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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.
18/2011/TT-BTC
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Hanoi,
February 10, 2011
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CIRCULAR
AMENDING AND SUPPLEMENTING THE FINANCE MINISTRY'S CIRCULAR
NO. 130/2008/TT-BTC OF DECEMBER 26, 2008, GUIDING A NUMBER OF ARTICLES OF LAW
NO. 14/2008/QH12 ON ENTERPRISE INCOME TAX, AND THE GOVERNMENT'S DECREE NO.
124/2008/ND-CP OF DECEMBER 11, 2008, DETAILING A NUMBER OF ARTICLES OF THE LAW
ON ENTERPRISE INCOME TAX
Pursuant to June 3, 2008 Law
No. 14/2008/ QH12 on Enterprise Income Tax;
Pursuant to November 29, 2006 Law No. 78/ 2006/QH11 on Tax Administration;
Pursuant to the Government's Decree No. 124/200S/ND-CP of December 11, 2008,
detailing a number of articles of the Law on Enterprise Income Tax;
Pursuant to the Government's Decree No. 118/2008/ND-CP of November 27, 2008,
defining the functions, tasks, powers and organizational structure of the
Ministry of Finance;
Pursuant to the Prime Minister's opinions in the Government Office's Official
Letter No. 2225/VPCP-KTTH of April 9, 2009, on handling of foreign exchange
rate differences.
The Ministry of Finance guides amendments and supplements to a number of
provisions of Circular No. 130/2008/TT-BTC of December 26, 2008, on enterprise
income tax (EIT), as follows:
Article 1. To amend and
supplement a number of provisions of Circular No. 130/2008/TT-BTC
1. EIT calculation methods
a/ To add the
following to Point 3, Part B:
In case an
enterprise changes its EIT period from calendar year to fiscal year or vice
versa, an EIT period in the year of change must not exceed 12 months.
Example: In
2010, enterprise A uses the calendar year as its EIT period but at the
beginning of 2011, it changes to use a fiscal year from April 1 of this year to
March 31 of the subsequent year, then the EIT period in the year of change will
be counted from January 1, 2011, through March 31,2011, and the subsequent EIT
period will be counted from April 1, 2011, through March 31,2012.
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-
Non-business units trading in goods or providing services liable to EIT that
can account turnover but cannot account and determine expenses for and incomes
from this business activity, shall declare and pay EIT at a percentage of the
goods sale or service provision turnover, specifically:
- For service
provision: 5%;
- For goods
trading: 1%;
- For other
activities (including education, healthcare and art performance activities):
2%.
Example:
Non-business unit A leases houses with an annual turnover of VND 100 million.
As it cannot account and determine expenses for and incomes from such lease, it
may select to declare and pay EIT at a percentage of the goods sale or service
provision turnover as follows:
Payable EIT
amount = VND 100 million x 5%= VND 5 million
2. Deductible and non-deductible expenses upon taxable income
determination
a/ To add the
following to Point 2.1, Section IV, Part C:
a1/ A dossier
for asset and goods losses caused by natural disaster, epidemic or fire and
accounted as deductible expense comprises:
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- The
enterprise's record of the inventory of the value of lost assets or goods.
Such record
must indicate the value of lost assets or goods, reasons for such losses,
responsibilities of organizations and individuals for the losses; kinds,
quantity and value of recoverable assets and goods (if any), enclosed with
asset or goods dossiers; and contain a statement of warehoused, ex-warehoused
or in-stock goods which suffer the losses, certified and signed by the
enterprise's lawful representative who shall take responsibility before a
competent authority.
- A written
certification of the occurrence of the natural disaster, epidemic or fire,
given by the commune-level administration of the locality in which the natural
disaster, epidemic or fire occurs.
- A dossier
of compensation for losses for which the insurance agency accepts compensation
(if any).
- A dossier
defining the responsibilities of compensation payers (if any).
a2/ Goods
damaged upon their expiration or due to natural biological and chemical changes
which are ineligible for compensation and within the limits set by an enterprise
may be accounted as deductible expense upon taxable income determination. For
goods damaged upon their expiration or due to natural biological and chemical
changes which exceed the limits set by an enterprise, the excessive volume may
not be accounted as deductible expense upon taxable income determination.
A dossier for
goods damaged upon their expiration or due to natural biological and chemical
changes which are accounted as deductible expense comprises:
- The
enterprise's written explanation about the damaged goods which are within the
limit set by the enterprise, addressed to the managing tax office.
