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Promulgating the circulars 129 and 130 of the Ministry of Finance applicable to businesses

On March 4, Bien Hoa Tax Bureau held a meeting at the provinical square to promulgate the Circular No. 129/2008/TT- BTC providing the guidelines on enforcing some articles of the law on VAT and Circular 130/2008/TT-BTC providing the guidelines on enforcing some articles of the law on corporate income tax applicable the businesses in the province.

Promulgating the circulars 129 and 130 of the Ministry of Finance

    Circular 129 states clearly what non-taxpayers, tax assessment, VAT rates for goods and services and the taxpayers and cases which are eligible for VAT remission, etc. are. This is a substitute circular for the Circular No. 32/2007/TT-BTC dated April 9, 2007 and the Circular No. 30/2008/TT-BTC dated April 16, 2008 of the Ministry of Finance.

    Circular 130 issues the detailed guidelines on the application scope of the corporate income tax, corporate income tax assessment methods, tax deductions and non-tax deductions after the taxable income is determined, tax-exempt income, corporate income tax rates and how to determine the taxable income and corporate income tax on capital and securities transfers, etc. This circular is a substitute for the Circular No. 134/2007/TT-BTC dated November 23, 2007 of the Ministry of Finance providing the guidelines on enforcing the Decree No. 24/2007/ND-CP dated February 14, 2007 of the government that stipulates the details on the exercise of the law on corporate income tax.

(Reported by N. Thuong, Translated by Duy Minh)

Author: phongvien

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