VietnameseOfficial Dispatch No. 2420/TCT/DTNN of August 05, 2004, on deduction of tax for insurance agents
ATTRIBUTE
Official Dispatch No. 2420/TCT/DTNN of August 05, 2004, on deduction of tax for insurance agents
| Issuing body: | General Department of Taxation | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 2420/TCT/DTNN | Signer: | Pham Van Huyen |
| Type: | Official Dispatch | Expiry date: | Updating |
| Issuing date: | 05/08/2004 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Tax - Fee - Charge |
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Effect status: Known
MINISTRY OF FINANCE GENERAL DEPARTMENT OF TAXATION ------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom – Happiness --------- |
No. 2420 TCT/DTNN Re: Deduction of tax for insurance agents | Hanoi, August 05, 2004 |
To: The Taxation Department of Ho Chi Minh City
In response to Official Letter No. 5330/CT-DTNN dated June 02, 2004 of the Taxation Department of Ho Chi Minh City regarding to the determination of grounds and procedures for exemption from and reduction of corporate income tax for insurance agents whose monthly average incomes in the year less than the minimum salary level as provided for State officers, followings are opinions of the General Department of Taxation:
For insurance agents being households which do not satisfy full conditions on accounting, vouchers as basis for determining taxable income, the Bao Minh CMG life insurance company shall deduct their 5% corporate income tax (CIT) of payable commission before paying the insurance commission to insurance agent and on behalf of them to pay CIT to the State budget. Where the Bao Minh CMG Company deducted CIT from the insurance agent commission and paid them on behalf of household being insurance agent to the State budget, it shall benefit a remuneration of 0,8% of the total CIT amount to be paid to the State budget. For the fiscal years 2002 and 2003, if insurance agents being households had average monthly incomes less than minimum salary level provided for State officers, they shall be exempt from corporate income tax in accordance with Section I.6(b) of Part D of Circular No. 18/2002/TT-BTC dated February 20, 2002 of the Ministry of Finance.
The application file for CIT exemption for insurance agents being households must include the application which guarantees having no other incomes (certified by the authority where the applicant reside or work) and address it to the taxation department of Ho Chi Minh City. The CIT shall not be exempt if such agents have other incomes and their average monthly income is higher than the minimum wage level provided for State officers. The Bao Minh CMG Company shall refund these agents the deducted CIT amount after receiving notification of exemption and reduction from taxation agencies. The amount of CIT which was deducted from insurance agents being households and paid to the State budget by the Company but subject to CIT exemption shall be credited into the deductible and payable CIT amount on commission of insurance agent by the Company in the next period.
The General Department of Taxation hereby replies to the Department of Taxation of Ho Chi Minh City for information and provides guidances for enterprises for implementation.
FOR AND ON BEHALF OF THE GENERAL DIRECTOR OF THE GENERAL DEPARTMENT OF TAXATION DEPUTY OF GENERAL DIRECTOR Pham Van Huyen |
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