Decree No. 147/2006/ND-CP amending and supplementing a number of articles of the Government’s Decree No. 68/1998/ND-CP which details the implementation of the Ordinance on Natural Resource Tax (amended)

"Article 7.- 5. For petroleum oil andgas,the tax calculation price 1. Natural resource tax calculation price is the selling shall be determined in accordance with Article 46 of the price of a natural resource product unit at the place of Government's Decree No. 48/2000/ND-CP of exploitation. September 12, 2000, detailing the implementation of For natural resources exploited in a month which the Petroleum Law. are of the same grade and quality, and then, part of The Ministry of Finance shallguidethe determination their exploited volume is sold at the place uf exploitation of the natural resource tax calculation price specified in at the market price while the other part is transported this Article. Provincial/municipal People's Committees away for consumption or use in production, processing, shall specify the tax calculation price of each type of sorting or selection, etc., the tax calculation price of the natural resource under theFinance Ministry's guidance." whole exploited volume of natural resources shall be the selling price of one unit uf Ihal natural resource 3. To amend and supplement Clause 3 of Article product at the place of exploitation. 12 as follows: If there is some volume of natural resources "3. Organizations and individuals engaged in exploited in a month but none of which is sold at the offshore exploitation of aquatic resources with large- place of their exploitation, the tax calculation price of a capacity means are entitled to natural resource tax natural resource unit shall be determined based on the exemption for 5 years after being granted exploitation tax calculation price of a natural resource product unit permits and 50%tax reduction for 5 subsequent years. of the immediate preceding month. When making monthly natural resource tax 2. When the selling price of a natural resource declarations, organizations and individuals engaged in product unit specified in Clause 1 of this Articla cannot offshore exploitation uf aquatic resources shalt dssess be identified yet, the tax calculation price of a natural by themselves theirsatisfaction of the conditions for tax resource unitshall be determined ononeofthefollowing exemption or reduction in orderto temporarily determine bases: the natural resource tax amounts to be exempted or atThe selling price of a unit of the exploited naturaf reduced in the month. resource of equivalent value; At the end of the period for natural resource tax b/ The selling price of a unit of the pureproductand calculation, organizations and individuals engaged in the content of this substance in the exploited natural offshore exploitation of aquatic resources shall resource or theprice of thepureproduct and the content determine by themselves the actually exempted or of each substance in the exploited natural resource; reduced natural resource tax amounts in orderto make tax declarations andtakeresponsibility for the declared c/ The selling price of a unit of the exploited natural tax amounts. If those organizations and individuals fail 'c) VIETNAM LAW & LEGAL FORUM Issue nos 07·09/December 2006 OFFICIAL GAZETTE 23 (Cong Bao nos 17-18/December 13,2006) to meet the tax exemption and reduction conditions and make incorrect determination or declaration of exempted or reduced natural resource tax amounts, the incorrectly exempted or reduced tax amounts shall be retrospectively collected and those organizations and individuals shall be sanctioned for their violations in accordance with current law. If organizations and individuals engaged in offshore exploitation of aquatic resources still suffer from losses after the above tax exemption and reduction duration, they shall further be considered for the reduction of natural resource tax corresponding to their annual/oss amounts for not more than 5 subssquant consecutive years." 4. To amend Section VII of the Natural Resource Tax Table promulgated together with the Govern ment's Decree No. 68/1998/N D-CP of September 3,1998, as follows: "VII. Mineral water, natural water."

Article 2.- This Decree takes effect 15 days after its publication in uCONG BAD."

Article 3.- The Ministry of Finance shall guide the implementation of this Decree.

Article 4.- Ministers, heads of ministerial-level agendes, heads of government-attached agencies, presidents of provincial/municipal People's Committees, and concerned organizations and individuals shall implement this Decree. On behalf of the Government Prime Minister NGUYEN TAN DUNG ct VIETNAM LAW & LEGAL FORUM