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THE MINISTRY OF
FINANCE
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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No.117/1998/TT-BTC
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Hanoi, August
22, 1998
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CIRCULAR
GUIDING THE
APPLICATION OF TAX AND REGISTRATION FEE PREFERENCES PROVIDED FOR IN ARTICLE 13
OF DECREE No.44/1998/ND-CP OF JUNE 29, 1998 ON THE TRANSFORMATION OF STATE
ENTERPRISES INTO JOINT STOCK COMPANIES
Pursuant to the current tax laws and
ordinances;
Pursuant to the Law on Domestic Investment Promotion (amended) of May 20, 1998;
Pursuant to Decree No.44/1998/ND-CP of June 29, 1998 of the Government on the
transformation of State enterprises into joint stock companies;
The Ministry of Finance hereby guides the application of tax and registration
fee preferences provided for in Article 3 of Decree No.44/1998/ND-CP of June
29, 1998 of the Government on the transformation of State enterprises into
joint stock companies, as follows:
I. THE CONTENTS OF TAX AND REGISTRATION FEE
PREFERENCES
1. Regarding the profit tax (enterprise
income tax).
a) For State enterprises, which have been
transformed into joint stock companies, a new investment form, and fully
qualified for preferences under the Law on Domestic Investment Promotion
(amended):
The conditions for enjoying tax preferences; the
tax preference levels; the procedures, order and competence for considering the
tax preferences shall comply with provisions of the Law on Domestic Investment
Promotion (amended) and guiding documents of the Government and the Ministry of
Finance.
b) For State enterprises, which have been
transformed into the joint stock companies but not qualified for preferences
under the Law on Domestic Investment Promotion (amended):
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The 50% reduction of profit tax (enterprise
income tax) for 2 consecutive years (24 months) from the date the equitized
enterprises are granted business registration certificates to commence their
operation under the Law on Companies.
b.2) The procedures, competence and order for
effecting the preferences:
Within 10 days from the date it is granted
business registration certificate, a joint stock company eligible for profit
tax reduction according to the guidance in Point 1.b of this Circular shall
have to make tax declaration and registration then compile and send a dossier
to the tax agency directly managing it, requesting the tax reduction as
prescribed. The dossier shall comprise:
- The decision of the competent agency to
transform the State enterprise into a joint stock company (the notarized copy
or the copy with true-copy seal of the unit);
- The business registration certificate (the
notarized copy or the copy with the true-copy seal of the unit);
- The declaration for lax registration;
- An application for profit tax reduction
(enterprise income tax) with signature of the lawful representative and seal of
the unit.
Within 10 days from the date of receiving the
dossier, the tax agency shall have to notify the company of the tax reduction
duration according to regulations. If it finds that the company’s dossier is
invalid or incomplete, it shall have to notify the company thereof so that the
latter can remake or supplement such dossier within 7 days from the date of
receiving the dossier.
The consideration for profit tax reduction
(enterprise income tax) for subjects defined in Point 1.b of this Circular
shall be conducted by the tax agency directly managing the concerned companies
when making annual tax settlement and such tax reduction shall be stated in the
annual tax notices sent to the companies.
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In cases where laborers who work in equitized
enterprises receive and use income amounts divided from the remainder of reward
funds and welfare funds before such enterprises are equitized to buy equities,
such income amounts shall not be accounted into the taxable incomes (if any) of
such laborers. If after receiving such income amounts, the laborers do not use
them to buy equities, such amounts shall be accounted into the taxable incomes
(if any).
3. Regarding the registration fee:
According to Clause 2, Article 13 of Decree
No.44/ 1998/ND-CP of June 29, 1998 of the Government, the properties under the
management and use of equitized State enterprises, which are now placed under
the ownership of joint stock companies, shall not be subject to registration
fee.
The procedures for non-collection of
registration fee shall be carried out as follows:
A joint stock company (as the result of
equitizing State enterprise), when registering its ownership over properties
subject to registration fee (previously under the management and use of the
State enterprise), shall have to produce to the tax agency (where the
properties are registered) the following papers:
- The declaration of registration fee made
according to the set form for each kind of property;
- The competent agency’s decision on the actual
value of the to-be-equitized enterprise enclosed with the written record on the
determination of the enterprise’s actual value (the notarized copy);
- The competent agency’s decision to transform
the State enterprise into a joint stock company in accordance with Article 17
of Decree No.44/1998/ND CP (the notarized copy or the copy with true-copy seal
of the unit).
The tax agency shall examine the dossier and
write its certification on the registration fee declaration that the properties
are not subject to the registration fee which shall be registered by the
company with the State management agency. For the joint stock Company’s
properties subject to the registration fee, which are not stated in the
competent agency’s decision on the actual value of the equitized enterprise,
the tax agency shall collect registration fee according to the prescribed
regime.
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For the State enterprises already transformed
into joint stock companies and eligible for profit tax reduction according to
Clause 1, Article 10 of Decree No.28-CP of May 7, 1996 of the Government, but
not yet considered for tax reduction, the tax reduction shall be effected in
accordance with the above stipulations and such companies shall have to mark
complete dossiers requesting the entitlement to tax preferences and send them
to the tax agencies directly managing them for consideration and settlement in
accordance with guidance in Point I.1.b.2 of this Circular. If the tax
reduction period enjoyed by companies falls within the fiscal year of 1996 or
1997, the actual amounts of profit tax reduction for the companies shall be deducted
from the profit tax amount to-be paid by the companies in the 1998 fiscal year.
This Circular takes effect after its signing.
Any difficulties and/or problems arising in the course of implementation shall
be reported by the enterprises and tax agencies to the Ministry of Finance for
consideration and timely settlement.
FOR THE MINISTER OF
FINANCE
VICE MINISTER
Pham Van Trong