Circular No. 61/2016/TT-BTC guides the collection, submission, and management of profits and dividends distributed from state-owned capital invested in enterprises.

CIRCULAR

Hsafe school collection, payment, and management of profits and dividends distributed to the state capital invested in enterprises

Pursuant to the Law on Tax Administration No. 78/2006/QH11 dated November 29, 2006; the Law Amending and Supplementing Certain Provisions of the Law on Tax Administration No. 21/2012/QH13 dated November 20, 2012; and the Law Amending and Supplementing Certain Provisions of Laws on Taxation No. 71/2014/QH13 dated November 26, 2014;

Pursuant to the Enterprise Law No. 68/2014/QH13 dated November 26, 2014;

Pursuant to the Law on Management and Use of State Capital Invested in Production and Business Activities of Enterprises No. 69/2014/QH13 dated November 26, 2014;

Pursuant to the Law on Corporate Income Tax No. 14/2008/QH12 dated June 3, 2008; the Law Amending and Supplementing Certain Provisions of the Law on Corporate Income Tax No. 32/2013/QH13 dated June 19, 2013;

Pursuant to Decree No. 83/2013/NĐ-CP dated July 22, 2013 of the Government detailing the implementation of certain provisions of the Law on Tax Administration and the Law Amending and Supplementing Certain Provisions of the Law on Tax Administration; Decree No. 12/2015/NĐ-CP dated February 12, 2015 of the Government detailing the implementation of the Law Amending and Supplementing Certain Provisions of Laws on Taxation and Amending and Supplementing Certain Provisions of Decrees on Taxation;

Pursuant to Decree No. 87/2015/NĐ-CP dated October 6, 2015 of the Government on supervision of state capital investment in enterprises; financial supervision, evaluation of operational efficiency, and public disclosure of financial information of state-owned enterprises and enterprises with state capital;

Pursuant to Decree No. 91/2015/NĐ-CP dated October 13, 2015 of the Government on state capital investment in enterprises and management and use of capital and assets in enterprises;

Pursuant to Decree No. 215/2013/NĐ-CP dated December 23, 2013, promulgated by the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

At the proposal of the Director General of the State Revenue总局局长的提议；

The Minister of Finance issues this Circular detailing and guiding the collection, payment, and management of profits and dividends distributed to the state capital invested in enterprises as follows:

PART I

GENERAL PROVISIONS

Article 1. Scope of application

This Circular details the procedures for collecting and paying remaining post-tax profits after setting aside reserves for parent companies of state economic groups, parent companies of state corporations, parent companies within a parent company - subsidiary group, independent limited liability companies wholly owned by the state with 100% state share capital; collection and payment of dividends and distributed profits for state capital in joint-stock companies and limited liability companies with two or more members having state contributions represented by ministries, sectors, and localities as owners;

Article 2. Applicability

1. Enterprises wholly owned by the State, including:

a) A single-member limited liability company that is the parent company of state economic groups;

b) A single-member limited liability company that is the parent company of a state corporation (including the State Capital Investment Corporation - abbreviated as SCIC);

c) A single-member limited liability company that is the parent company within a group of parent companies and subsidiaries;

d) An independent single-member limited liability company.

2. Joint-stock companies with state contributions represented by ministries, sectors, and localities as owners.

3. Limited liability companies with two or more members having state contributions represented by ministries, sectors, and localities as owners.

4. Owner representative agencies.

5. Representatives of state capital invested in joint-stock companies and limited liability companies with two or more members.

6. Other agencies, organizations, and individuals related to activities of investing, managing, and using state capital in state-owned enterprises.

Chapter II

COLLECTION INTO THE STATE BUDGET FOR POST-TAX PROFITS REMAINING AFTER SETTING ASIDE RESERVES IN ENTERPRISES WHOLLY OWNED BY THE STATE WITH 100% SHARE CAPITAL

Article 3. Objects subject to submission to the state budget the remaining post-tax profit after setting up funds

Enterprises implementing the submission to the state budget the remaining post-tax profit after setting up funds as stipulated in this Chapter are enterprises with 100% state-owned charter capital as specified in Clause 1, Article 2, Part I of this Circular (including enterprises established and managed by political organizations, political-social organizations; defense and security enterprises as defined in Government Decree No. 93/2015 dated October 15, 2015 on organization, management, and operation of defense and security enterprises).

For lottery enterprises, the distribution of profits and submission of the remaining post-tax profit after setting up funds shall be carried out according to specific guidelines issued by the Ministry of Finance.

