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New policy in Vietnam: fee for bank and credit organization's establishment reduced by 50%

May 09, 2020 | 11:39

On May 5, 2020, the Ministry of Finance issued Circular No. 33/2020/TT-BTC stipulating the rates of collection and payment of fees for the establishment and operation licenses to banks and non-bank credit institutions. The circular takes effect from May 5, 2020 to the end of December 31, 2020.

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new policy in vietnam 50 of fee reduced when establishing banks and credit organizations
(Photo: Internet)

On May 5, 2020, the Ministry of Finance issued Circular No. 33/2020/TT-BTC stipulating the rates of collection and payment of fees for the establishment and operation licenses to banks and non-bank credit institutions.

Accordingly. the Circular stipulates the level of collection and payment of fees for the establishment and operation licenses to banks and non-bank credit institutions. From May 5, 2020 to the end of December 31, 2020, organizations licensed for establishment and operation of banks and non-bank credit institutions pay the fee equal to 50% of the fee rate prescribed at Points a and b, Section 1 of the Table of fee rates in Clause 1, Article 4 of the Circular No. 150/2016/TT-BTC dated October 14, 2016, according to Vietnam Law.

new policy in vietnam 50 of fee reduced when establishing banks and credit organizations
(Photo: Stock News)

During the effective time of this Circular, no fee for the establishment and operation license of banks and non-bank credit institutions must be paid at the level specified in Clause 1, Article 4 of Circular No. 150/2016/TT-BTC.

From January 1, 2021 onwards, payment of fees for the issuance of establishment and operation licenses to banks and non-bank credit institutions is at the rate prescribed in Clause 1, Article 4 of Circular No. 150/2016/TT-BTC, according to Financial Magazine.

This Circular takes effect from May 5, 2020 to the end of December 31, 2020.

The contents of scope of adjustment, fee payers, fee-collecting organizations, charge rates, declaration and payment of fees and other relevant contents not specified in this Circular comply with the provisions of this Circular No. 150/2016/TT-BTC.

According to the Circular, in the course of implementation, if any problems arise, organizations and individuals are requested to promptly report them to the Ministry of Finance for study and additional guidance.

This Circular issuance is one of the efforts made by Ministry of Finance to support those affected by Covid-19.

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