- The
enterprise's record of the inventory of the value of the damaged goods.
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- A dossier
for compensation for damage for which the insurance agency accepts compensation
(if any).
A dossier
defining the responsibilities of compensation payers (if any).
The
enterprise shall send to the managing tax office a written explanation about
assets or goods losses caused by natural disaster, epidemic or fire; or goods
damaged upon their expiration or due to natural biological and chemical
changes, which are ineligible for compensation not later than the time of
submitting the E1T declaration and settlement dossier in the year when the
losses occur or damage occurs. Other dossiers (such as the inventory record;
written certification given by the local administration; a dossier of
compensation for losses for which the insurance agency accepts compensation (if
any); a dossier defining the responsibilities of compensation payers (if any);
and other documents) shall be kept at the enterprise and produced to the tax
office upon request.
b/ To amend
and supplement Point 2.2, Section IV, Part C as follows:
- The
enterprise shall notify the managing tax office of the selected fixed-asset
depreciation method before applying it (e.g., the straight-line depreciation
method). Annually, the enterprise shall itself decide on the level of fixed
asset depreciation under the Finance Ministry's current regulations on
management, use and depreciation of fixed assets, including rapid depreciation.
- In case
fixed assets owned by the enterprise, which are currently used for production
and business activities, are left idle for under 9 months due to seasonal
production, or for under 12 months for repair, relocation or regular
maintenance or servicing, then further used for production and business
activities, the enterprise may. in this idleness duration, conduct depreciation
and account the fixed asset depreciation expense as deductible expense upon
taxable income determination.
The
enterprise shall send to the tax office a notice indicating reasons for the
idleness of fixed assets not later than the time of submitting the EIT
declaration and settlement dossier in the year when assets are left idle.
- Permanent
land use rights may not be depreciated as deductible expense upon taxable
income determination. Time land use rights, if accompanied by adequate invoices
and documents and lawfully established, which are involved in production and
business activities, may be gradually amortized as deductible expense in the
prescribed land use duration.
- In case the
enterprise buys tangible fixed assets being houses or architectural objects
associated with permanent land use rights, land use rights must be separately
determined and accounted as intangible fixed assets, while the historical cost
of houses and architectural objects is the actual buying price plus (+)
expenses directly related to the putting of these tangible fixed assets into
use.
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+ If assets
bought by households or individuals are not accompanied by added-value
invoices, the value of land use rights is an intangible fixed asset which must
not be depreciated and accounted as deductible expense. The value of land use
rights shall be determined based on market prices which must not be lower than
land prices set by provincial-level People's Committees at the lime of asset
purchase.
c/ To amend
and supplement Point 2.3, Section IV. Part C as follows:
Enterprises
shall themselves set and manage consumption limits for raw materials,
materials, fuels, energy or goods used for production and business activities
from the beginning of a year or a period of manufacture and keep these limits
at their offices, and produce them to tax offices upon request.
Particularly,
enterprises shall notify main consumption limits of their major products to
managing tax offices within 3 months after they commence production and business.
Enterprises shall decide on lists of main consumption limits of their major
products.
In the course
of production and business, if enterprises adjust and add material consumption
limits already notified to tax offices, they shall notify such adjustment and
addition to managing tax offices by the deadline for submitting EIT settlement
declarations in the year of tax settlement. If consumption limits for some raw
materials, materials, fuels or goods have been set by the State, such limits
shall be applied.
d/ To amend
and supplement Point 2.5, Section IV, Part C as follows:
dl/ To amend
Point 2.5b, Section IV, Part C as follows:
The following
may not be accounted as deductible expenses: Bonuses to laborers for which the
payment conditions and levels are not specified in labor contracts; collective
labor agreements; financial regulations of companies, corporations or groups;
or reward regulations issued by chairpersons of Boards of Directors, directors
general or directors under financial regulations of companies or corporations.
d2/ To amend
and supplement Point 2.5c, Section IV, Part C as follows:
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The realized
salary fund is total salaries actually paid in the year of lax settlement to
the deadline for submitting tax settlement dossiers under regulations
(exclusive of the amount deducted for setting up the previous year's salary
provision fund and paid in the year of tax settlement).
