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Regulations on charges for management and supervision of insurance activities

11:11 | 08/02/2020

VCN- The Ministry of Finance has issued Circular No. 01/2020 / TT-BTC regulating the rates and the regime of collection, payment, management and use of charges for the management and supervision of insurance activities

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Illustrative photo: Internet

Payers shall pay charges for the management and supervision of insurance activities to the account waiting for remittance to the State budget opened at the State Treasury. Charges for the management and supervision of insurance activities are calculated annually and paid two times.The charge rates for management and supervision of insurance activities prescribed in the circular are as follows: insurance enterprises and branches of foreign insurance enterprises in Vietnam: 0.03 percent of the principal insurance premium (after deducting principal refunds and reductions); reinsurance enterprises: 0.03 percent of reinsurance acceptance fee (after deducting refunds and reductions); insurance brokerage enterprises: 0.03 percent of the revenue of insurance brokerage activities.

No later than August 31, the payer must calculate and pay the charge for the first six months (first period). No later than April 30 of the following year, the payer shall calculate and pay the charge for the preceding fiscal year (second period).

No later than the 5th of every month, the collection organisation must send collected charges of the previous month to the account waiting for remittance to the budget opened at the State Treasury.

Under the provisions of the circular, the collection organisation is allowed to keep 48 percent of the collected charges to serve supervision and charge collection as prescribed in Article 5 of Government’s Decree No. 120. / 2016 / ND-CP detailing and guiding the implementation of a number of articles of the Law on Fees and Charges.

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The circular takes effect from February 20, 2020 and applies from fiscal year 2020.

By H. Van/ Huyen Trang