Decree No. 118/2015/ND-CP dated November 12th, 2015 of the Government on guidelines for some articles of the Law on Investment No. 67/2014/QH13
This Decree is to replace these Lists: read more
1. List of business lines eligible for investment incentives (Appendix I)
2. List of areas eligible for investment incentives (Appendix II)
The above Lists are used as the basis for applying investment incentive policies, EIT and import duty incentive polices, and policies on exemption, reduction of land levy, land rent
In addition, this Decree also prescribes entities eligible for investment incentives, investment incentive conditions and procedures. Accordingly, this Decree adds more two subjects eligible for investment incentives, including: investment project whose capital is VND 6,000 billion or over (being entitled to incentives similarly to incentives provided for investment project in extremely difficult areas) and investment project in a rural area which employs 500 workers or more (being entitled to incentives similarly to incentives provided for investment project in difficult areas)
However, under this Decree, the investor must pay a “performance security” deposit when receiving land, leasing land, or permitted to repurpose land by the State to execute the investment project (Article 27). If the capital does not exceed VND 300 billion, the deposit is 3%; the deposit on the amount of capital in surplus of VND 300 billion but not exceeding VND 1,000 billion is 2%; the deposit on the amount of capital in surplus of VND 1,000 billion is 1%.
This Decree takes effect from December 27th, 2015 and replaces Decree No. 108/2006/ND-CP dated September 22nd, 2006.
This Decree annuls:
a) List of areas eligible for corporate income tax incentives promulgated together with the Government's Decree No. 218/2013/ND-CP dated December 26th, 2013
b) List of business lines eligible for import duty incentives promulgated together with the Government's Decree No. 87/2010/ND-CP dated August 13th, 2010
c) Clause 4 Article 19 and “List of administrative divisions eligible for land rent incentives” in Clause 3 Article 19 of the Government's Decree No. 46/2014/ND-CP dated May 15th, 2014.
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