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DECISION

AMENDING AND SUPPLEMENTING ARTICLE 2 OF THE DECISION NO.952/QD-TTG DATED JULY 26, 2012, ON SOME FINANCIAL MECHANISMS OF THE BINH SON REFINERY AND PETROCHEMICAL STATE-OWNED ONE-MEMBER LIMITED LIABILITY COMPANY

THE PRIME MINISTER

Pursuant to the Law on Government’s organization dated December 25, 2001;

At the proposal of Minister of Finance at the official dispatch No. 14376/BTC-CST dated October 22, 2012;

DECIDES:

Article 1. To amend and supplement Article 2 of the Decision No.952/QD-TTg dated July 26, 2012, on some financial mechanisms of the Binh Son Refinery and Petrochemical State-owned One-member limited liability Company (hereinafter abbreviated to Binh Son Company) as follows:

“Article 2. The regulatory revenues for refined and petrochemical products consumed domestically

1. Subjects of collection, remittance and the applied duration:

a) Objects of the regulatory revenues are products from refinery (including petrol, oil, LPG) and petrochemical products which are produced and processed for domestic consumption of Binh Son Company.

b) Binh Son Company shall declare, remit the regulating revenues specified in this Article quarterly into state budget according to guide of the tax agency. Annually, make finalization of revenues and remittances in state budget of the regulatory revenues with the tax agency, deadline for making finalization shall comply with deadline for making finalization of enterprise income tax.

c) The regulatory revenue for products from refinery and petrochemical products consumed domestically of Binh Son Company is revenue under state budget and regulated 100% to the Central state budget.

d) Duration applicable to the regulatory revenues for products from refinery and petrochemical products of Binh Son Company as prescribed in this Article shall execute from the financial year 2012 to the end of 2018.

2. Bases to calculate the regulatory revenues: The regulatory revenues for products from refinery and petrochemical products consumed domestically of Binh Son Company shall be defined equal to (=) the refined and petrochemical products consumed practically every quarter multiplied (x) with price to calculate the regulatory revenues and multiplied (x) with rate of regulatory revenues. In which:

a) Price to calculate the regulatory revenue is practical sale price of products from refinery and petrochemical products, excluded value-added tax, environmental protection tax, excise tax, import tax and charges payable to state budget (if any).

b) Rate of regulatory revenue is difference between import tax rate of products from oil refinery and petrochemical products at time of consumption minus (-) the incentive value level, which will be 7% applicable to petrol, oil; 5% applicable to LPG, and 3% applicable to petrochemical products.  

3. In case where the import tax of refined and petrochemical products at time of consumption is lower than the preferential value level specified in point b Clause 2 of this Article, the Vietnam Oil and Gas Group shall allocate to offset difference between the preferential value level and the import tax level for Binh Son Company and make accounting into its prior-tax profit.

Article 2. Provisions of implementation  

1. This Decision takes effect on the day of its signing. Particularly the allocation to offset difference between the preferential value level and the import tax level for Binh Son Company shall be executed from 2013 onward.

2. The Ministry of Finance shall assume the prime responsibility for, and coordinate with the Ministry of Industry and Trade and the Vietnam Oil and gas Group in guiding implementation of this Decision.

3. Ministers of Finance, Industry and Trade, Planning and Investment; Chairperson of People’s Committee of Quang Ngai province; Members' Council, President of the Vietnam Oil and Gas Group and Director of Binh Son Company shall implement this Decision.

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