This Circular provides detailed regulations on the collection and submission of interest from cooperative trading bases to the state budget according to Decree No. 22-CP of 1960. Cooperatives must submit 50% of their interest starting from January 1958 onwards, with mountainous areas required to submit only 35%. Newly established cooperatives are exempted for their first year of operation. The collected interest includes all interest of the cooperatives. Local financial and tax authorities are responsible for collecting and submitting the interest.
적용 범위
Cooperative trading bases, Administrative Committees of regions, cities, and provinces, Directors and Heads of Financial Departments, Chiefs of Branches and District Tax Office Heads.
핵심 사항
- Cooperative trading bases in mountainous areas must submit 35% of their interest, while others must submit 50%.
- Newly established cooperatives are exempted from interest collection during their first year of operation.
- The collected interest includes all interest of cooperative trading bases.
- Local financial and tax authorities are responsible for collecting the interest.
- Cooperatives must base their interest collection on the previous month's profit plan and adjust every quarter.
🌐 이 문서의 사회적 영향
- Positive impact: Support capital mobilization for the State to serve overall construction.
- Negative impact: Financial burden on cooperative trading bases, especially those in mountainous areas.
❓ 자주 묻는 질문
Which cooperative trading bases must submit interest?
Cooperative trading bases in autonomous regions and places subject to mountainous agricultural tax regimes must submit 35% of their interest, while others must submit 50%. Newly established cooperatives are exempted for their first year of operation.
What does the collected interest include?
The collected interest includes all interest of cooperative trading bases, such as interest from self-operated trade, catering, production; interest from entrusted purchase and sale activities; interest from selling waste materials and scrap; interest from selling goods at warehouse prices, selling cheap and easily perishable materials.
Which authority is responsible for collecting the interest?
Local financial and tax authorities are responsible for collecting the interest of cooperative trading bases.
For how long are newly established cooperatives exempted from interest collection?
Newly established cooperatives are exempted from interest collection during their first year of operation, calculated as twelve months from the start of business operations.
How will the tax authority handle overdue interest payments?
If interest payments are overdue, local tax authorities will request the State Bank to deduct funds from the cooperative's account held at the State Bank to pay the interest into the public treasury.
전문
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MINISTRY OF FINANCE Number: 23-TC/ST |
SOCIALIST REPUBLIC OF VIET NAM Hanoi, July 7, 1960 |
CIRCULAR
Regulations on the Implementation of the Council of Ministers' Decree No. 22-CP
dated June 30, 1960 regarding the Collection of Interest from Cooperative Trading Bases for the Administrative Committees of Provinces and Cities
state budget
THE MINISTER OF FINANCE
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Respectfully submitted to: |
To the Directors and Heads of Finance Departments |
dated June 30, 1960 of the Council of Ministers has temporarily regulated the collection of interest from cooperative trading bases to be submitted to the State budget.Below, the Ministry of Finance explains and specifies the detailed provisions for the implementation of this Decree.
1. From January 1958 onwards, cooperative trading bases submit 50% of their profits to the State budget; specifically, cooperative trading bases in mountainous areas submit 35% of their profits (to consider the difficulties in business operations in mountainous regions).
Cooperative trading bases in mountainous areas are those located in autonomous regions and places where agricultural tax is levied according to the mountainous agricultural tax system.
2. For the years 1956 and 1957, the amount to be submitted is the profit from business operations that cooperative trading bases have concentrated to the National Cooperative Trading Mobilization Committee. According to the report of this Committee, cooperative trading bases have submitted 40% of their profits for the two years 1956-1957. The Committee will determine the submission amount of each base and then deposit the profit into the public fund.
3. To consider newly established cooperative bases, the Council of Ministers has stipulated exemption from profit submission in the first year of operation. The exemption period is fully 12 months, starting from the month of commencement of business. The exempted amount by the State shall be used by the cooperative to strengthen its basic construction capital.
4. The profit used as the basis for calculating the submission amount includes all profits of cooperative trading bases: profits from their own commercial, catering, and production activities; profits from agency procurement and sales activities; profits from selling waste materials and scrap; profits from selling goods at warehouse prices, cheap and easily worn-out materials, etc.
5. Local financial and tax authorities are responsible for collecting the profit for the State budget. The collection method is as follows:
At the beginning of each month, cooperative trading bases will base on the previous month's profit plan to submit the profit to the local tax authority; at the end of each quarter and the end of the year, the tax authority will rely on the profit and loss settlement statements of cooperative trading bases to check and adjust the profit collection.
In case of overdue payment of profit, the local tax authority will request the Bank to deduct the account of the cooperative deposited with the State Bank to pay the profit into the public fund.
Under the direct leadership of the local administrative committee, local financial and tax authorities have the responsibility to closely coordinate with the Provincial Cooperative Trading Mobilization Committee, strengthen management over cooperative trading bases, regularly inspect finances, urge and assist cooperative trading bases to timely and fully submit profits as well as other types of taxes according to the regulations of the State.
Currently, it is necessary to ensure the successful completion of the profit submission for the years 1958, 1959, and the first six months of 1960 in July 1960.
Local administrative committees need to strictly lead, coordinate with relevant agencies, to ensure the effective implementation of profit submission by cooperative trading bases. It is necessary to emphasize explaining the significance and purpose of this profit submission:
1. Timely mobilizing a portion of the profits of cooperative trading bases to serve the general construction needs. The State's mobilization is reasonable because:
- 80%, 90% of the operating capital of cooperative trading bases is State capital (granted or lent); in addition, cooperative trading bases also receive support from the State in many aspects.
- The income from the profits of cooperative trading bases is also derived from the trade of the entire population and the State's pricing policy, not created solely by the cooperatives themselves; if allowing cooperative trading bases to enjoy all of it would be unreasonable.
- State-owned trade must submit profits to the State, cooperative trading bases must also contribute to the State.
2. Contributing to promoting the management of cooperative trading bases according to economic accounting systems. Local leaders need to pay special attention to assisting cooperative trading bases to continuously improve their business management, aiming to meet the requirements of supplying goods to farmers and the State's demand for purchasing agricultural products, while paying attention to guiding cooperative trading bases to use the remaining profits reasonably after submitting them to the State budget.
Management Committees of cooperative trading bases need to recognize these purposes and meanings, to explain clearly to members and fulfill the contribution tasks to the State budget.
The Management Boards of cooperative purchasing and selling establishments must recognize that purpose and significance, to explain it clearly to members so they understand and fulfill their tasks of contributing to the State budget.
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DEPUTY MINISTER OF FINANCE Trinh Van Binh |
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