This circular provides guidance on the exemption of VAT for interest rate swap services and acknowledges businesses' requests to further study VAT for currency swap and interest rate services.
Đối tượng áp dụng
Provincial Tax Departments; related enterprises
Các điểm cốt lõi
- Enterprises conducting interest rate swap transactions are exempt from paying VAT (Article 1)
- Currency swap and interest rate swap transactions do not have specific regulations regarding VAT, the Ministry of Finance will conduct further research (Article 2)
- Enterprises conducting interest rate swap transactions are exempt from VAT, reducing business costs;
- Related enterprises involved in currency swap and interest rate swap transactions must await detailed guidance from the Ministry of Finance
🌐 Tác động xã hội từ văn bản này
- Enterprises conducting interest rate swap transactions are exempt from VAT, reducing business costs;
- Related enterprises involved in currency swap and interest rate swap transactions must await detailed guidance from the Ministry of Finance
❓ Câu hỏi thường gặp
Do enterprises conducting interest rate swap transactions have to pay VAT?
No, enterprises are exempt from paying VAT for this transaction.
Are currency swap and interest rate swap transactions subject to VAT?
There are currently no specific regulations regarding VAT for these types of transactions; businesses must await guidance from the Ministry of Finance.
Toàn văn
LETTER
OF THE MINISTRY OF FINANCE NO. 10645/TC-TCT
SEPTEMBER 21, 2004 ON VALUE ADDED TAX
FOR INTEREST RATE SWAP SERVICES
Dear: Provincial and Central City Tax Departments
The Ministry of Finance has received letters from several enterprises requesting guidance on value added tax (VAT) for interest rate swap services and foreign currency and interest rate swap services. Regarding this matter, the Ministry of Finance provides the following opinions:
1. On VAT for interest rate swap transactions
Based on the provisions of Decision No. 1133/2003/QĐ-NHNN dated September 30, 2003 of the State Bank of Vietnam regarding the issuance of regulations to implement interest rate swap transactions, based on the provisions at Point 7, Section II, Part A of Circular No. 120/2003/TT-BTC dated December 12, 2003 of the Ministry of Finance, and considering the nature of the transaction, interest rate swap transactions are not subject to VAT.
2. On VAT for foreign currency and interest rate swap transactions
Currently, the State Bank of Vietnam has no specific regulations on foreign currency swap transactions or foreign currency and interest rate swap transactions. Therefore, the Ministry of Finance notes the enterprises' requests for study and consideration, and will provide detailed guidance.
The Ministry of Finance informs the Tax Departments to be aware and guide enterprises in implementation.
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