Circular No. 67/2016/TT-BTC amends and supplements certain contents of Circular No. 111/2007/TT-BTC dated September 12, 2007 guiding the implementation of financial management regulations for the Vietnam Development Bank.

CIRCULAR

 Amending and supplementing certain contents of Circular No. 111/2007/TT-BTC

dated September 12, 2007 guiding the implementation of financial management regulations

for the Vietnam Development Bank

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

Pursuant to Decree No. 75/2011/NĐ-CP dated August 30, 2011 of the Government on state investment credit and export credit;

Pursuant to Decision No. 44/2007/QĐ-TTg dated March 30, 2007 of the Prime Minister promulgating the Financial Management Regulations for the Vietnam Development Bank;

At the proposal of the Director of the Department of Banking Finance and Financial Institutions;

The Minister of Finance issues this Circular amending and supplementing certain contents of Circular No. 111/2007/TT-BTC dated September 12, 2007 guiding the implementation of financial management regulations for the Vietnam Development Bank.

Article 1. Amending and supplementing certain contents of Circular No. 111/2007/TT-BTC dated September 12, 2007 guiding the implementation of financial management regulations for the Vietnam Development Bank as follows:

1. Paragraph b, Point 3.2, Clause 3, Part V is amended and supplemented as follows:

"The total actual capital is the sum of all sources of capital, including interest-free capital (including funds and fixed asset depreciation capital)."

2. Paragraph b, Point 3.2, Clause 3, Part V is supplemented with the following third item:

" - When calculating the total actual capital as the basis for subsidizing interest rate differences, the Vietnam Development Bank may exclude:

+ The actual capital actually used for investment and acquisition of fixed assets (original value of fixed assets minus depreciation).

+ Official Development Assistance (ODA) capital, entrusted capital from localities, organizations, individuals both domestic and foreign, state capital transferred for debt write-off and restructuring according to government decisions, and other capital used for activities not eligible for interest rate subsidies.

+ Cash reserves and deposits at other credit institutions to ensure liquidity and payment capacity, but not exceeding 7% of the average lending capital. The average lending capital is the total actual capital after excluding the aforementioned capital sources."

3. Item 4, Paragraph a, Point 2.2, Clause 2, Part VII is amended as follows:

"- Uniforms expense: The expenditure shall not exceed half of the maximum uniforms expense deductible when determining taxable income for enterprises."

4. Model Form No. 11/BC-VDB is amended according to the attached model form of this Circular.

Article 2. Implementation

1. This Circular takes effect from June 20, 2016 and is applicable from the 2015 fiscal year (except for the provisions on uniforms expense in Clause 3, Article 1 of this Circular which will be applied from the 2016 fiscal year).

2. The Board of Directors, General Director of the Vietnam Development Bank, project sponsors of state investment credit and export credit projects, and related units are responsible for implementing the provisions of this Circular. In the course of implementation, if there are difficulties, organizations and individuals are requested to promptly report to the Ministry of Finance for consideration and resolution.

In the course of implementation, if there are difficulties, organizations and individuals are requested to promptly report to the Ministry of Finance for consideration and resolution./.