Clause 4, Article 33 of Law No. 59/2005/QH11 on Investment;
m/ Clause 2, Article 58; Clause 2, Article 73; Clause 3, Article 117; and Clause 3, Article 125, of Law No. 60/2005/QH11 on Enterprises.
5. The Government shall detail and guide the implementation of articles and clauses as assigned in the Law.”.
Clause 3, Article 2 of Law No. 32/2013/QH13 Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax, which takes effect on January 1, 2014, amended and supplemented under Clause 9, Article 1 of Law No. 71/2014/QH13, Amending and Supplementing a Number of Articles of the Laws on Taxes, which takes effect on January 1, 2015, prescribes as follows:
“3. Enterprises having investment projects are entitled to enterprises income tax preferences under the enterprise income tax law applicable at the time of grant of investment licenses or certificates under the investment law. In case the enterprise income tax law is revised and an enterprise meets the tax preference conditions set by the new law, such enterprise may choose to enjoy the preferential tax rate and tax exemption and reduction periods prescribed by the law applicable at the time of licensing or the new law for the remaining period.
By the end of the 2015 tax period, if an enterprise having investment projects eligible for the preferential tax rate of 20% prescribed in Clause 3, Article 13 of Law No. 14/2008/QH12 on Enterprise Income Tax, which was amended and supplemented under Law No. 32/2013/QH13, it may apply the tax rate of 17% for the remaining period from January 1, 2016.”.
Article 6 of Law No. 71/2014/QH13, Amending and Supplementing a Number of Articles of the Laws on Taxes, which takes effect on January 1, 2015, prescribes as follows:
“Article 6.
1. This Law takes effect on January 1, 2015.
2. To annul provisions on exchange rates for determination of turnover, expenses, taxable prices, taxable incomes, taxed incomes and taxes to be remitted into the state budget in:
a/ Article 8 and Clause 3, Article 9 of Law No. 14/2008/QH12 on Enterprise Income Tax, which was amended and supplemented under Law No. 32/2013/QH13;
b/ Clause 1, Article 6 of Law No. 04/2007/QH12 on Personal Income Tax, which was amended and supplemented under Law No. 26/2012/QH13;
c/ Clause 3, Article 7 of Law No. 13/2008/QH12 on Value-Added Tax, which was amended and supplemented under Law No. 31/2013/QH13;
d/ Article 6 of Law No. 27/2008/QH12 on Excise Tax;
dd/ Clause 3, Article 9 and Article 14 of Law No. 45/2005/QH11 on Export Duty and Import Duty;
e/ Clause 4, Article 86 of Law No. 54/2014/QH13 on Customs.
3. To annul Point c, Claus 1, Article 49 of Law No. 78/2006/QH11 on Tax Administration, which was amended and supplemented under Law No. 21/2012/QH13.
4. To annul provisions on determination of tax applicable to businesspeople specified in Claus 1, Article 19; Clause 1, Article 20; and Clause 1, Article 21 of Law No. 04/2007/QH12 on Personal Income Tax, which was amended and supplemented under Law No. 26/2012/QH13.
5. The Government and competent agencies shall detail articles and clauses in this Law as assigned.
This Law was passed on November 26, 2014, by the XIIIth National Assembly of the Socialist Republic of Vietnam at its 8th session.”.
Articles 76 and 77 of Law No. 61/2020/QH14, which takes effect on January 1, 2021, prescribe as follows:
“Article 76. Implementation provisions
1. This Law takes effect on January 1, 2021, except the provisions in Clause 2 of this Article.
2. The provisions in Clause 3, Article 75 of this Article take effect on September 1, 2020.
3. Law No. 67/2014/QH14 on Investment, which was amended and supplemented under Law No. 90/2015/QH13, Law No. 03/2016/QH14, Law No. 04/2017/QH14, Law No. 28/2018/QH14 and Law No. 42/2019/QH14, ceases to be effective on the effective date of this Law, except Article 75 of Law No. 67/2014/QH14 on Investment.
4. In case the national population database is connected with the national database on investment and business registration, Vietnamese citizens may use personal identification numbers in replacement of copies of people’s identity cards, citizen identity cards, passports or other personal identification papers when carrying out administrative procedures specified in the Law on Investment and Law on Enterprises.
5. In case legal documents cite provisions on project approval decisions or investment policy decisions under the Law on Investment, the provisions on investment policy approval of this this Law shall prevail.
Article 77. Transitional provisions
1. Investors that are granted investment licenses, investment incentive certificates, investment certificates or investment registration certificates before the effective date of this Law may implement investment projects under such licenses or certificates.