Article 4. Determination of the remaining post-tax profit after setting up funds for submission to the state budget

1. The remaining post-tax profit after setting up funds for submission to the state budget of enterprises as specified in Clause 1, Article 2, Part I of this Circular is the profit determined in accordance with the provisions of accounting laws (after deducting expenses not deductible when determining corporate income tax but in compliance with accounting laws), after offsetting previous year losses in accordance with corporate income tax laws, setting up the Science and Technology Development Fund, paying corporate income tax as prescribed by law, and deducting distributions and setting up funds as prescribed in Government Decree No. 91/2015/NĐ-CP dated October 13, 2015 on state investment in enterprises and management and use of capital and assets in enterprises; Circular No. 219/2015/TT-BTC dated December 31, 2015 of the Ministry of Finance guiding certain contents of Government Decree No. 91/2015/NĐ-CP dated October 13, 2015 on state investment in enterprises and management and use of capital and assets in enterprises.

In cases where the Government has special regulations on distribution and setting up funds, enterprises shall set up funds in accordance with the Government's special regulations, and the remaining post-tax profit after distribution and setting up funds must be submitted to the state budget.

2. Regarding the remaining post-tax profit after setting up funds of wholly-owned subsidiaries by parent companies:

Based on the financial regulations of wholly-owned subsidiaries issued by the parent company, each year, the parent company is responsible for approving the financial statements and deciding on the distribution and use of post-tax profits at subsidiaries to collect post-tax profits from subsidiaries.

Wholly-owned subsidiaries by parent companies (parent companies falling under the provisions of Article 3 of this Circular) shall submit the remaining post-tax profit after setting up funds to the parent company, and the parent company shall record financial revenue in the same fiscal year to determine the remaining post-tax profit after setting up funds required to be submitted to the state budget as prescribed.

Example 1: Group A is the parent company holding 100% of the charter capital of Company B. The remaining post-tax profit after setting up funds of Company B as calculated for the year 2016 that must be submitted to Group A is 1 trillion VND. Group A records the remaining post-tax profit after setting up funds of Company B for the year 2016, which must be submitted to Group A, as 1 trillion VND in financial revenue for the year 2016 to determine the remaining post-tax profit after setting up funds required to be submitted to the state budget for Group A in 2016.

In cases where, after approving the financial statements and deciding on the distribution of post-tax profits and collection of the remaining post-tax profit after setting up funds of subsidiaries, the equity capital at subsidiaries exceeds the approved charter capital by the parent company, the parent company shall collect the difference between the equity capital and the charter capital of subsidiaries back to the parent company and record it as financial revenue of the parent company, thereby determining the remaining post-tax profit after setting up funds of the parent company required to be submitted to the state budget.

3. Regarding dividends and distributed profits of joint-stock companies and limited liability companies with two or more members having contributions from parent companies:

The parent company shall record dividends and distributed profits from joint-stock companies and limited liability companies with two or more members having contributions from the parent company as financial revenue to determine the remaining post-tax profit after setting up funds required to be submitted as prescribed. The time of recording dividends and distributed profits as financial revenue of the parent company is the date of receiving the dividend distribution notice from the Board of Directors (for dividends distributed by joint-stock companies) or the effective date of the Resolution of the Board of Members adopted by members (for distributed profits by limited liability companies with two or more members).

Example 2: Company C is the parent company holding 60% of the charter capital of Joint-Stock Company D. On April 15, 2016, Joint-Stock Company D held a shareholders' meeting and issued a Resolution of the Shareholders' Meeting, including a decision to distribute dividends from business operations in 2015 of Joint-Stock Company D, with the payment date being July 1, 2016. On June 20, 2016, the Board of Directors of Joint-Stock Company D issued a dividend distribution notice to shareholders. Company C records financial revenue for the distributed dividends based on the dividend distribution notice date from the Board of Directors of Company D (June 2016) to determine the remaining post-tax profit after setting up funds required to be submitted by Company C in 2016.

Parent companies with contributions in joint-stock companies and limited liability companies with two or more members have the responsibility to vote for dividend payments when all conditions stipulated in the Enterprise Law are met, while also requesting and urging joint-stock companies and limited liability companies with two or more members to submit the portion of dividends and distributed profits corresponding to the parent company's contribution back to the parent company.

