Decision No. 934/QD-BTC Regarding the correction of Circular No. 34/2010/TT-BTC dated March 12, 2010 of the Ministry of Finance guiding the implementation of tax debt cancellation and other payments to the state budget for state-owned enterprises undergoing restructuring and conversion before July 1, 2007.

Pursuant to …;

Regarding the correction of Circular No. 34/2010/TT-BTC dated March 12, 2010 of the Ministry of Finance guiding the implementation of tax debt write-off and other State budget payments due from state-owned enterprises undergoing restructuring and conversion before July 1, 2007

The Ministry of Finance guides the implementation of tax debt cancellation and other budget payments due to state-owned enterprises undergoing restructuring and transformation before July 1, 2007, with a maximum amount equal to the loss of the merged enterprise at the time of the merger decision.

state budget for state-owned enterprises implementing restructuring

conversion before July 1, 2007

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THE MINISTER OF FINANCE

Pursuant to the Law on Issuing Legal Normative Documents No. 17/2008/QH12 dated June 3, 2008;

Pursuant to Decree No. 104/2008/ND-CP dated November 27, 2008 of the Government on the Official Gazette of the Socialist Republic of Vietnam;

Pursuant to Decree No. 118/2008/NĐ-CP dated November 27, 2008 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

Based on the proposal of the Director General of the State Revenue总局局长的提议

DECISION:

Article 1Amend Circular No. 34/2010/TT-BTC dated March 12, 2010 of the Ministry of Finance guiding the implementation of tax debt write-off and other State budget payments due from state-owned enterprises undergoing restructuring and conversion before July 1, 2007 as follows:

1. Article 4 on "Tax Debt Write-off for State-Owned Enterprises Undergoing Shareholding Reform" was printed as follows:

"State-owned enterprises that have completed shareholding reform and registered business operations before July 1, 2007 still have outstanding tax debts if these tax debts have been deducted from the total debt. The maximum amount of tax to be written off shall not exceed the loss at the time of determining the enterprise's value or the official date of conversion..."

Now it is amended to read:

"State-owned enterprises that have completed shareholding reform and registered business operations before July 1, 2007 still have outstanding tax debts if these tax debts have been deducted from the total debt and have not been deducted from the state capital when determining the enterprise's value. The maximum amount of tax to be written off shall not exceed the loss at the time of determining the enterprise's value or the official date of conversion..."

2. Article 7 on "Tax Debt Write-off for State-Owned Enterprises Merged into Other State-Owned Enterprises" was printed as follows:

"State-owned production and trading enterprises suffering losses, with tax arrears and other State budget payments, which have a Decision to merge into another state-owned enterprise before July 1, 2007, and whose tax arrears have not been resolved by December 31, 2008, may be considered for tax debt write-off and other State budget payments up to the amount of the enterprise's loss at the time of the merger decision."

Now it is amended to read:

"State-owned production and trading enterprises suffering losses, with tax arrears and other State budget payments, which have a Decision to merge into another state-owned enterprise before July 1, 2007, and whose tax arrears have not been resolved by December 31, 2008, may be considered for tax debt write-off and other State budget payments. The receiving enterprise must be an enterprise unable to pay tax arrears and other State budget payments as stipulated in Clause 3, Article 11 of Decree No. 69/2002/ND-CP dated July 12, 2002 of the Government, and the maximum amount of tax to be written off shall be equal to the loss of the merged enterprise at the time of the merger decision." up to the maximum amount equivalent to the deficit of the merged enterprise at the time of the merger decision.

Article 2This Decision takes effect simultaneously with the effective date of Circular No. 34/2010/TT-BTC dated March 12, 2010 of the Ministry of Finance.