2. Investors are not required to carry out procedures for approval of investment policy under this Law for investment projects falling into one of the following cases:
a/ They obtain competent state agencies’ investment policy decisions or investment policy approval or investment approval under the law on investment, housing, urban planning, or construction before the effective date of this Law;
b/ Investment projects are not subject to investment policy approval, investment policy decision, investment approval or grant of investment registration certificates under the law on investment, housing, urban planning, or construction, and begin to be implemented by investors under regulations before the effective date of this Law;
c/ Investors have won bidding for investor selection, or have won the auction of land use rights before the effective date of this Law;
d/ Projects are granted investment incentive certificates, investment licenses, investment certificates or investment registration certificates before the effective date of this Law.
3. In case of adjustment of an investment project specified in Clause 2 of this Article and to-be-adjusted contents are subject to investment policy approval under this Law, it is required to carry out procedures for approval of investment policy or adjustment of investment policy in accordance with this Law.
4. For investment projects that have been implemented or approved or allowed to be implemented under regulations before July 1, 2015, and are eligible for implementation security under this Law, it is not required to pay a deposit or obtain a bank guarantee on the obligation to pay a deposit. In case an investor adjusts objectives or implementation schedule of an investment project, or changes the land use purpose after this Law takes effect, it/he/she shall pay a deposit or obtain a bank guarantee on the obligation to pay a deposit under this Law.
5. Debt collection service contracts signed before the date this Law takes effect shall cease to be effective on the effective date of this Law; the contracting parties may perform activities to liquidate the contracts in accordance with the civil law and other relevant laws.
6. Foreign-invested economic organizations that are entitled to apply market access conditions more favorable than those specified in the List promulgated in accordance with Article 9 of this Law may continue to apply the conditions specified in their investment registration certificates.
7. The provisions of Clause 3, Article 44 of this Law shall apply to investment projects for which land is handed over before the effective date of this Law and investment projects for which land has not yet been handed over.
8. In case the law requires a dossier for carrying out administrative procedures to comprise the investment registration certificate or written approval of investment policy, while the investment project does not fall into the case of grant of the investment registration certificate or written approval of investment policy under this Law, the investor is not required to submit the investment registration certificate or written approval of investment policy.
9. For localities meeting with difficulties in allocating land areas for development of houses, service facilities and public utilities for employees working in industrial parks, competent state agencies may adjust master plans on construction of industrial parks (for the industrial parks established before July 1, 2014) to reserve part of land areas for development of houses, service facilities and public utilities for employees working in industrial parks.
The land areas for development of houses, service facilities and public utilities for employees working in industrial parks after relevant master plans are adjusted must be outside the geographical boundary of the industrial parks and ensure the environmental safety distance in accordance with the law on construction and other relevant laws.
10. Transitional provisions on offshore investment activities:
a/ The regulation on the operation duration of offshore investment projects in offshore investment licenses or certificates granted before July 1, 2015, ceases to be effective;
b/ Investors that are granted offshore investment licenses or certificates or offshore investment registration certificates to make offshore investment in sectors or trades subject to conditional offshore investment under this Law may continue to comply with such licenses or certificates.
11. From the effective date of this Law, for valid dossiers that have been received but no dossier processing results have been notified though the time limit for dossier processing has expired as specified in Law No. 67/2014/QH13 on Investment, which was amended and supplemented under Law No. 90/2015/QH13, Law No. 03/2016/QH14, Law No. 04/2017/QH14, Law No. 28/2018/QH14 and Law No. 42/2019/QH14, the provisions of Law No. 67/2014/QH13 on Investment, which was amended and supplemented under Law No. 90/2015/QH13, Law No. 03/2016/QH14, Law No. 04/2017/QH14, Law No. 28/2018/QH14 and Law No. 42/2019/QH14 shall apply.
12. The Government shall detail this Article.”.
Articles 68 and 69 of Law No. 12/2022/QH15 on Oil and Gas, which takes effect on July 1, 2022, prescribe as follows:
“Article 68. Effect
1. This Law takes effect on July 1, 2023.
2. The July 6, 1993 Law on Oil and Gas, which has a number of articles amended and supplemented under Law No. 19/2000/QH10, Law No. 10/2008/QH12 and Law No. 35/2018/QH14, ceases to be effective on the effective date of this Law.
Article 69. Transitional provisions
1. Contractors entering into oil and gas contracts that have investment registration certificates granted before the effective date of this Law shall continue to comply with such contracts and certificates.
2. Oil and gas schemes, reports, plans and programs approved before the effective date of this Law will remain valid without being required to be added with the contents provided in this Law.
3. Oil and gas reports, plans, programs and contracts submitted to competent agencies before the effective date of this Law are not required to be re-submitted and shall be appraised and approved in accordance with regulations issued before the effective date of this Law.
4. Enhanced oil recovery under the operating mechanism approved before the effective date of this Law will continue to comply with the decisions and regulations issued before the effective date of this Law.”.
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