Circular numbered151/2014/TT-BTC by the Finance Minister regulates some articles at the stipulations for tax has just come into effect and applied for the term of enterprise tax (ET) calculating for the year 2014. In his talk with Phu Yen Newspaper about the contents that tax-payers have to notice in this circular, deputy head of the provincial tax bureau, Mr. Cong Van Lanh, let known:
The fact that tax agencies renovating administrative procedures has helped enterprises gain more time to concentrate on producing and trading.Photo.: Aqua-culture processing for export at one enterprise in Song Cau town.
To create favorable conditions for declaring and paying tax; reducing administrative procedures for tax-payers, as a continuation for circular numbered119/2014/TT-BTC by the Finance Ministry; dated October 10th, 2014, the Finance ministry has issued Circular numbered 151/2014/TT-BTC to instruct the implementation of Decree numbered 91/2014/NĐ-CP of the government on amending and supplementing some articles at stipulations for tax. This circular is mainly focused on amending, supplementing the ET policies, individual tax and V.A.T…
* What are the concrete amendments and changes stipulated at Circular numbered 151?
– As for ET, Circular 151 supplements the stipulations that enterprises can put into calculations such items with direct benefit values to laborers like, funeral or wedding greetings, holidays, support for medical treatment, accidents, and ailments. The total expenditure must not exceed the realistic monthly salary calculated in the enterprise’s tax year. The enterprise does not have to pay ET for the differences resulted from the assessment for the cases of changing into joint-stocks form, arranging, renewing enterprises with 100% of state capital; be allowed to increase time for exempting from tax for cases of implementing the contracts of scientific research and technological development, income from selling pilot products and incomes from products made from the technology first applied in Vietnam…
As for V.A.T, Circular 151 supplements the objects exempt from tax in case the loan-making party self sell the mortgages under the trusteeship of loan-giving party to pay for the ensured loans. Supplement the regulations to deducting V.A.T to the input of stable assets like cars used as sample products or drive-trying (not limited at the amount of 1.6 billion dongs as currently). Supplement, amend the deductions of V.A.T for products, services bought on credits or slow payment from 20 million dongs and more, the trading units based on the contracts of purchasing products and services with clear V.A.T proof, and bank payment evidence, …
* According to you, what benefits will Circular 151 bring about to tax-payers?
– To implement the Order number 24 by the Prime Minister on administrative improvement, so far, the Finance ministry has issued 2 circulars numbered 119 and 151 on amending and supplementing the tax regulations to simplify administrative procedures, reduce the statement sheets, ensuring the transparency and objectiveness in collecting state budget as stipulated in Law of tax management. When implementing the two circulars, time for tax payment is reduced nearly 290 hours, equivalent to half of the declaring time, this is proper to the directions of the Prime Minister in order to create favorable conditions for enterprises in general and tax payers in particular.
Source: Phu Yen NewspaperTranslated by HAI LOAN
Đăng ký: VietNam News