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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.
201/2009/TT-BTC
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Hanoi,
October 15, 2009
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CIRCULAR
GUIDING
THE HANDLING OF EXCHANGE RATE DIFFERENCES IN ENTERPRISES
Pursuant to the 2008 Law on
Enterprise Income Tax;
Pursuant to the Government's Decree No. 124/2008/ND-CP of December 11, 2008,
detailing and guiding a number of articles of the
Law on Enterprise Income Tax;
Pursuant to the Government's Decree No. 118/2008/ND-CPof November27, 2008,
defining the functions, tasks, powers and organizational structure of the
Ministry of Finance;
Pursuant to the Government's Decree No. 09/ 2009/ND-CP of February 5, 2009,
promulgating the Regulation on financial management of state companies and
management of state capital invested in other enterprises;
To realize the directing opinions of Deputy Prime Minister Nguyen Sinh Hung in
the Government Office's Official Letter No. 2225/VPCP-KTTH of April 9, 2009, on
the handling of foreign exchange rate differences, the Ministry of Finance
guides the handling of exchange rate differences in enterprises as follows:
Part A
GENERAL PROVISIONS
Article 1. Subjects and
scope of application
This Circular applies to
enterprises established and operating in Vietnam under law. It does not apply
to foreign currency trading enterprises.
For enterprises established on
the basis of treaties concluded between the Government of the Socialist
Republic of Vietnam and governments of foreign countries and containing
provisions on the handling of exchange rate differences different from this
Circular's guidance, these treaties prevail.
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1. "Foreign currency"
means a currency different from the currency used in accounting activities of
an enterprise.
2. Foreign currency operations'*
means revenue and expenditure operations in foreign currencies and for pricing.
3. "Foreign exchange
rale" means an exchange rale between two currencies (below referred to as
exchange rate).
4. "Foreign exchange rate
difference" means the difference between a booked exchange rate and an
exchange rate for conversion of the same foreign currency at the lime of
adjustment.
Article 3. Enterprises
that conduct foreign currency operations shall account foreign exchange rate
differences under current accounting regulations.
Exchange rates for conversion of
foreign currencies into Vietnam dong must comply with the Finance Minister's
Decision No. 15/2006/QD-BTC of March 20, 2006, promulgating enterprise
accounting regulations.
Article 4. Foreign
currencies of which exchange rates for conversion into Vietnam dong are not
publicly announced by the State Bank of Vietnam will all be converted through
the US dollar at exchange rates applied by banks at which enterprises open
their accounts at the time when the balances of monetary items of
foreign-currency origin actually arise or are revaluated at the end of a
period.
Part B
SPECIFIC PROVISIONS
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Article 6. Handling of
foreign exchange rate differences
1. Handling of foreign exchange
rate differences of foreign currency operations in a period:
1.1. At the stage of
construction investment for forming fixed assets of newly established
enterprises:
At the stage of construction
investment for forming fixed assets of newly established enterprises, foreign
exchange rate differences arising in the settlement of monetary items of
foreign-currency origin for construction investment and those arising from the
revaluation of monetary items of foreign-currency origin at the end of a fiscal
year shall be recorded accumulatively and separately on the balance sheet. When
fixed assets are completely formed and put into use, foreign exchange rate
differences arising at the stage of construction investment shall be
incrementally allocated to incomes or production and business expenses,
specifically:
- For positive foreign exchange
rate differences, they shall be incrementally allocated to financial incomes of
enterprises, and the duration of allocation must not exceed 5 years after works
arc put into operation.
- For negative foreign exchange
rate differences, they shall be incrementally allocated to Financial expenses
of enterprises, and the duration of allocation must not exceed 5 years after
works are put into operation.
1.2. At the stage of production
and business operation of enterprises:
At the stage of production and
business operation, covering construction investment for forming fixed assets
of operating enterprises, the foreign exchange rate difference arising in the
settlement of monetary items of foreign-currency origin shall be accounted as
incomes or expenses in the fiscal year, specifically:
a/ For receivable debts:
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- Negative foreign exchange rate
differences shall be accounted as financial expenses in the period.
b/ For payable debts:
- Negative foreign exchange rate
differences shall be accounted as financial incomes in the period.
- Positive foreign exchange rate
differences shall be accounted as financial expenses in the period.
1.3. At the stage of enterprise
dissolution and liquidation:
a/ For receivable debts:
- Positive foreign exchange rate
differences shall be accounted as incomes from enterprise liquidation.
- Negative foreign exchange rate
differences shall be accounted as expenses for enterprise liquidation.
b/ For payable debts:
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Positive foreign exchange rate
differences shall be accounted as expenses for enterprise liquidation.
1.4. For foreign exchange rate
differences arising from foreign currency trading in the period:
- Positive foreign exchange rate
differences shall be accounted as financial incomes in the period.
- Negative foreign exchange rate
differences shall be accounted as financial expenses in the period.
2. Handling of foreign exchange
rate differences arising from the revaluation of the foreign-currency balance
at the end of a period:
At the end of an accounting
period, enterprises shall convert their balances in cash, deposits, sums of
money in transfer, receivable and payable debts of foreign-currency origin into
Vietnam dong at exchange rates specified in Article 3 of this Circular. The
difference between the post-conversion exchange rate and the booked exchange
rate shall be handled as follows."
2.1. Foreign exchange rate
differences arising from the revaluation of the year-end balances being in
cash, deposits, in-transfer sums of money and short-term debts (of a term of 1
year or less) of foreign-currency origin at the time of making financial
statements shall not be accounted as expenses or incomes but shall be retained
as balances on financial statements and recorded, at the beginning of the next
year, as reverse book entries to wipe out the balances.
2.2. Foreign exchange rate
differences arising from the revaluation of the year-end balances of long-term
debts (of a term of more than one year) of foreign-currency origin at the time
of making financial statements shall be handled as follows:
a/ For long-term receivable
debts:
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- Positive differences shall be
accounted as financial incomes in the year.
- Negative differences shall be
accounted as financial expenses in the year.
b/ For long-term payable debts:
For debts receivable in foreign
currencies, companies shall revaluate the year-end balances of foreign-currency
amounts, and handle exchange rate differences after clearing as follows:
- Positive foreign exchange rate
differences shall be accounted as Financial expenses in the year and as
reasonable expenses upon enterprise income tax calculation. In case the
accounting of positive foreign exchange rate differences as expenses leads to
business losses, part of these differences may be carried forwarded to the
subsequent year in order to prevent companies from suffering from losses
provided that the amounts accounted as expenses in the year must be at least
equal to the exchange rate differences of the payable long-term
foreign-currency balances in the year. The remaining exchange rate differences
shall be further monitored and allocated to expenses of the subsequent five
years at most.
- Negative foreign exchange rate
differences shall be accounted as financial incomes.
Upon liquidation of each
receivable or payable long-term debt, if the exchange rate actually used in
payment is higher or lower than the booked one. the arising foreign exchange
rate difference shall be handled under Point 1.2. Clause 1, Article 6 of this
Circular.
Part C
IMPLEMENTATION PROVISIONS
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Any difficulties or problems
arising in the course of implementation should be promptly reported to the
Ministry of Finance for consideration and settlement.-
FOR
THE MINISTER OF FINANCE
DEPUTY MINISTER
Tran Van Hieu