Circular No. 77/2025/TT-BTC detailing securities trading services and securities transfer services pursuant to Decree No. 181/2025/NĐ-CP dated July 1, 2025 of the Government detailing the implementation of certain provisions of the Law on Value Added Tax.

CIRCULAR

Detailed regulations on securities trading services and securities transfer pursuant to Decree No. 181/2025/NĐ-CP dated July 1, 2025 of the Government detailing the implementation of certain provisions of the Law on Value Added Tax

Pursuant to the Securities Law No. 54/2019/QH14 amended and supplemented by Law No. 56/2024/QH15;

Pursuant to the Law on Value Added Tax No. 48/2024/QH15;

Pursuant to Decree No. 155/2020/NĐ-CP dated December 31, 2020 of the Government detailing the implementation of certain provisions of the Securities Law;

Pursuant to Decree No. 181/2025/NĐ-CP dated July 1, 2025 of the Government detailing the implementation of certain provisions of the Law on Value Added Tax;

Pursuant to Decree No. 29/2025/NĐ-CP dated February 24, 2025 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance amended and supplemented by Decree No. 166/2025/NĐ-CP;

At the proposal of the Chairman of the State Securities Commission;

The Minister of Finance hereby promulgates this Circular detailing securities trading services and securities transfer pursuant to Decree No. 181/2025/NĐ-CP dated July 1, 2025 of the Government detailing the implementation of certain provisions of the Law on Value Added Tax.

Article 1. Scope of Regulation

This Circular details securities trading services and securities transfer at points c and d, Clause 4, Article 4 of Decree No. 181/2025/NĐ-CP dated July 1, 2025 of the Government detailing the implementation of certain provisions of the Law on Value Added Tax (hereinafter referred to as Decree No. 181/2025/NĐ-CP).

Article 2. Applicability

The objects subject to this Circular include:

1. Taxpayers as prescribed in Article 3 of Decree No. 181/2025/NĐ-CP.

2. Tax administration agencies as prescribed by laws on tax administration.

3. Other organizations and individuals related thereto.

Article 3. Securities trading services at point c, Clause 4, Article 4 of Decree No. 181/2025/NĐ-CP

1. Securities brokerage at securities companies; accepting mandates to manage individual investors' trading accounts, managing trading accounts, online trading services, lending money for clients to buy securities, prepayment services for selling securities at securities companies; securities trading services, online connection services, terminal device usage services at the Stock Exchange; securities borrowing and lending services, securities custody, settlement, transaction error handling, post-trade error processing, margin asset management, position management at depository members, clearing members, Vietnam Securities Depository and Central Counterparty Corporation and subsidiaries; principal repayment, interest payment, purchase price of government bonds, construction bonds, government-guaranteed bonds, local government bonds, treasury bills.

2. Proprietary securities trading at securities companies; investment, capital contribution, issuance, offering financial products, guaranteed warrant products; market-making transactions.

3. Underwriting securities issuance, services related to underwriting securities issuance as stipulated in Clause 3, Article 86 of the Securities Law No. 54/2019/QH14 and reflected in the securities issuance underwriting contract.

4. Investment advisory services for securities.

5. Management of securities investment funds.

6. Management of securities investment portfolios.

Article 4. Securities transfer at point d, Clause 4, Article 4 of Decree No. 181/2025/NĐ-CP

1. Securities transfer through the stock exchange's securities trading system; transferring ownership of securities outside the stock exchange's system; securities account transfer.

2. Bidding, tendering, competitive bidding, number drawing.

Article 5. Effective Date

1. This Circular takes effect from July 30, 2025.

2. During implementation, in case of difficulties or obstacles, agencies, organizations, and individuals are requested to promptly report to the Ministry of Finance for resolution./.

DEPUTY MINISTER
DEPUTY MINISTER
(Signed)

Nguyen Duc Chi