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2010 tax complete balance sheet
dossiers have to submit and attach the declaration of the associated transactions
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On 15th September 2010, Tax Department of Ho Chi Minh City issued Document No. 3304/TB-CT notices about the report "Information about associated transactions" for the 2010 fiscal year. Whereby, enterprises have responsibility for declaring associated transactions follow form GCN-01/QLT is attached with Circle 66/2010/TT-BTC and submit with corporate income tax complete balance sheet dossiers. In cases, enterprises delay to submit or do not submit form of GCN-01/QLT are handled violation of the tax laws as other types of tax declaration. From 6th June 2010, enterprises with fiscal year other than calendar year make corporate income tax complete balance sheet dossiers follow form of GCN-01/QLT is attached with Circle No. 66/2010/TT-BTC. For fiscal years of 2006, 2007, 2008, 2009, Tax Department of Ho Chi Minh City still requires to supplement form of declaration follow form of GCN 01/TNDN is attached with Circle No. 117/2005/TT-BTC. In cases enterprises do not supplement form of GCN-01/TNDN for this fiscal years, when inspecting, checking if it has any element "transfer of pricing" to reduce payable income tax, tax authorities will handle sanction for tax evasion. The associated transactions are regulated in Circle No. 66/2010/TT-BTC. Tax Department of Hanoi City and others local provinces also have the same requires to implement under Circle 66/2010/TT-BTC for some enterprises in the area.
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Discounted costs, promotion of alcohol products are not counted as expenses, not deductible input VAT
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Enterprises do not declare to be deductible input VAT, are not counted as expenses on taxable corporate incomes for goods, services are used to promote when selling of alcohol products as well as discounted items for customers. This is content of Document No. 3069/TCT-CS is issued on 16th August 2010 by General Department of Tax.
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Expanding investment projects were granted in 2008 but operates in 2010 will not enjoy tax preference
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On 13th August 2010, General Department of Tax issued Document No. 3055/TCT-CS is about corporate income tax preference for Branch. Whereby, enterprises have expanding production investment projects end date of 31st December 2008 have been building and completed to product business in 2009 will be enjoyed corporate income tax exemption period for the extra income from expansion project as Circle No. 134/2007/TT-BTC. For Branches of Enterprises were granted established Certificate from 31st December 2008 but in building period in 2009 and go in operation in 2010 will not be enjoyed corporate income tax.
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Divided profit from securities investment fund shall be subject to 25% Corporate income tax
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Under instructing at Document No. 10945/BTCTCT is issued by Ministry of Finance on 13th August 2010 to Department of provinces, cities, Divided profit (Regardless of the domestic institutional investor or a foreign institutional investor) from securities investment fund is not subject to tax. Securities investment fund managing company shall be subject to 25% Corporate income tax as prescribed. Taxable divided profit excluding profit has been divided is subject to above corporate income tax and the interest tax-free bonds as prescribed.
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