- In case an
enterprise's salary fund has been approved under regulations, the setting-up of
the salary provision fund must ensure that the deducted amount plus total
salaries and wages actually paid by the deadline for submitting tax settlement
dossiers must not exceed total salaries and wages payable to laborers within
the approved salary fund (if any).
- The
setting-up of a salary provision fund must ensure that an enterprise does not
suffer losses after such setting-up. The loss-suffering enterprise may not
fully deduct 17% of its realized salary fund.
Example:
Enterprise A's approved 2011 salary fund payable to its laborers is VND 10
billion:
+ Case 1: In
2011, enterprise A paid VND 8 billion in salaries, wages and allowances to its
laborers. By the end of December 31, 2011, it has VND 2 billion left. In the
first quarter of 2012, enterprise A further uses VND 300 million from the 2011
salary fund lo pay salaries and wages of 2011. So, by the deadline for
submitting tax settlement dossiers, the 2011 realized salary fund is VND 8.3
billion. To ensure uninterrupted payment of salaries in the subsequent year,
enterprise A may set up a salary provision fund of at most:
VND 8,3
billion x 17% = VND 1.411 billion.
The total
salary amount to be accounted as expense upon determination of taxable income
in 2011 is:
VND 8.3
billion + VND 1.411 billion =VND 9.71I billion.
+ Case 2: By
the end of March 31, 2012, enterprise A pays a total of VND 9.5 billion in
salaries and wages in 2011 and the first quarter of 2012. To ensure
uninterrupted payment of salaries, it may set up a salary provision fund of at
most;
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The total
salary amount in 2011, which equals 17% of the realized salary fund, is VND 9.5
billion + VND 1.615 billion = VND 11.115 billion.
However, the
approved salary fund is VND 10 billion, so the total salary amount to be
accounted as expense upon determination of taxable income in 2011 will be VND
10 billion.
- In case in
a year an enterprise sets up a salary provision fund but by December 31 of the
subsequent year it has not yet used or not used up this fund, it shall record a
decrease in the subsequent year's expenses.
Example: When
submitting the 2011 tax settlement dossiers, enterprise B sets up a salary
provision fund of VND 10 billion. By December 31, 2012, it has paid only VND 7
billion from this fund. So it shall record VND 3 billion (VND 10 billion - VND
7 billion) as a decrease in its salary expenses of the subsequent year (2012).
When making the 2012 tax settlement dossiers, enterprise B may set up a salary
provision fund under regulations if it so wishes.
d3/ To add
the following to Point 2.5. Section IV, Part C:
- In case
labor contracts signed between enterprises and foreign laborers indicate school
fees for foreign laborers' children studying at general education schools in
Vietnam to be paid by enterprises as amounts of salary or wage nature, if these
amounts comply with regulations on salaries and wages and are accompanied by
adequate documents, they will be accounted as deductible expenses upon taxable
income determination.
- In case
labor contracts signed between enterprises and laborers indicate house rents to
be paid by enterprises for laborers as amounts of salary or wage nature, if
these amounts comply with regulations on salaries and wages and are accompanied
by adequate documents, they will be accounted as deductible expenses upon
taxable income determination.
e/ To amend
and supplement Point 2.6, Section IV, Part C as follows:
The following
may not be accounted as deductible expenses: In-kind expense for laborers'
uniforms without invoice or document; in-cash or in-kind expense for laborers'
unifonns in excess of VND 5 (five) million/person/year.
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For special
business lines, such expense shall be accounted under the Finance Ministry's
specific regulations.
g/ To amend
and supplement Point 2.9, Section IV, Part C as follows:
The following
may not be accounted as deductible expenses: Travel allowances paid for leave
in contravention of the Labor Code; allowance amounts paid to laborers on
domestic or overseas work trips in excess of twice the limit set by the
Ministry of Finance for stale cadres, civil servants and public employees.
Travel
expenses and accommodation rents for persons on work trips, with adequate
lawful invoices and documents, will be accounted as deductible expenses upon
taxable income determination. In case an enterprise pays travel expenses and
accommodation rents in lump sum for laborers, those expenses and rents paid in
accordance with the Finance Ministry's regulations applicable to state cadres,
civil servants and public employees will be accounted as deductible expenses.
h/ To amend
Point 2.11, Section IV, Part C as follows:
The following
may not be accounted as deductible expenses: Deductions for contributing to
compulsory insurance funds and trade union dues for laborers in excess of
prescribed levels. Contributions to higher-level management funds in excess of
levels set by superior management agencies; and contributions to funds of
associations (which are lawfully set up) in excess of levels set by these associations.