In the case where a joint-stock company or a limited liability company with two or more shareholders violates the deadline for distributing dividends and profits according to the Enterprise Law due to the contribution of the parent company, the parent company shall be responsible for reporting to the Ministry of Finance and the supervisory agency of the parent company for handling in accordance with the provisions of the law.

In the case where the parent company receives shares from a joint-stock company with the parent company's capital contribution without having to pay because the joint-stock company uses surplus share capital, funds belonging to the owner's equity, or distributes dividends in the form of shares to increase the registered capital, the enterprise shall base on the number of shares received to open accounting books for tracking, recording, and reflecting in financial statements according to the current accounting regulations for enterprises.

Article 5. Declaration and payment to the state budget of remaining post-tax profit after setting up reserves

1. Declaration and payment of remaining post-tax profit after setting up reserves:

a) Quarterly, based on the results of business operations for the quarter, the enterprise shall temporarily declare and pay the remaining post-tax profit after setting up reserves that must be paid to the state budget of the quarter no later than the 30th day of the next quarter following the occurrence of the obligation to pay the remaining post-tax profit after setting up reserves.

b) At the end of the fiscal year, based on the data on the financial statement, the enterprise shall declare and settle the remaining post-tax profit after setting up reserves that must be paid to the state budget according to Form 01/QT-LNCL issued together with this Circular and pay the remaining post-tax profit after setting up reserves that must be paid (if any) no later than the 90th day, counted from the end of the calendar year or fiscal year.

In the event that at the time of declaring and settling the remaining post-tax profit after setting up reserves, the enterprise has not yet received the decision announcing the classification result of the enterprise from the owner, the enterprise classification shall be based on the enterprise classification report sent by the enterprise to the owner. If there is no enterprise classification report sent by the enterprise to the owner, the enterprise shall temporarily assess the enterprise classification to serve as the basis for setting up reserves and determining the remaining post-tax profit after setting up reserves that must be paid to the state budget.

After receiving the decision announcing the classification result of the enterprise from the owner, if there is a change in the enterprise classification, the enterprise shall re-determine the amount of reserves set up and the remaining post-tax profit after setting up reserves that must be paid to the state budget to declare and adjust the settlement of the remaining post-tax profit after setting up reserves and pay any additional amount due (if any) to the state budget in accordance with the provisions.

In the event that when settling the year-end accounts or when receiving the decision announcing the enterprise classification from the owner, if the remaining post-tax profit after setting up reserves already paid to the state budget exceeds the actual amount that must be paid, the enterprise shall be entitled to reduce the amount payable in the subsequent period.

c) In the case where the enterprise carries out distribution, division, merger, acquisition, privatization, or cessation of operations according to the type of single-member limited liability company, the enterprise shall be responsible for declaring and settling the remaining post-tax profit after setting up reserves up to the point of distribution, division, merger, acquisition, privatization, or cessation of operations according to the type of single-member limited liability company and pay the remaining post-tax profit after setting up reserves that must be paid to the state budget no later than the 45th day from the date of carrying out distribution, division, merger, acquisition, privatization, or cessation of operations according to the type of single-member limited liability company as decided by the competent authority.

2. Responsibility for submitting the declaration of remaining post-tax profit after setting up reserves to the tax authority:

The enterprise shall declare and submit the declaration of remaining post-tax profit after setting up reserves that must be paid to the state budget to the directly managing tax authority in electronic form.

Article 6. Distribution 1. Within fifteen days after the end of each quarter, the project leader who implements expenditure control at the State Treasury shall prepare a report and send it to the supervising agency, concurrently sending it to the financial agency at the same level regarding the disbursement of ODA and preferential loan funds in that quarter, along with the accounting vouchers for state budget revenue and expenditure confirmed by the State Treasury where the transaction takes place.

a) The remaining post-tax profit of central enterprises after setting aside funds for state budget contributions as stipulated in this Article shall be distributed 100% to the central budget. Enterprises shall remit such amounts into the state budget revenue account opened at the State Treasury's branch office.

b) The remaining post-tax profit of local enterprises after setting aside funds for state budget contributions as stipulated in this Article shall be distributed 100% to the local budget. Enterprises shall remit such amounts into the state budget revenue account opened at the provincial or centrally-administered city treasury where the enterprise's headquarters is located.

Article 7. Handling Violations Related to Late Submission of Profit After-Tax Declaration and Late Payment of Post-Tax Profit Contributions to the State Budget

1. If an enterprise fails to submit the declaration of post-tax profit after setting aside funds for state budget contributions within the time limit specified in Article 5 of Chapter II of this Circular, it shall be subject to penalties for late submission of tax declarations as provided for in the Law on Tax Administration.

