Vietnam oil refinery receives 4-year tax exemption

Dung Quat, Vietnam’s only oil refinery, received various tax incentives from the government last week, including a four-year income tax exemption. Apart from the exemption, Binh Son Refining and Petrochemical Co, which runs the 130,500 bpd refinery, only needs to pay half its corporate tax for the first nine years after it begins earning taxable incomes. Over the course of 30 years, it will be subject to an income tax of 10%, compared to the current 25% applied to other businesses, according to the government’s website. Dung Quat, which started operations in February 2009, is also allowed to claim depreciation deductions for its main production equipment in 20 years. Dung Quat needs up to US$2 billion to expand its processing capacity by nearly a third to 9.5-10 tons.
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