Contributions
to higher-level management funds are contributions made by enterprises of state
economic groups or state-owned one-member limited liability companies
established under regulations of competent state agencies; contributions made
by enterprises of corporations established under the Prime Minister's Decisions
90 and 91; and contributions made by enterprises attached to ministries.
i/ To amend
and supplement Point 2.1 S, Section IV, Part C as follows:
The following
may not be accounted as deductible expenses: Expenses pie-deducted for a
certain period which have not yet been paid or fully paid by the end of the
period.
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In case EIT
liable turnover has been recorded for enterprises' production and business
activities but all arising expenses are not yet paid, these expenses will be
pre-deducted as deductible expenses in proportion to such turnover. Upon
completing contracts, enterprises must calculate, adjust and accurately
determine payable EIT amounts based on actual lawful invoices and documents
under regulations.
For fixed assets
requiring cyclic repair, enterprises may pre-deduct estimated repair expenses
as annual expenses. If actually paid expenses are larger than pre-deducted
ones, enterprises may additionally account the difference as deductible
expense.
j/ To amend
Point 2.20, Section IV, Part C as follows:
The following
may not be accounted as deductible expenses: Foreign exchange rate difference
loss resulting from the re-valuation of year-end balances being cash, deposits,
money in transfer and receivable debts of foreign currency origin; exchange
rate difference loss arising in the course of capital construction investment
for the formation of fixed assets which are not yet put into production and
business (regardless of whether or not enterprises commence production and
business).
k/ To add the
following to Point 2.30, Section IV, Part C:
When
commencing production and business activities, if enterprises have not
generated turnover but have paid regular expenses for maintaining such
activities (other than expenses for construction investment for the formation
of fixed assets) and these expenses satisfy the prescribed conditions, they may
account them as deductible expenses upon taxable income determination.
1/To supplement
Point 2.31, Section IV, Part C as follows:
- Personal
income tax not accounted as deductible expense upon taxable income
determination is the tax amount withheld by enterprises from taxpayers' income
for remittance into the state budget. In case labor contracts signed by
enterprises stipulate that salaries and wages of laborers are exclusive of
personal income tax, the personal income tax to be paid by enterprises on
behalf of laborers is the salary expense accounted as deductible expense upon
taxable income determination.
- EIT paid on
behalf of foreign contractors (contractor tax) will be accounted as deductible
expense upon taxable income determination in case it is agreed in foreign
contractor/ subcontractor contracts that turnover recorded by foreign
contractors/subcontractors is exclusive of EIT (contractor tax).
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a/ To add the
following to Point 5. Section V, Part C:
- In case
revenues from deposit or loan interests are higher than prescribed expenses for
loan interests, after offsetting, the difference shall be accounted as other
income upon taxable income determination.
- In case
revenues from deposit or loan interests are lower than prescribed expenses for
loan interests, after offsetting, the difference shall be accounted as
deductible expense upon taxable income determination.
b/ To amend
and supplement Point 6, Section V, Part C as follows:
- In a tax
year, if an enterprise has an exchange rate difference arising in the period
and an exchange rate difference resulting from re-evaluation of payable debts
of foreign currency origin at the end of a fiscal year:
+ The arising
exchange rate difference directly related to turnover and expenses of the
enterprise's major production and business activities shall be accounted as
expense or income of such activities. For the arising exchange rate difference
unrelated to turnover and expenses of the enterprise's major production and
business activities, if loss occurs, such difference shall be accounted as
expense for such activities, if profit is earned, such difference shall be
accounted as other income.
+ The
exchange rate difference interest resulting from re-evaluation of payable
foreign currency debts at the end of a fiscal year shall be cleared against the
exchange rate difference loss resulting from re-evaluation of payable foreign
currency debts at the end of that year. After clearing, the profit shall be
accounted as other income, and the loss, as production and business expense,
upon taxable income determination.
In case the
exchange rate difference resulting from re-evaluation of payable foreign
currency debts is accounted as expense, making an enterprise suffer a loss,
part of such difference may be distributed for the subsequent year so that the
enterprise does not suffer a loss provided that, the exchange rate difference
accounted as expense in a year at least equals the exchange rate difference of
the mature foreign-currency amount in that year.