2. Post-tax profit contributions to the state budget after setting aside funds constitute a state budget revenue. Enterprises subject to post-tax profit contributions after setting aside funds must fulfill their obligation to pay the correct, full, and timely amount of post-tax profit contributions to the state budget according to this Circular.

An enterprise that delays payment of post-tax profit contributions to the state budget must pay interest on late payments to the state budget as prescribed in the Law on Tax Administration and the Law Amending and Supplementing Certain Provisions of the Law on Tax Administration.

3. In cases where the total post-tax profit contributions temporarily paid during the fiscal year is less than 20% of the post-tax profit contributions required to be paid according to the annual settlement, the enterprise must pay interest on late payments for the excess portion from the day following the last day of the fourth quarter temporary payment deadline until the date of actual payment of the shortfall compared to the settlement.

Example 3: Company E's post-tax profit contributions required to be paid according to the 2016 annual settlement is 100 billion VND. During the year, Company E made provisional payments of 70 billion VND for the four quarters of 2016. The difference between the post-tax profit contributions required to be paid according to the annual settlement and the provisional payments is 30 billion VND (an increase of 30%). Twenty percent of the post-tax profit contributions required to be paid according to the annual settlement is 20 billion VND. The excess portion from 20% onwards is (30 billion VND - 20 billion VND) = 10 billion VND. Company E completed the payment of the excess amount of 30 billion VND into the state budget on March 31, 2017, as stipulated. Therefore, Company E must pay interest on late payments for the excess portion from 20% onwards, calculated from January 31, 2017, the day following the last day of the fourth quarter provisional payment deadline, to March 31, 2017.

For the total post-tax profit contributions temporarily paid quarterly being lower than 20% of the amount required to be paid according to the annual settlement and if the enterprise delays payment beyond the stipulated deadline, interest on late payments shall be calculated from the day following the last day of the provisional payment deadline for post-tax profit contributions according to the annual settlement to the date of actual payment into the state budget.

Example 4: Company G's post-tax profit contributions required to be paid according to the 2016 annual settlement is 100 billion VND. During the year, Company G made provisional payments of 85 billion VND for the four quarters of 2016. The difference between the post-tax profit contributions required to be paid according to the annual settlement and the provisional payments is 15 billion VND (an increase of 15%). Company G completed the payment of the difference between the post-tax profit contributions required to be paid according to the annual settlement and the provisional payments into the state budget on August 31, 2017. Company G must pay interest on late payments for the amount of 15 billion VND calculated from April 1, 2017, the day following the last day of the provisional payment deadline for post-tax profit contributions in 2016, to August 31, 2017.

In cases where the competent authority conducts inspections or audits after the enterprise has declared post-tax profit contributions according to the annual settlement, and discovers that the post-tax profit contributions required to be paid are higher than those declared, the enterprise must pay interest on late payments for the entire additional post-tax profit contributions identified through the inspection or audit from the day following the last day of the provisional payment deadline for post-tax profit contributions according to the annual settlement or final settlement to the date of actual payment of the post-tax profit contributions.

4. After the decision to announce the classification results of the enterprise by the owner, if the post-tax profit contributions required to be paid by the enterprise increase compared to the declared amount, the enterprise must make supplementary payments to the state budget for the additional post-tax profit contributions. For the additional post-tax profit contributions due to adjustments in the enterprise classification results announced by the owner from the day following the last day of the provisional payment deadline for post-tax profit contributions to June 30, which is the deadline for announcing the classification results of the owner as stipulated in Decree No. 87/2015/NĐ-CP dated October 6, 2015, of the Government, the enterprise is not required to pay interest on late payments.

Example 5: At the time of submitting the final profit settlement report after tax for the remaining profits after setting up funds in 2016 (March 31, 2017), Company H determined that the amount payable according to the 2016 settlement was 230 billion VND after setting up funds based on its self-classification as type A. The company had already paid 230 billion VND to the state budget on March 31, 2017. On June 30, 2017, the owner of Company H announced that the company's classification was type B, based on which, Company H adjusted the fund setup amounts and recalculated the remaining profit payable to the state budget for 2016 at 280 billion VND. From April 1, 2017 to June 30, 2017, Company H is not required to pay late payment interest on the additional 50 billion VND due to the adjustment in the enterprise classification..

