b) Other agencies, organizations and individuals related to collection and submission of fees for management and supervision of insurance activities.

Article 2. Fee payers and collectors

1. Fee payers shall be insurance organizations licensed for establishment and operation in Vietnam, including:

a) Insurance enterprises and branches of foreign insurance enterprises in Vietnam.

b) Reinsurance enterprises.

c) Insurance brokerage enterprises.

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Article 3. Fees

Amounts of fees for management and supervision of insurance activities are as follows:

1. Insurance enterprises and branches of foreign insurance enterprises in Vietnam: 0.03% of insurance premiums (after deducting refund and reduction of insurance premiums).

2. Reinsurance enterprises: 0.03% of reinsurance premium (after deducting refund and reduction of reinsurance premium).

3. Insurance brokerage enterprises: 0.03% of insurance broker revenues.

Article 4. Fee declaration, collection and submission

1. Fee payers shall submit fees for management and supervision of insurance activities to accounts of fee collectors containing fees waiting to be submitted to state budget at State Treasury. The fees for management and supervision of insurance activities shall be calculated on a yearly basis and submitted in 2 installments.

a) Before the end of August 31 of each year, the payers shall calculate fees for management and supervision of insurance activities for the first 6 months of the year (1^st installment) as follows:

Fee amount = insurance premiums (or reinsurance premium or insurance broker revenues) of the first 6 months of the year x 0.03%.

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Fee amount = insurance premiums (or reinsurance premium or insurance broker revenues) of the previous financial year x 0.03% - fee amount submitted in the 1st installment.

2. Before the end of the 05^th of every month, the fee collectors must send the collected fees for management and supervision of insurance activities of the previous month to the fee account waiting to be submitted to the budget at the State Treasury.

3. The fee collectors shall declare and submit the collected fees for management and supervision of insurance activities with tax authorities on a monthly basis, make annual statement as specified in Clause 3 Article 19 and Clause 2 Article 26 of Circular No. 156/2013/TT-BTC dated November 06, 2013 of the Minister of Finance on elaborating to a number of Articles of the Law on Tax Administration; The Law on amendments to a number of Articles of the Law on Tax Administration and Decree No. 83/2013/ND-CP dated July 22, 2013 of the Government. The fee collectors shall submit 52% of the collected fees for management and supervision of insurance activities to the state budget in the correct chapter, section, sub-section of Annexes of the state budget.

Article 5. Fee management and use

The fee collectors may retain 48% of the fees for management and supervision of insurance activities to serve fee supervision and collection as specified in Article 5 of Decree No. 120/2016/ND-CP dated August 23, 2016 of Government on elaborating to a number of Articles of Law on Fee and Charges.

Article 6. Organization and implementation

1. This Circular comes into force from February 20, 2020 and applies from the financial year of 2020.

2. Other contents regarding collection, submission, documents on collection and publication of collection of fees for management and supervision of insurance activities that are not mentioned in this Circular shall comply with provisions in the Law on Fee and Charges; Decree No. 120/2016/ND-CP dated August 23, 2016 of the Government on elaborating to a number of Articles of the Law on Fee and Charges; Circular No. 328/2016/TT-BTC dated December 26, 2016 of Minister of Finance providing guidelines on collection and management of state budget incomes via State Treasury; Circular No. 156/2013/TT-BTC dated November 06, 2013 of Minister of Finance on elaborating to a number of Articles of the Law on Tax Administration; Law on amendments to a number of Articles of Law on Tax Administration and Decree No. 83/2013/ND-CP dated July 22, 2013 of Government; Circular No. 303/2016/TT-BTC dated November 15, 2016 of Minister of Finance providing guidelines on printing, publishing, managing and using certificates for collection of fees and charges affiliated to government revenues.

3. If legislative documents referred to in this Circular are approved for amendments or superseded by other legislative documents, the new documents will apply.

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PP. MINISTER
DEPUTY MINISTER




Vu Thi Mai