The above
exchange rate differences are exclusive of the foreign exchange rate difference
resulting from re-evaluation of year-end balance being cash, deposits, money in
transfer and receivable debts of foreign currency origin; and the exchange rate
difference arising in the course of capital construction investment for the formation
of fixed assets which are not yet put into production and business activities
(regardless of whether or not enterprises commence production and business
activities).
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c/ To amend
and supplement Point 11, Section V, Part C as follows:
In case an
enterprise's revenue from fines or damages paid by its partner breaching the
contract is higher than the expense for fines or damages for contract breaches
(such fines are other than fines for administrative violations under the
Ordinance on Handling of Administrative Violations), after clearing, the
difference shall be accounted as other income.
In case an
enterprise's revenue from fines or damages paid by its partner breaching the
contract is lower than the expense for fines or damages for contract breaches
(such fines arc other than fines for administrative violations under the
Ordinance on Handling of Administrative Violations), after clearing, the
difference shall be accounted as a decrease in other income. If no other income
arises in a year, such difference shall be accounted as a decrease in
production and business income.
d/ To amend
and supplement Point 16, Section V Part C as follows:
Income from
the sale of scraps and discarded products is income from the sale of scraps and
discarded products minus recovery expense and expense for sale of scraps and
discarded products.
- In case an
enterprise has an-income from the sale of scraps and discarded products created
during the production of products currently eligible for E1T incentives, such
income will be eligible for EIT incentives.
- In case an
enterprise has an income from the sale of scraps and discarded products created
during the production of products ineligible for EIT incentives, such income
will be ineligible for EIT incentives and shall be accounted as other income.
e/ To add the
following to Section V, Part C:
The refunded
amount of import duty or export duty on goods actually imported or exported in
the year of EIT settlement shall be accounted as a decrease in expenses. The
refunded amount of import duty or export duty on goods actually imported or
exported in previous years of EIT settlement shall be accounted as other
incomes. The amount which is directly related to production and.business
activities currently eligible for EIT. incentives will be eligible for EIT
incentives. The amount which is unrelated to production and business activities
eligible for EIT incentives will be ineligible for EIT incentives and shall be
accounted as other income.
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To amend and
supplement Point 2, Section VII. Part C as follows:
- After tax
settlement, a loss-suffering enterprise shall wholly and consecutively carry
forward losses to subsequent years' taxable incomes. The maximum duration for
loss carry forward is 5 consecutive years, counting from the year following the
year the losses arise.
Example 1: Tn
2011, enterprise A suffers a loss of VND 10 billion. In 2012, it has a taxable
income of VND 12 billion. Then, it must wholly carry forward VND 10 billion
into its taxable income of 2012.
Example 2: In
2011, enterprise B suffers a loss of VND 20 billion. In 2012, it has a taxable
income of VND 15 billion, then:
+ It must
wholly carry forward VND 15 billion into its taxable income of 2012;
+ It shall
monitor and wholly and consecutively carry forward the remaining loss of VND 5
billion to no more than 5 subsequent years, counting from the year following
the year the loss arises (i.e., the loss of 2011 shall be carried forward up to
2016).
- An
enterprise suffering losses in a quarter(s) of a fiscal year may clear losses
in the quarter(s) to subsequent quarters of the same fiscal year. When making
EIT settlement, the enterprise shall determine the whole year's loss and wholly
and consecutively carry forward such loss to taxable incomes of years following
the year the loss arises as stipulated above.
- Enterprises
shall themselves determine losses to be cleared against taxable incomes on the
above principle. In the loss carry forward duration, newly arising losses
(excluding losses carried forward from the previous period) shall be wholly and
consecutively earned forward for not more than 5 consecutive years, counting
from the year following the year the losses arise.
When an
agency competent to examine and inspect EIT settlement finds out a loss which
an enterprise is allowed to carry forward is different from the loss determined
by the enterprise itself, the loss allowed to be carried forward shall be
determined based on such agency's conclusion, and wholly carried forward for
not more than 5 consecutive years, counting from the year following the year
the loss arises.
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5. EIT on capital or securities transfer
a/ To add the
following to Point 1.3, Part E:
In case a
joint-stock company additionally issues stocks to raise capital, the positive
difference between the issuing price and par value shall be accounted into the
stock capital surplus account and such stock capital surplus is not liable to
EIT.
b/ To amend
and supplement Point 2. la. Part E as follows:
Taxed income
from transfer of capital invested in a business establishment shall be
determined as follows:
Taxed
income
=
Transfer
price
-
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-
Transfer
expenses
Of which:
- The
transfer price is the market price-based total actual value earned by the
transferor under the transfer contract.
