Vietnam: Enterprises participating in political tasks will be exempted from land rent

08:53, 27/02/2016

This content is specified in Circular No. 14/2016/TT-BTC issued on January 20, 2016 by the Ministry of Finance of Vietnam, which guides finance mechanisms applied to wholly state-owned single-member limited liability companies participating in political objectives.

According to Circular No. 14/2016/TT-BTC of the Ministry of Finance of Vietnam, any enterprise participating in accomplishment of political objectives that satisfy conditions for exemption or reduction of land rents, land levies, or water surface rents shall be granted exemption or reduction of land rents, land levies, or water surface rents on the area of land or water surface serving accomplishment of political objectives as prescribed in Decree No. 45/2014/NĐ-CP of Vietnam’s Government on collection of land levies and Decree No. 46/2014/NĐ-CP of Vietnam’s Government on collection of land rents, water surface rents, and amendments thereto (if any).

Procedures for granting exemption and reduction of land rents, land levies, water surface rents shall comply with the Law on Tax administration and its instructional documents.

Besides, Circular No. 14/2016/TT-BTC also stipulates that enterprises shall open detailed accounting books to separately monitor revenues from business operation and provision of products and services when participating in accomplishment of political objectives.

View details at Circular No. 14/2016/TT-BTC of the Ministry of Finance of Vietnam, effective from March 07, 2016.

-Thao Uyen-

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