Circular No. 06/1998/TT-BTC guides the implementation of the financial management regime for lottery companies, including provisions on revenue, expenses, taxes, profit distribution, and financial reporting. This circular applies to lottery companies operating under state management.
适用范围
Lottery companies
要点
- Lottery companies are permitted to pay winning tickets, agent commissions, salaries, lottery tickets, prize draws, contributions to the association, publicity, and other reasonable expenses.
- The revenue of lottery companies includes revenue from selling lottery tickets and other activities. Expenses are specified in detail according to each type.
- Lottery companies must pay turnover tax as prescribed by law at the Tax Department where their main office is located.
- The profit of lottery companies is determined by the difference between revenue from selling lottery tickets minus cost of goods sold and various types of taxes (excluding income tax).
- Lottery companies must submit financial reports as required and send them to the Ministry of Finance.
🌐 本文件的社会影响
- Positive impact: Ensuring that the business operations of lottery companies are strictly managed and transparent.
- Negative impact: It may impose a burden on costs for lottery companies, especially when they have to comply with many specific regulations.
❓ 常见问题
What percentage of commission can lottery companies pay to agents?
The maximum commission paid to agents does not exceed 13% of ticket sales revenue in plains provinces, cities, and does not exceed 15% in mountainous provinces and the Central Highlands.
How do lottery companies pay turnover tax?
Lottery companies must fully pay turnover tax as prescribed by law at the Tax Department where their main office is located.
How is the profit of lottery companies determined?
Profit = Revenue from selling lottery tickets - Cost of goods sold + Other profits. Taxes excluding income tax are deducted.
How must lottery companies submit financial reports?
Lottery companies must submit financial reports to the Ministry of Finance: Quarterly financial reports no later than the 15th day of the first month of the following quarter; Annual financial reports no later than January 31 of the following year.
When does this circular take effect?
This circular takes effect 15 days after the date of issuance.
全文
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MINISTRY OF FINANCE |
SOCIALIST REPUBLIC OF VIETNAM |
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Number: 06/1998/TT-BTC |
Hanoi, January 10, 1998 |
CIRCULAR
Guidelines for implementing financial management regulations for lottery companieslottery tickets
Implementing Decree No. 59/CP dated October 3, 1996 of the Government on financial management and accounting regulations for state-owned enterprises;
The Ministry of Finance provides guidelines for financial management for lottery companies as follows:
This technical regulation sets out technical requirements, testing methods, sampling procedures; management requirements; responsibilities of organizations and individuals producing, trading, and importing cigarettes.
1. Lottery companies are state-owned enterprises operating in the lottery sector, possessing legal personality, receiving statutory capital from the State, and having rights and responsibilities to comply with current national regulations.
2. Due to their specific characteristics, lottery companies must implement Decree No. 59/CP dated October 3, 1996 and Circulars guiding financial management issued by the Ministry of Finance, in addition to the specific provisions set forth in this Circular.
II. SOME SPECIFIC PROVISIONS
1. Revenue of lottery companies:
1.1. Revenue (actual revenue) from selling lottery tickets, lotto, scratch-off lottery, pull-tab lottery...
1.2. Revenue from other activities.
2. Expenses of lottery companies:
In addition to the expenses stipulated in Circular No. 76 TC/TCDN dated November 15, 1996 of the Ministry of Finance, lottery companies may incur the following expenses:
2.1. Prize payout: When establishing prize structures, they must comply with the regulations of the Ministry of Finance for each type of lottery. Prize payouts must be based on valid winning tickets from each ticket issuance period and actual prize payments to determine the amount.
2.2. Commission for agents: Lottery companies may pay commissions to agents according to regulations set for each type of lottery and applied over specific periods and regions.
The maximum commission payable to agents shall not exceed 13% of lottery ticket sales revenue in plains provinces and cities, and 15% in mountainous and Central Highlands provinces.
2.3. Salary expenses: Lottery companies base salary unit prices on Government Decree No. 28/CP dated March 28, 1997 on wage reform, and Circular No. 13/LDTBXH-TT dated April 10, 1997 of the Ministry of Labor, Invalids, and Social Affairs on guiding methods for labor cost standards for state-owned enterprises. They must comply with management regulations and specific labor cost standards.
