LAW OF THE REPUBLIC OF BELARUS

of November 11, 1997 No. 70-Z

About ratification of the Agreement between the Government of the Republic of Belarus and the Government of the Socialist Republic of Vietnam about avoidance of double taxation and prevention of tax avoidance concerning taxes on the income and the capital (property)

Accepted by the House of Representatives on October 3, 1997

Approved by Council of the Republic on October 29, 1997

Ratify the Agreement between the Government of the Republic of Belarus and the Government of the Socialist Republic of Vietnam on avoidance of double taxation and prevention of tax avoidance concerning taxes on the income and the capital (property) signed in Hanoi on April 24, 1997.

AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF BELARUS AND GOVERNMENT OF THE SOCIALIST REPUBLIC OF VIETNAM

of April 24, 1997

About avoidance of double taxation and prevention of tax avoidance concerning taxes on the income and the capital (property)

Government of the Republic of Belarus and Government of the Socialist Republic of Vietnam,

wishing to sign the Agreement on avoidance of double taxation and prevention of tax avoidance concerning taxes on the income and the capital (property),

agreed as follows:

Article 1. Persons to whom the Agreement is applied

This agreement is applied to persons which are residents of one or both Contracting States.

Article 2. Taxes to which the Agreement extends

1. This agreement is applied to the taxes on the income and the capital (property) levied on behalf of the Contracting State or its regional authorities irrespective of method of their collection.

2. All taxes levied from the total amount of the income, total amount of the capital (property) or from elements of the income or the capital (property) including taxes on the income from property acquisition, taxes on the total amount of the salary paid by the companies and also the capital gain taxes (property) are considered as taxes on the income and the capital (property).

3. The existing taxes to which this agreement extends are:

a) in Belarus:

(і) tax on the income and profit of the companies, associations and organizations;

(іі) the income tax from citizens, and

(ііі) the real estate tax (further the referred to as "Belarusian tax");

b) in Vietnam:

(і) individual income tax;

(іі) income tax;

(ііі) tax on the translated profit (further the referred to as "Vietnamese tax").

4. This agreement extends also to any identical or in essence similar taxes which are levied after signature date of this agreement in addition to the existing taxes, or instead of them. Competent authorities of Contracting States notify each other on any considerable changes made to their tax legislation.

Article 3. General determinations

1. For the purposes of this agreement if other does not follow from context:

a) the term "Belarus" means the Republic of Belarus and when using in geographical sense means the territory which is under sovereignty of the Republic of Belarus and which according to the legislation of Belarus and international law is under jurisdiction of the Republic of Belarus;

b) the term "Vietnam" means the Socialist Republic of Vietnam; when using in geographical sense it means all its national territory, including its territorial sea and any area beyond its limits, adjacent to the territorial sea concerning which Vietnam performs according to the national legal system and international law the sovereign rights on research and operation of natural resources of seabed, its subsoil and adjacent waters;

c) the terms "one Contracting State" and "other Contracting State" mean Belarus or Vietnam depending on context;

d) the term "person" includes physical person, the company and any other consolidation of persons;

e) the term "company" means any legal entity or any organization which is considered as the separate organization for the purposes of the taxation;

f) the terms "company of one Contracting State" and "company of other Contracting State" mean respectively the company managed by resident of one Contracting State and the company managed by resident of other Contracting State;

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