Chapter XI
IMPLEMENTATION CLAUSES
Article 67. Amendments to certain Articles of the Law on Corporation Income Tax and Law on Resource Tax
1. Amendments to Clause 3 Article 10 of Law on Corporation Income Tax No. 14/2008/QH12 which is amended by Law No. 32/2013/QH13, Law No. 71/2014/QH13 and Law No. 61/2020/QH14:
Replace the phrase “The corporate income tax rate applicable to the hydrocarbon exploration, exploitation and other rare and precious resources in Vietnam ranges from 32% to 50%, suitable for each project and each business establishment." by the phrase “The corporate income tax rate applicable to petroleum operations ranges from 25% to 50% depending on each petroleum contract; the corporate income tax rate applicable to exploration and extraction of other rare and precious resources in Vietnam ranges from 32% to 50% depending on each project and each business establishment.".
2. Amendments to Clause 1 Article 3 of Law on Resource Tax No. 45/2009/QH12 which is amended by Law No. 71/2014/QH13:
“1. Payers of resource tax are resource-extracting organizations and individuals subject to resource taxation, except for exploitation of oil and gas fields, groups of oil fields and blocks according to the regulations of law on petroleum.”.
Article 68. Effect
1. This Law comes into force from July 01, 2023.
2. The Petroleum Law dated July 06, 1993 which is amended by Law No. 19/2000/QH10, Law No. 10/2008/QH12 and Law No. 35/2018/QH14 becomes invalid from the date on which this Law comes into force.
Article 69. Transitional provisions
1. Contractors who sign petroleum contracts are granted investment registration certificates before the effective date of this Law shall continue to execute the signed petroleum contracts and the granted investment registration certificates.
2. Petroleum projects, reports, plans and programs which are approved before the effective date of this Law are continued to be applied according to the approved contents and are not required to supplement the contents specified in this Law.
3. Petroleum reports, plans, programs and contracts which are submitted to competent authorities before the effective date of this Law are not required to be re-submitted and shall be appraised and approved according to the regulations of law before the effective date of this Law.
4. The operation of the salvage shall be performed according to the operating mechanisms approved before the effective date of this Law shall be continued to be performed according to the issued decisions and regulations of law before the effective date of this Law./.
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