2.4. Lottery ticket expenses: Ticket expenses are determined based on actual payment prices with printing bases through economic contracts plus transportation, handling, storage, and legitimate additional fees. These expenses must be supported by valid invoices and documents.
2.5. Expenses for drawing and awarding prizes: Includes expenses for renting halls, supervisory board allowances, witnesses for drawing and awarding prizes, service personnel...
Expenses for unsold ticket destruction and expired stored ticket destruction: Includes supervisory board allowances for witnessing unsold ticket destruction and lottery ticket stub redemption. Allowance levels for supervisory boards for drawing and awarding prizes, unsold ticket destruction, and lottery ticket stub redemption are established by lottery companies and registered with the Provincial or City State Capital and Asset Management Department based on market principles and enhancing responsibility. Allowances are based on attendance records.
2.6. Contributions to the linked group (if applicable): These are contributions for common activities of the linked group used for main purposes such as stamping tickets (if applicable), distributing tickets to provinces and cities, supervisory board allowances for drawing and awarding prizes, disseminating results, serving inspection work, subsidies for concurrently holding positions in the supervisory board, paying salaries to dedicated staff (if applicable), meetings, rewarding outstanding units and individuals, and other expenses directly serving the common activities of the linked group.
Regarding contribution levels, the Ministry of Finance will study and specify maximum levels that each member must contribute. For now, these depend on approved budgets and lottery sales volumes. Financial settlements must be completed annually and approved by the group's audit committee. The group chairman is responsible for the legality of these expenses. Any surplus can be deducted from the next year's contributions.
2.7. Expenses for promoting lottery activities and disseminating prize results: Includes advertising, marketing, promoting the purpose of lottery activities, informing customers and agents about results, and related expenses.
2.8. Reasonable and legitimate expenses aimed at promoting lottery business development: Such as developing lottery agent networks, researching new lottery products, and combating illegal betting.
2.9. Other cash expenses (receptions, ceremonies, meetings...): Lottery companies must establish expense limits, and these expenses must be supported by valid documents, with maximum limits specified in Circular No. 76 TC/TCDN dated November 15, 1996 of the Ministry of Finance.
Limits on other cash expenses are based on the difference between lottery ticket sales revenue and cost of goods sold:
Where:
- Lottery ticket sales revenue includes all types of lottery sales.
- Cost of goods sold includes: Business management costs + Direct issuance and prize payout costs.
3. Income tax of lottery companies:
Lottery companies must fully pay income tax as prescribed by law to the Tax Office where the company headquarters is located.
III. DISTRIBUTION OF PROFITS AND ESTABLISHMENT OF FUNDS
The profit of lottery companies is determined by the difference between lottery ticket sales revenue minus cost of goods sold and taxes excluding corporate income tax. Specifically:
|
Realized profit |
= |
Revenue from lottery ticket sales |
- |
Cost of goods sold |
- |
Various taxes (excluding corporate income tax) |
+ |
Other income |
Profit distribution: The timing, method of setting aside, and use of funds shall be carried out in accordance with Circular 70 TC/TCDN dated November 5, 1996, issued by the Ministry of Finance.
IV. FINANCIAL REPORTING REGIME
In addition to reports under the current regime, the Lottery Company shall implement the financial reporting regime as follows:
- The Lottery Company shall submit reports to the Ministry of Finance:
+ Quarterly financial reports no later than the 15th day of the first month of the following quarter.
+ Annual financial reports no later than January 31 of the following year.
V. IMPLEMENTATION
The Lottery Company is responsible for lawful use of state capital and assets, ensuring the preservation and development of capital, and fully fulfilling tax obligations as prescribed by law. The Company is subject to inspection and audit by competent state management agencies.
This Circular takes effect fifteen days from the date of signature. Previous provisions contrary to this Circular are hereby abolished.
Any difficulties encountered during implementation should be reported to the Ministry of Finance for timely review, supplementation, and amendment./.
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DEPUTY MINISTER (Signed) Pham Van Trong |
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