MINISTRY OF FINANCE
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 14/2016/TT-BTC
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Hanoi, January
20, 2016
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CIRCULAR
FINANCE MECHANISM APPLIED TO WHOLLY STATE-OWNED
SINGLE-MEMBER LIMITED LIABILITY COMPANIES PARTICIPATING IN POLITICAL
OBJECTIVES, ASSURANCE OF SOCIAL SECURITY, AND REGULATION OF SUPPLY AND DEMAND
OF THE ECONOMY
Pursuant to the
Government's Decree No. 215/2013/ND-CP dated December 23, 2013 defining the
functions, tasks, entitlements and organizational structure of the Ministry of
Finance;
In the Furtherance of
Deputy Prime Minister Vu Van Ninh's Notice No. 146/TB-VPCP dated April 0, 2014;
After reaching a
consensus with the Ministry of Labor, War Invalids and Social Affairs in
Dispatch No. 3657/LDTBXH-KHTC dated September 11, 2015;
At the request of
Director of Corporate Finance Administration;
The Minister of
Finance promulgates a Circular on finance mechanism applied to wholly
state-owned single-member limited liability companies participating in
political objectives, assurance of social security, and regulation of supply
and demand of the economy,
Chapter I
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Article 1. Regulated
entities and scope
1. Scope: This Circular
provides guidance on finance mechanism applied to wholly state-owned
single-member limited liability companies operating under the Law on
Enterprises and participating in political objectives, assurance of social
security, and regulation of supply and demand of the economy under the Prime
Minister’s Decisions or voluntarily according to state policies for purposes
other than making a profit and accepted by the Prime Minister.
2. Regulated entities:
Wholly state-owned single-member limited liability companies (business
corporations, general companies, companies) participating in political
objectives, assurance of social security, and regulation of supply and demand
of the economy; owner’s representative agencies, agencies, organizations, and
individuals relevant to fulfillment of political objectives, assurance of
social security, and regulation of supply and demand of the economy.
3. Activities in national
defense and security, provision of public products and services specified in
the Government's Decree No. 130/2013/ND-CP dated October 16, 2013 and the
Government's Decree No. 93/2015/ND-CP dated October 15, 2015 are not regulated
by this Circular.
Article 2.
Interpretation of terms
For the purpose of this
Circular, the terms below are construed as follows:
1. "wholly
state-owned single-member limited liability companies" (hereinafter
referred to as enterprises) include:
a) Single-member limited
liability companies that are parent companies of business corporations; parent
companies of state-owned corporations; parent companies in parent
company-subsidiary company relationship;
b) Independent
single-member limited liability companies affiliated to Ministries, regulatory
bodies, the People’s Committees of provinces, or corporations.
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2. "political
objectives, assurance of social security, and regulation of supply and demand
of the economy" (hereinafter referred to as "political
objectives") are objectives under directives or decisions of the Prime
Minister or voluntarily performed according to state policies for purposes
other than making a profit and accepted by the Prime Minister.
3. "business
operation" includes business activities of an enterprise other than
political objectives.
Chapter II
GENERAL PROVISIONS
Section I: FINANCE
MECHANISM APPLIED TO WHOLLY STATE-OWNED SINGLE-MEMBER LIMITED LIABILITY
COMPANIES PARTICIPATING IN POLITICAL OBJECTIVES, ASSURANCE OF SOCIAL SECURITY,
AND REGULATION OF SUPPLY AND DEMAND OF THE ECONOMY
Article 3. Mechanism
for exemption and reduction of land rents, land levies, water surface rents
Any enterprise
participating in accomplishment of political objectives that satisfy conditions
for exemption or reduction of land rents, land levies, or water surface rents
shall be granted exemption or reduction of land rents, land levies, or water
surface rents on the area of land or water surface serving accomplishment of
political objectives as prescribed in the Government's Decree No. 45/2014/ND-CP
dated May 15, 2014 on collection of land levies and the Government's Decree No.
46/2014/ND-CP dated May 15, 2014 on collection of land rents, water surface
rents, and amendments thereto (if any).
