Issue nos 07-08/September 2009 OFFICIAL GAZETTE 39

(Gong Baa nos 453-454/September 23, 2009)

1. This Circu lar takes effect 45 days from the Any problems arising in the course of
date of its signing and the 50% reduction of implementation should be reported to the
payable personal income tax for individuals Ministry of Finance for consideration and
earning incomes in economic zones applies from settlement.
January 1, 2009.
For the Minister of Finance
2. Individuals earning incomes from salaries Deputy Minister
or wages in economic zones from the effective DO HOANG ANH TUAN
date of the Government's Decree No. 2912008/ =-
ND-CP of March 14, 2008, through December ~
~
31,2008, who are liable to pay income tax on ~
••••
high-income earners are also eligible for 50%
....•••.•
reduction of payable tax amounts. The :=
finalization of income tax on high-income earners ~
shall be carried out under the Finance Ministry's Circular No. 177/2009/TT-~TC of
Circular No. 8112004/TT-BTC of August 13,
September 10, 2009, gui~ng the
2004. determination of taxable incomes from
Individuals earning incomes for working in exchange rate differences of:Ebreign-
economic zones set up under the Prime Minister's
decisions issued before the effective date of currency payable debts 5
Decree No. 2912008/ND-CP which provide for Pursuant to June 3, 2008 Law NoZl.4/2008/
50% reduction of payable income tax on high- QH 12 on Enterprise Income Tax; ••
<
income earners, such tax reduction complies with
documents guiding separate financial regimes I24/2008/ND-CP
-
Pursuant to the Government's I]:l!cree No.
of December 11"'; 2008,
applicable to these economic zones till the detailing and guiding a number of art~es of the
effective date of Decree No. 29/2008/ND-CP.
Enterprise Income Tax; ~
~
From the effective date of Decree No. 29/2008/
Pursuant to the Government's Dec~ No. 09/
ND-CP, this Circular will apply.
2009/ND-CP of February 5,2009, pr!ulgating
3. For individuals doing business in economic the Regulation on financial management of state
zones before January 1, 2009, and earning
•
companies and management of st(i" capital
incomes from their business who are entitled to
investment incentives under the Law on
invested in other entelprises; .:a
Pursuant to the Government's Decree No.
Enterprise Income Tax by the end of December
118/2008/ND-CPofNovember27, 2008, defining
31,2008, if the enterprise income tax exemption
the functions, tasks, powers and organizational
period has not yet expired, they will enjoy
structure of the Ministry of Finance;
personal income tax exemption till the expiration
of the remaining tax exemption period and after In[urtherance of the Prime Minister:~ opinion

-
that, enjoy 50% reduction of personal income in the Goverillnent Office's Official Letter No.
tax under this Circular. 2225/VPCP-KTTH (~[April 9, 2009, on the

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40 OFFICIAL GAZETTE Issue nos 07·08/September 2009
(Gong Baa nos 453-454/September 23, 2009)

handling offoreign exchange rate differences, tax period.

the Ministry of Finance provides specific 2. Matters which are neither guided in and
guidance on the determination of enterprise nor contrary to this Circular comply with the
income tax-liable incomes from exchange rate Finance Ministry's Circular No. 1301200S/TT-
differences of foreign-currency payable debts BTC of December 26. 200S. guiding a number
as follows: of articles of the Enterprise Income Tax Law and
guiding the Government's Decree No. I241200S/

• -
1. Su~cts
producers..and
earn tax~]e
!.
Article~ •. Subjects and scope of application
of app!ication
.. include
traders and servIce provIders that
incomes under
goods

the Enterprise
ND-CP of December 11, 200S, which details and
guides a number of articles
Income Tax Law.
of the Enterprise

In case a treaty or international agreement to

which the Socialist Republic of Vietnam is a
enterpns~.
Incom~ ~x Law (below referred to as
contracting party contains provisions on the
2. T~e~cope of application covers exchange handling of exchange rate differences of foreign-
rate diffej;Bnces of enterprises' payable debts of currency payable debts different from this Circular.
foreign-9fE"ency origin. the provisions of that treaty or agreement prevail.
Any problems arising in the course of
Articit.,2. Tax bases
implementation should be reported to the Ministry
An e~rise earning payable debts in foreign of Finance for guidance and timely settlement.-
currenci~ay account losses or profits from
exchange:r!te differences arising in a period and For the Minister of Finance
arising a~esult of re-valuation of payable debts Deputy Minister
•
in foreig~urrencies at the end of a fiscal year DO HOANG ANH TUAN
as expensB or incomes upon determination of
enterpriii:income tax-liable incomes in the
period. fh~case an enterprise suffers losses
because rt=accounts
..•.•.••
exchange rate differences
arising aswa·result of re-valuation of payable debts
in foreig~1Trrencies as expenses, it may allocate
part of t~e differences to the subsequent year THE STATE BANK OF VIETNAM
to preventIbsses, provided that the exchange rate
differences accounted as expenses in a year must
at least be equal to exchange rate differences of Circular No. 2012009/TT-NHNN of
foreign-currency amounts due to be paid in that September 7, 2009, providing for the
year. duration of preservation of dossiers and
documents in the banking sector
Article 3. Organization of implementation
This Circular takes effect 45 days on the date
1. This Circular takes effect 45 days from of its signing and replaces Decision No. 252/QD-
the date of its signing and applies from the 2009 NH of December 2S, 1993.-

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