If
installment or deferred payment is stipulated in the capital transfer contract,
the contract's turnover is exclusive of the installment or deferred payment
interest receivable in the contractual term.
If no payment
price is indicated in the transfer contract or the tax office has grounds to
determine that the payment price does not match the market price, it may
conduct inspection and fix the transfer price. In case an enterprise transfers
part of its contributed capital at a price not matching the market price, the
tax office may re-fix the whole value of this enterprise at the time of
transfer for re-determining the transfer price in proportion to the transferred
contributed capital.
The transfer
price shall be fixed based on the tax office's investigation documents or
capital transfer prices in other cases at the same time and applied by the same
economic organization or under similar transfer contracts at the time of
transfer. If the tax office-fixed transfer price is unsuitable, the appraisal
price set by a professional valuation institution competent to determine the
transfer price at the time of transfer may be referred to under regulations.
- The
purchase price of transferred capital (historical cost) shall be determined
based on accounting books and documents on the transferor's capital invested in
the business establishment at the time of capital transfer as certified by
parties to the enterprise or business cooperation contract, or on audit results
of an independent audit firm, for wholly foreign-owned enterprises.
In case an
enterprise making accounting in foreign currency (as approved by the Ministry
of Finance) transfers contributed capital in foreign currency, the transfer and
purchase prices of transferred capital shall be determined in foreign currency.
In case an enterprise making accounting in Vietnam dong transfers contributed
capital in foreign currency, the transfer price must be converted into Vietnam
dong at the exchange rate applicable at the time of transfer.
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Transfer expenses
include expense for carrying out legal formalities necessary for the transfer;
charges and fees for carrying out transfer procedures; expenses for
transaction, negotiation and conclusion of the. transfer contract, and other
expenses, accompanied by documentary evidence.
c/ To add the
following to Point 3.1, Part E:
In case a
capital-transferring enterprise receives capital in assets or other material
benefits (stocks, fund certificates, etc) but not in cash and earns income,
such income shall be accounted as other income and declared as taxable income
upon EIT calculation..
d/ To amend
and supplement Point 3.2, Part E as follows;
For
capital-transferring foreign organizations doing business or earning incomes in
Vietnam but not operating under the Investment Law or the Enterprise Law
(collectively referred to as foreign contractors):
Capital
transferees shall determine, declare, deduct and pay on behalf of foreign
contractors payable EIT amounts. In case capital transferees are also foreign
organizations not operating under the Investment Law or the Enterprise Law,
enterprises established under Vietnamese Jaw in which these foreign
organizations invest capital shall declare and pay payable amounts of EIT on
capital transfer on behalf of such organizations.
6. EIT on real estate transfer
a/ To amend
and supplement Point 1, Section I, Part Fas follows:
Enterprises
of all economic sectors earning incomes from transfer of land use or lease
rights, and real estate enterprises earning incomes from land sublease shall
pay income tax on real estate transfer.
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- Income from
transfer of land use or lease rights; and income from land sublease.
- Income from
transfer of land use or lease rights in association with land-attached assets;
and income from sublease of land in association with land-attached assets,
Land-attached assets include:
+ Houses;
+
Infrastructure facilities;
+
Architectural works on land;
+ Other
land-attached assets, including agricultural, forestry and fishery products
(plants and animals);
- Income from
transfer of house ownership or use rights.
Income from
sublease of land of real estate enterprises excludes income earned by
enterprises only from lease of houses, infrastructure facilities or
architectural works on land.
b/ To amend
and supplement Point 5, Section III, Part Gas follows:
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For credit
institutions licensed to transfer real estate mortgaged under law for capital
recovery, if the historical cost of real estate is unidentifiable, it shall be
determined as equal to (=) payable loan under the real estate mortgage contract
plus (+) unpaid loan interest expense by the time of sale of real estate for
mortgage under the credit contract plus (+) expenses arising upon the real
estate transfer accompanied by lawful invoices and documents.
c/ To amend
and supplement Point 6, Section III, Part G as follows:
When a
judgment enforcement agency auctions real estate used to secure judgment
enforcement, the proceeds from such auction shall be used under the
Government's Decree on distraint and auction of land use rights to secure
judgment enforcement. Organizations authorized to auction real estate shall
declare and deduct income tax on real estate transfer and remit it into the
state budget. Documents must indicate on-behalf lax declaration and payment for
sale of assets to secure judgment enforcement.