The rate of late payment interest is stipulated by the Law on Tax Administration. Late payment interest is deducted from the enterprise development fund established in accordance with Decree No. 91/2015/NĐ-CP dated October 13, 2015 of the Government on State investment capital in enterprises and management and use of capital and assets in enterprises.

Chapter III

COLLECTION INTO THE STATE BUDGET FOR DIVIDENDS AND PROFITS DISTRIBUTED TO THE STATE CAPITAL IN JOINT-STOCK COMPANIES AND LIMITED LIABILITY COMPANIES WITH TWO OR MORE MEMBERS THAT HAVE STATE CAPITAL REPRESENTED BY MINISTRIES, SECTORS, AND LOCAL AUTHORITIES

Article 8. Dividends and profits distributed to be paid into the state budget as provided in this Chapter include b) Explanation and calculation of cost components and profit of Electricity Corporation i, including:

- The amount of dividends distributed during the fiscal year (including interim dividends distributed during the fiscal year and dividends from previous years distributed during the fiscal year) for the state capital, as decided by the General Meeting of Shareholders or the Board of Directors of joint-stock companies pursuant to Clause 2, Article 2 of this Circular;

- The amount of profits distributed during the fiscal year (including interim profits distributed during the fiscal year and profits from previous years distributed during the fiscal year) for the state capital, as decided by the Board of Members of limited liability companies with two or more members pursuant to Clause 3, Article 2 of this Circular.

Article 9. Declaration and Payment of Dividends and Distributed Profits into the State Budget

1. Declaration and Payment of Dividends and Distributed Profits: Enterprises specified in Article 8 of this Circular shall declare the amount of dividends and distributed profits for the state capital on Form 01/CTLNĐC issued together with this Circular and shall pay into the state budget within 45 days from the date of notification of dividend distribution by the joint-stock company or limited liability company with two or more members.

2. Responsibility for Submitting Declarations to the Tax Authority:

Joint-stock companies and limited liability companies with two or more members specified in Article 8 of this Chapter shall submit declarations on dividends and distributed profits to the directly managing tax authority in electronic form.

Article 10. Allocation 1. Within fifteen days after the end of each quarter, the project leader who implements expenditure control at the State Treasury shall prepare a report and send it to the supervising agency, concurrently sending it to the financial agency at the same level regarding the disbursement of ODA and preferential loan funds in that quarter, along with the accounting vouchers for state budget revenue and expenditure confirmed by the State Treasury where the transaction takes place.

a) Dividends and distributed profits for the state capital of joint-stock companies and limited liability companies with two or more members where the state capital is represented by ministries or sectors shall be allocated 100% to the central government budget. Enterprises shall deposit into the state budget revenue account opened at the Central Treasury Exchange Office.

b) Dividends and distributed profits for the state capital of joint-stock companies and limited liability companies with two or more members where the state capital is represented by local authorities shall be allocated 100% to the local government budget. Enterprises shall deposit into the state budget revenue account opened at the provincial treasury office or municipal treasury office under the direct jurisdiction of the central government where the enterprise's main office is located.

Article 11. Handling Violations for Late Submission of Dividend and Profit Distribution Declaration Forms and Late Payment of Dividends and Profits to the State Budget

1. If a business entity fails to submit the dividend and profit distribution declaration form for state-owned capital as stipulated in Clause 1, Article 9 of Chapter III of this Circular within the prescribed time limit, it shall be subject to penalties for late submission of tax declaration forms as provided for in the Law on Tax Administration.

2. The dividends and profits distributed for state-owned capital as specified in this Chapter constitute a revenue of the state budget. Business entities that are required to pay dividends and profits for state-owned capital must fulfill their obligation to timely declare and fully remit the dividends and profits for state-owned capital as prescribed in this Circular.

A business entity that delays payment of dividends and profits for state-owned capital to the state budget shall be required to pay interest on late payment to the state budget in accordance with the provisions of the Law on Tax Administration and the Law Amending and Supplementing Certain Provisions of the Law on Tax Administration.

3. The date for calculating interest on late payment starts from the day following the last day of the deadline for paying dividends and profits for state-owned capital as stipulated in Clause 1, Article 9 of this Chapter.

The rate of interest on late payment is determined according to the Law on Tax Administration. Interest on late payment shall be deducted from the post-tax profit of joint-stock companies and limited liability companies with two or more members having state capital contributions in the subsequent period based on the receipt of payment of interest on late payment to the state budget.

