Circular No. 45/2009/TT-BTC of March 11, 2009, guiding value-added tax, royalties and business income tax for hydropower generation establishments

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Issuing body:	Ministry of Finance	Effective date:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Official number:	45/2009/TT-BTC	Signer:	Do Hoang Anh Tuan
Type:	Circular	Expiry date:	Updating
Issuing date:	11/03/2009	Effect status:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Fields:	Enterprise, Tax - Fee - Charge

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THE MINISTRY OF FINANCE -------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom – Happiness ---------
No. 45/2009/TT-BTC	Hanoi, March 11, 2009

CIRCULAR

GUIDING VALUE-ADDED TAX, ROYALTIES AND BUSINESS INCOME TAX FOR HYDROPOWER GENERATION ESTABLISHMENTS

Pursuant to November 29, 2006 Law No. 78/2006/QH11 on Tax Administration; and the Government’s Decree No. 85/2007/ND-CP of May 25, 2007, detailing the implementation of a number of articles of the Law on Tax Administration;
Pursuant to June 3, 2008 Law No. 13/2008/QH12 on Value-Added Tax; and the Government’s Decree No. 123/2008/ND-CP of December 8, 2008, detailing and guiding the implementation of a number of articles of the Law on Value-Added Tax;
Pursuant to June 3, 2008 Law No. 14/2008/QH12 on Business Income Tax; and the Government’s Decree No. 124/2008/ND-CP of December 11, 2008, detailing the implementation of a number of articles of the Law on Business Income Tax;
Pursuant to the April 16, 1998 Ordinance on Royalties (amended), the Ordinance Amending and Supplementing Article 6 of the Ordinance on Royalties; and the Government’s Decree No. 05/2009/ND-CP of January 19, 2009, detailing the implementation of the Ordinance on Royalties and the Ordinance Amending and Supplementing Article 6 of the Ordinance on Royalties;
Pursuant to the Government’s Decree No. 118/2008/ND-CP of November 27, 2008, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;
The Ministry of Finance guides the declaration and payment of value-added tax, royalties, and business income tax for hydropower generation establishments as follows:

Article 1. Scope of application

This Circular guides value-added tax (VAT), royalties, and business income tax (BIT) for hydropower generation establishments, including companies engaged in hydropower generation under or not under the Electricity of Vietnam (EVN).

Article 2. On VAT

1. Determination of payable VAT amounts

1.1. Hydropower generation establishments shall determine their payable VAT amounts by the credit method provided in the VAT Law and guiding documents.

1.2. Dependent-accounting hydropower companies of EVN shall determine their payable VAT amounts for their power generation operation as follows:

Payable VAT amount for power generation operation

Output VAT amount

Creditable input VAT amount

The output VAT amount is determined by the following formula:

Output VAT amount

Power output

Taxed price

VAT rate (10%)

In which:

- Power output is that delivered and received according to electricity meters as certified by the hydropower company and the power transmission company or the power trading company.

- Taxed price is fixed at 60% of the average commodity power selling price applied in the previous year and exclusive of VAT. In case the average commodity power selling price applied in the previous year is not yet identified, the temporary price announced by EVN will be used but must not be lower than the average commodity power selling price of the year preceding the previous year. When the average commodity power selling price applied in the previous year is identified, the difference shall be declared for adjustment in the declaration period of the month when the official price is identified.

The average commodity power selling price of a year shall be determined no later than March 31 of the subsequent year.

For example: If the average commodity power selling price of 2008 was VND 866/kWh and exclusive of VAT, the taxed price of 2009 (under the above guidance) will be VND 519.6 (= VND 866 x 60%).

The input VAT amount for power generation operation shall be credited based on value-added invoices of purchased goods and services of the hydropower company.

2. Tax declaration and payment

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Circular No. 45/2009/TT-BTC of March 11, 2009, guiding value-added tax, royalties and business income tax for hydropower generation establishments

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