In case a
judgment enforcement agency transfers real estate used to secure judgment
enforcement, if the historical cost of real estate is unidentifiable, it shall
be determined as equal to (=) payable debt under the court ruling for judgment
enforcement plus (+) expenses arising upon the real estate transfer accompanied
by lawful invoices and documents.
7. EIT incentives
a/ To add the
following to Point 2.2, Section I. Part G:
For new
enterprises established under domestic investment projects capitalized at under
VND fifteen (15) billion and outside the conditional investment domains, the
enterprise registration certificate serves as the dossier for identifying an
investment project.
For new
enterprises established under domestic investment projects capitalized at
between fifteen (15) billion VND and under three hundred (300) billion VND and
outside the conditional investment domains, investors shall carry out
investment registration procedures as required at a provincial-level investment
management state agency.
b/ To amend
Point 2.5, Section I, Part G as follows:
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c/ To add the
following to Point 1.3, Section III. Part G:
To enjoy EIT
incentives for new enterprises established under investment projects on water
plants, power plants, water supply and drainage systems; bridges, roads,
railways; airports, seaports, river ports; airfields, stations and other
infrastrudure works of special importance as decided by the Prime Minister,
enterprises must have turnover and incomes from activities of these projects.
In case enterprises themselves build these works, income from such construction
is ineligible for EIT incentives.
d/ To amend
and supplement Point 5, Part I as follows:
- Enterprises
operating in other domains but earning incomes from education-training,
vocational, healthcare, cultural, sports and environmental activities
(collectively referred to as socialized activities) which fully satisfy the
conditions in terms of types, size and criteria prescribed by the Prime
Minister will pay EIT at the rate of 10% throughout their operation duration on
incomes from such activities from January 1, 2009.
-Enterprises
engaged in socialized activities before January 1. 2009. and fully satisfying
the conditions in terms of types, size and criteria prescribed by the Prime
Minister which are paying EIT at a rate higher than 10% on incomes from
socialized activities may pay the EIT rate of 10% for these activities from
January 1,2009.
e/ To add the
following to Part I:
- From
January 1,2009, the EIT rate of 20% applies.to agricultural service
cooperatives earning -incomes from agricultural service activities and people's
credit funds, including those which were established before January 1, 2009,
but have not yet enjoyed EIT incentives or for which the duration of EIT
incentive enjoyment has expired (excluding those currently-enjoying the rale of
10%).
-
Software-manufacturing enterprises currently enjoying EIT incentives under
granted investment licenses or investment incentive certificates under which
the incentive EIT level (including the incentive EIT rate and EIT exemption, or
reduction duration) under Circular No. 130/2008/TT-BTC is higher than the
incentive level specified in such licenses or certificates may enjoy incentives
specified in Circular No. 130/2008/TT-BTC for the remaining period, counting
from the 2009 tax period.
- Incomes
from mining activities of enterprises established and licensed to carry out
mining activities from January i, 2009, are not eligible for EIT incentives.
Mining enterprises operating before January 1,2009, and currently enjoying EIT
incentives under previous regulations on EIT or under investment licenses or
investment incentive certificates may further enjoy such incentives for the
remaining period.
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This Circular
takes effect 45 days from the date of its signing and applies from the 2011 EIT
period.
Matters
neither guided in nor contrary to this Circular comply with the Finance
Ministry's Circular No. 130/2008/TT-BTC of December 26, 2008, on enterprise
income tax.
To annul
Circular No. 177/2009/TT-BTC of September 10, 2009, guiding the determination
of taxable income with regard to exchange rate differences of payable
foreign-currency debts.
To replace
form No. 01/TNDN (attached to the Finance Ministry's Circular No. 130/2008/
TT-BTC of December 26,2008) of the statement of purchased goods and services
without invoices. Enterprises purchasing goods and services without invoices
and allowed to make a statement of purchased goods and services under
regulations shall make such statement according to the form attached to this
Circular (not printed herein).
Any problems
arising in the course of implementation should be reported to the Ministry of
Finance for timely guidance and settlement.
FOR
THE MINISTER OF FINANCE
DEPUTY MINISTER
Do Hoang Anh Tuan