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Notice of extension of profit transfer deadline of investment projects This is a common activity for overseas investors. Investors will have a certain period of time from the date of the tax finalization report to transfer profits to Vietnam. If it is necessary to extend the deadline, the investor must notify the competent authority. This article will provide detailed instructions on procedures, forms and regulations related to extending the investment profit transfer period.
Pursuant to Article 68 of the Law on Investment 2020, investors are obliged to transfer all profits earned and other income from overseas investments to Vietnam within 6 months from the date of the final settlement report. tax or documents with equivalent legal value according to the provisions of the law of the investment receiving country (except for the case of retaining profits as prescribed in Article 67 of the Law on Investment 2020).
This is the time period during which investors must complete the transfer of all profits earned and other income from investment activities abroad to Vietnam.
Compliance with this deadline helps ensure transparency in overseas investment activities and compliance with Vietnamese law on foreign exchange management. If investors cannot repatriate profits within the prescribed time limit, they need to carry out notification procedures to extend the profit transfer time limit to avoid violating legal regulations and related sanctions.
Investors can request to extend the profit transfer period in case they cannot transfer profits and other income to Vietnam within the above 6-month period. These situations may include:
In these cases, investors need to carry out procedures to notify the extension of the profit transfer period to be considered for an extension of up to 12 months. This notification helps the management agency understand the situation and reasons for the project’s delayed profit transfer, thereby providing a basis for considering and allowing a reasonable extension of the deadline.
CSPL: Clause 2, Article 68 of the Law on Investment 2020.
Procedures for extending the profit transfer deadline include the following specific steps:
Step 1: Prepare notification documents
Step 2: Submit notification documents
Step 3: Receive and process notifications
The receiving agency will review the notification content. If the notice is valid, the investor is considered to have complied with the regulations and is allowed to extend the profit transfer period to no more than 12 months from the original expiration date.
The form for notification of extension of time limit for transferring investment project profits abroad is specified in Form B.I.12 issued with Circular 03/2021/TT-BKHDT. This template includes the following main contents:
Investors need to completely and accurately fill in the information in this form to ensure the validity of the notification when sent to the competent authority.
The B.I.12 notification form needs to be sent to the Ministry of Planning and Investment and the State Bank of Vietnam for review and approval. Specifically:
Sending notifications to both of these agencies helps ensure coordination in state management of overseas investment activities, while also creating favorable conditions for investors during project implementation. judgment.
Regarding the transfer of investment profits domestically and internationally, Long Phan has some recommendations as follows:
Notification of extending the profit transfer deadline of an investment project is an important procedure to help investors comply with legal regulations and optimize investment efficiency. Customers need to pay attention to following the correct process, using appropriate forms and submitting documents fully and on time. For detailed advice on this procedure as well as other legal issues related to investment, please contact Long Phan via hotline. 0906735386.
Note: The content of the articles published on the website of Long Phan Investment Consulting Company is for reference only regarding the application of legal policies. Depending on the time, subject, and amendments, supplements, and replacements of legal policies and legal documents, the consulting content may no longer be appropriate for the situation you are facing or need legal advice on. In case you need specific and in-depth advice according to each case or incident, please contact us through the methods below. With our enthusiasm and dedication, we believe that Long Phan will be a reliable solution provider for our clients.
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