New regulations about fee rate for the license for establishment and operation of credit institutions

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The Ministry of Finance issued Circular No. 150/2016 / TT-BTC providing the collection rate, collection and payment of license fees for the establishment and operation of credit institutions; licenses for the establishment of foreign bank branches, representative offices of foreign credit institutions, foreign institutions with other banking activities; operating licenses for providers with intermediary services of payment for organizations which are not banks.

The fee for licensing the establishment and operation of banks for the first time is 140 million/license. Photo: Tran Viet

Accordingly, the organizations to which the State agency issues the licenses have to pay fees as per the guidance in this Circular. These licenses are including the license for establishment and operation credit institutions; licenses for the establishment of foreign bank branches, representative offices of foreign credit institutions, foreign institutions with other banking activities; operating license for providers with intermediary services of payment for organizations which is not a bank.

The State Bank of Vietnam is responsible for organizing the collection, declaration and fees payment. Fee rates are specifically as follows: For credit institutions, license fees for operation and establishment of a bank for the first time is 140 million vnd/1 license and 70 million vnd/1 additional renewal or extension license.

The fee for licensing the establishment and operation of a credit institution which is not a bank is 70 million vnd 1 first license and 35 million vnd/1 renewed, revised or extended license. The fee for licensing the establishment and operation of a microfinance institution and people's credit fund is 200 thousand vnd the first license and 100 thousand vnd for a renewed, revised or extended license.

The license feefor establishing foreign bank branches, representative offices of foreign credit institutions, foreign institutions with banking activities is 1 million vnd/license. The license fee for the provision of intermediary payment services for organizations which are not banks is 10 million vnd/license for the first time and 5 million vnd for a reissued license.

The State Bank of Vietnam shall declare the collected fees by month, and fee settlement by year in accordance with Clause 3, Article 19 of Circular No. 156/2013 / TT-BTC of the Ministry of Finance guiding the implementation of some articles in Tax administration Law, the amended and supplemented version of this Law and Decree No. 83/2013 / ND-CP of the Government.

The State Bank of Vietnam shall declare the collected fees by month, and fee settlement by year in accordance with Clause 3, Article 19 of Circular No. 156/2013 / TT-BTC of the Ministry of Finance guiding the implementation of some articles in Tax administration Law, the amended and supplemented version of this Law and Decree No. 83/2013 / ND-CP of the Government.

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The above fees are fully remitted into the State budget according to the current State Budget Index. This Circular will take effect from 1-1-2017, and replace the provisions on the collection, payment, management and use of charges and fees in the banking sector in Circular No. 110/2002/TT BTC of the Ministry of Finance guiding the collection, payment, management and use of charges and fees in the banking, securities and insurance; Circular No. 11/2006/TT-BTC of the Ministry of Finance amending and supplementing Circular No. 110/2002/TT-BTC; and Circular No. 77/2015/TT-BTC of the Ministry of Finance guiding the collection, payment, management and use of fee for license of the provision of intermediary payment services.