Circular 77/2025/TT-BTC detail securities trading and transfer services defined in Decree 181/2025/ND-CP

CIRCULAR

Detailing the services of securities trading and securities transfer defined in the Decree No. 181/2025/ND-CP dated July 01, 2025 of the Government, detailing a number of articles of the Law on Value-Added Tax

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

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

Pursuant to the Government’s Decree No. 155/2020/ND-CP dated December 31, 2020, on detailing and guiding the implementation of a number of articles of the Law on Securities;

Pursuant to the Government’s Decree No. 181/2025/ND-CP dated July 01, 2025, detailing a number of articles of the Law on Value-Added Tax;

Pursuant to the Government’s Decree No. 29/2025/ND-CP dated February 24, 2025, defining the functions, tasks, powers and organizational structure of the Ministry of Finance, which was amended and supplemented by the Decree No. 166/2025/ND-CP;

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

The Minister of Finance hereby promulgates the Circular detailing the services of securities trading and securities transfer defined in the Decree No. 181/2025/ND-CP dated July 01, 2025 of the Government, detailing a number of articles of the Law on Value-Added Tax.

Article 1. Scope of regulation

This Circular details the services of securities trading and securities transfer defined at Points c and d Clause 4 Article 4 of the Government’s Decree No. 181/2025/ND-CP dated July 01, 2025, detailing a number of articles of the Law on Value-Added Tax (hereinafter referred to as the Decree No. 181/2025/ND-CP).

Article 2. Subject of application

Subjects of application of this Circular include:

1. Taxpayers specified in Article 3 of Decree No. 181/2025/ND-CP.

2. Tax administration offices under the law on tax administration.

3. Other relevant organizations and individuals.

Article 3. Securities trading services defined at Point c Clause 4 Article 4 of the Decree No. 181/2025/ND-CP

1. Securities brokerage in securities companies; taking of entrustment for management of securities trading accounts of individual investors, management of securities trading accounts, provision of online securities trading services, provision of the service of lending money to customers to buy securities, provision of the service of making advance payment for securities sold in securities companies; securities trading services, online connection service, service of use of terminal devices in Stock Exchanges;  services of securities borrowing and lending, securities depository, securities trading clearing and payment services, post-transaction error correction and error handling, management of collateral assets, management of positions in depository members, clearing members, the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies; payment of principal and interest, amount of repurchase of Government bonds, national construction debentures, government-guaranteed bonds, municipal bonds and treasury bills.

2. Securities dealing in securities companies; investment, capital contribution, issuance, and offering of financial products and covered warrants; market making transactions.

3. Securities issuance underwriting, services related to securities issuance underwriting operation as defined in Clause 3 Article 86 of the Law No. 54/2019/QH14 on Securities and specified in contracts on securities issuance underwriting.

4. Securities investment consultancy.

5. Securities investment fund management.

6. Securities investment portfolio management.

Article 4. Securities transfer defined at Point d Clause 4 Article 4 of the Decree No. 181/2025/ND-CP

1. Securities transfer carried out through the securities trading system of Stock Exchanges; transfer of ownership rights over securities outside the system of Stock Exchanges; securities account transfer.

2. Auction, bidding, competitive offering, booking building.

Article 5. Effect

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

2. Any problems arising in the course of implementation should be promptly reported to the Ministry of Finance for settlement./.