Circular 85/2021/TT-BTC collection and remittance of profits and dividends distributed for the State capital amounts invested in enterprises

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ATTRIBUTE

Circular No. 85/2021/TT-BTC dated October 05, 2021 of the Ministry of Finance guiding the collection and remittance of profits and dividends distributed for the State capital amounts invested in enterprises
Issuing body: Ministry of FinanceEffective date:
Known

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Official number:85/2021/TT-BTCSigner:Tran Xuan Ha
Type:CircularExpiry date:Updating
Issuing date:05/10/2021Effect status:
Known

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Fields:Enterprise , Finance - Banking

SUMMARY

Collection and remittance of profits distributed for the State capital amounts invested in enterprises

On October 05, 2021, the Ministry of Finance issues the Circular No. 85/2021/TT-BTC guiding the collection and remittance of profits and dividends distributed for the State capital amounts invested in enterprises.

According to this Circular, the remaining profits payable to the state budget of enterprises in which the State holds 100% of charter capital refer to the profits determined according to the accounting law after deducting the following amounts: Offsetting losses in the previous year; Making deductions for the Science and Technology Development Fund; Paying enterprise income tax; Distributions and deductions for funds as prescribed.

Dividends and profits distributed from joint-stock companies and limited liability companies with two or more members with capital contribution by enterprises in which the State holds 100% of charter capital shall be determined on the basis of production and business results, financial statements and the decision on dividend and profit distribution of the General Meeting of Shareholders or the Board of Members of joint-stock companies and limited liability companies with two or more members.

Besides, enterprises in which the State holds 100% of charter capital, joint-stock companies, and limited liability companies with two or more members whose State capital contribution is represented by ministries, ministerial-level agencies, and Government-attached agencies shall remit into the central budget 100% of the remaining profits, distributed dividends and profits payable to the state budget.

This Circular takes effect on January 01, 2022.

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Effect status: Known

THE MINISTRY
 OF FINANCE

________

THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

____________

No. 85/2021/TT-BTC

Hanoi, October 05, 2021

 

CIRCULAR

Guiding the collection and remittance of profits and dividends distributed for the State capital amounts invested in enterprises
____________________

 

Pursuant to the Law on Tax Administration dated June 13, 2019;

Pursuant to the Law on State Budget dated June 25, 2015;

Pursuant to the Law on Enterprises dated June 17, 2020;

Pursuant to the Law on Management and Use of State Capital Invested in Production and Business at Enterprises dated November 26, 2014;

Pursuant to the Law on Enterprise Income Tax dated June 3, 2008; the Law Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax dated June 19, 2013;

Pursuant to the Law Amending and Supplementing a Number of Articles of the Laws on Taxes dated November 26, 2014;

Pursuant to the Government’s Decree No. 126/2020/ND-CP dated October 19, 2020, detailing a number of articles of the Law on Tax Administration;

Pursuant to the Government’s Decree No. 91/2015/ND-CP dated October 13, 2015, on investment of state capital in enterprises and management and use of capital and assets at enterprises;

Pursuant to the Government’s Decree No. 93/2017/ND-CP dated August 7, 2017, on the financial regime applicable to credit institutions and foreign bank branches and financial supervision and assessment of efficiency of state capital investment at credit institutions with 100% state-owned charter capital and credit institutions with state capital;

Pursuant to the Government’s Decree No. 32/2018/ND-CP dated March 8, 2018, amending and supplementing a number of articles of the Government’s Decree No. 91/2015/ND-CP dated October 13, 2015, on investment of state capital in enterprises and management and use of capital and assets at enterprises;

Pursuant to the Government’s Decree No. 140/2020/ND-CP dated November 30, 2020, amending and supplementing a number of articles of the Government’s Decree No. 126/2017/ND-CP dated November 16, 2017, on transformation of state enterprises and single-member limited liability companies with 100% state enterprise-invested charter capital into joint stock companies; the Government’s Decree No. 91/2015/ND-CP dated October 13, 2015, on investment of state capital in enterprises and management and use of capital and assets at enterprises and Government’s Decree No. 32/2018/ND-CP dated March 08, 2018, amending and supplementing a number of articles of the Decree No. 91/2015/ND-CP;

Pursuant to the Government’s Decree No. 87/2017/ND-CP dated July 26, 2017, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

At the proposal of the Director General of Taxation;

The Minister of Finance promulgates the Circular guiding the collection and remittance of profits and dividends distributed for the state capital amounts invested in enterprises.

 

Article 1. Scope of regulation

This Circular details the collection and remittance into the state budget of:

a) After-tax profits remaining after making deductions for funds (hereinafter referred to as remaining profits) for enterprises in which the State holds 100% of charter capital;

b) Dividends and profits in cash distributed for the state capital amounts invested in joint-stock companies, limited liability companies with two or more members whose capital contribution of the State is represented by ministries, ministerial-level agencies, Government-attached agencies and People’s Committees of provinces and centrally-run cities.

Article 2. Subjects of application

1. Enterprises in which the State holds 100% of charter capital, including:

a) Single-member limited liability companies being parent companies of state economic groups;

b) Single-member limited liability companies being parent companies of state corporations;

c) Single-member limited liability companies being parent companies in parent company-subsidiary groups;

d) Independent single-member limited liability companies;

dd) Credit institutions in which the State holds 100% of charter capital.

2. Joint-stock companies and limited liability companies with two or more members, including joint-stock commercial banks whose capital contribution of the State is represented by ministries, ministerial-level agencies, Government-attached agencies and People’s Committees of provinces and centrally-run cities.

3. Representative agencies of state capital owners.

4. Representatives of state capital invested in joint-stock companies and limited liability companies with two or more members.

5. Other agencies, organizations and individuals involved in investment, management and use of state capital at state enterprises.

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