Procedures for granting
exemption and reduction of land rents, land levies, water surface rents shall
comply with the Law on Tax administration and its instructional documents.
Article 4. Revenue
management
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Article 5. Expenditure
management
Expenditures incurred
during participation in accomplishment of political objectives shall be
separately, reasonably, and legitimately accounted for in accordance with the
Law on Corporate income tax and relevant legislative documents.
Enterprises shall open
detailed accounting books to separately monitor expenditures incurred during
participation in accomplishment of political objectives as follows:
1. Fixed assets, current
assets dedicated to accomplishment of political objectives, and other
expenditures serving accomplishment of political objectives shall be
accounted for according to actual documents.
2. If it is not possible
to separate fixed assets, current assets, and other expenditures serving
accomplishment of political objectives, expenditures (including depreciation of
fixed assets and costs of current assets and other costs) shall be accounted
for according to the ratio of revenue from business operation and provision of
products and services during participation in accomplishment of political
objectives to total revenue from the enterprise's overall business operation.
Article 6. Amounts
payable to state budget
Amounts payable to state
budget shall comply with effective regulations.
Article 7. Settlement
of difference between revenue and expenditure
The difference between
revenue and expenditure of business operation and provision of products and
services during participation in accomplishment of political objectives shall
be aggregated with the enterprise's business outcomes when determining
corporate income tax as prescribed by law;
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- The revenue is smaller
than expenditure, the difference shall be offset against by the profit from the
enterprise's overall business operation.
Article 8. Accounting
and audit
1. The enterprise shall
make separate reports on accomplishment of political objectives according to
the Appendix enclosed herewith.
2. The enterprise shall
make and submit reports on accomplishment of political objectives together with
annual financial statements to the owner’s representative agency and the
finance authority at the same level.
3. Enterprises their
financial statements audited, including revenues and expenditures on
accomplishment of political objectives as the basis for provision of subsidies
or grant of exemption or exemption of land levies, land rents, water surface
rent, and preferential corporate income tax .
Article 9. Accounting
The account system
applied to enterprises shall be used.
Section II: ASSESSMENT
OF BUSINESS EFFECTIVENESS OF COMPANIES PARTICIPATING IN POLITICAL OBJECTIVES,
ASSURANCE OF SOCIAL SECURITY, AND REGULATION OF SUPPLY AND DEMAND OF THE
ECONOMY
Article 10. Exemptions
when assessing business effectiveness and drawing up salary budgets of
enterprises participating in accomplishment of political objectives
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1. Assessment of the
enterprise's capital preservation level.
2. Ranking of the
enterprise or its manager.
3. Commendation for the
enterprise or its manager.
4. The allocation of the
annual salary budget and actual salaries for the enterprise's employees and
manager.
Chapter III
IMPLEMENTATION
Article 11. Effect
1. This Circular comes
into force form March 07, 2016.
2. Difficulties that
arise during the implementation of this Circular should be reported to the
Ministry of Finance for consideration./.
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PP MINISTER
DEPUTY MINISTER
Tran Van Hieu
APPENDIX
(Enclosed with Circular No. 14/2016/TT-BTC dated January
20, 2016 of the Ministry of Finance)
REPORT ON BUSINESS OPERATION AND PROVISION OF PRODUCTS AND
SERVICES DURING PARTICIPATION IN ACCOMPLISHMENT OF POLITICAL OBJECTIVES
Unit: million VND
No.
Content
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Reporting year
Ratio (%)
Estimation
Reality
Compared to previous year
Compared to estimation
1
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3
4=3/1
5=3/2
I
Business outcomes
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1
Total revenue
2
Total expenditure
(minus land rents, land levies, water surface rents exempted or reduced)
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3
Difference between
revenue and expenditure = (1 - 2)
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II
Incentives
1
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2
Land levies exempted or
decrease in land levies
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3
Water surface rents
exempted or decrease in water surface rents
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Corporate income tax at
concessional rate
Note: Use data of activities serving accomplishment of political
objectives.
[Location and date]
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CHIEF ACCOUNTANT
DIRECTOR