Example 6: Company E is a joint-stock company with state capital contribution, represented by the Ministry of Industry and Trade as the owner. On April 15, 2016, Company E held a shareholders' meeting, and on July 1, 2016, the company announced the distribution of dividends for the 2015 business operations to shareholders, including dividends for state-owned capital amounting to 130 billion VND. Company E must declare and remit the state budget the dividends for state-owned capital of 130 billion VND no later than August 14, 2016. If Company E only remits the dividends for state-owned capital to the state budget on September 15, 2016, then Company E must pay interest on late payment from August 15, 2016 to September 15, 2016. The receipt of payment of interest on late payment is dated September 15, 2016, and the interest on late payment will be deducted from the post-tax profit of Company E in 2016.

Chapter IV

IMPLEMENTING PROVISIONS

Article 12. Effectiveness

This Circular takes effect from May 26, 2016 and applies to fiscal years starting from 2016.

Article 13Responsibility for Implementation

1. Ministries, sectors, provincial people's committees, and municipal people's committees directly under the central government, within their respective jurisdictions as prescribed by law, are responsible for directing representatives of state-owned capital investment at enterprises under delegated authority to inspect and urge enterprises to declare and remit state budget revenues as stipulated in this Circular.

2. Representatives of state-owned capital at joint-stock companies and limited liability companies with two or more members having state capital contributions have the responsibility to vote to distribute dividends when all conditions prescribed by the Enterprise Law are met, while also urging and urging joint-stock companies and limited liability companies with two or more members having state capital contributions to declare and remit dividends and profits for state-owned capital to the state budget as prescribed.

In case joint-stock companies and limited liability companies with two or more members having state capital contributions violate the time limit for distributing dividends and profits as prescribed by the Enterprise Law, the representative of state-owned capital has the responsibility to report to the Ministry of Finance and the agency representing state-owned capital at joint-stock companies and limited liability companies with two or more members having state capital contributions for handling in accordance with the law.

3. Responsibilities of Tax Authorities at All Levels:

Tax authorities at all levels are responsible for organizing the implementation of management work related to collecting post-tax profits remaining after setting up reserves and distributing dividends and profits, and disseminating and guiding enterprises subject to the obligation of declaring and remitting post-tax profits remaining after setting up reserves and distributing dividends and profits to implement the contents of this Circular.

a) Responsibilities of the organization managing large enterprises' taxes under the General Department of Taxation:

- Organizing the construction, management, exploitation, and utilization of information data about state budget capital invested in enterprises.

- Directly organizing the implementation of management work related to collection, including: supporting enterprises in declaring and remitting to the state budget, urging timely collection, organizing inspection and audit work on the declaration and remittance to the state budget of post-tax profits remaining after setting up reserves and dividends and profits for state-owned capital of state-owned enterprises holding 100% of the charter capital managed by the central government (including SCIC); dividends and profits for state-owned capital of joint-stock companies and limited liability companies with two or more members having state capital contributions represented by ministries and sectors as owners.

- Directing the organization of management work related to collecting post-tax profits remaining after setting up reserves and dividends and profits for state-owned capital that must be remitted to the state budget for enterprises under the responsibility of local tax bureaus as stipulated in Point b, Clause 3 of this Article; coordinating with local tax bureaus to inspect and audit the declaration and remittance of post-tax profits remaining after setting up reserves, dividends, and profits for state-owned capital that must be remitted to the state budget for enterprises under the responsibility of local tax bureaus as stipulated in Point b, Clause 3 of this Article.

b) Responsibilities of local tax bureaus:

- Directly organizing the implementation of management work related to collecting post-tax profits remaining after setting up reserves and dividends and profits for state-owned capital of state-owned enterprises holding 100% of the charter capital managed by localities; dividends and profits for state-owned capital of joint-stock companies and limited liability companies with two or more members having state capital contributions represented by localities as owners.

- Urging and timely collecting, organizing inspection and audit work on the declaration and remittance to the state budget of post-tax profits remaining after setting up reserves and dividends and profits for state-owned capital that must be remitted to the state budget for enterprises directly organized by local tax bureaus to implement management work.

4. The ministers, heads of ministerial-level agencies, heads of government agencies, chairpersons of provincial people's committees under the direct control of the central government shall be responsible for directing relevant agencies, organizations, and individuals to implement this Circular.

During the implementation process, if there are difficulties, organizations and individuals are requested to promptly reflect to the Ministry of Finance for research and resolution./.