THE MINISTRY OF FINANCE
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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No. 124/2004/TT-BTC
Hanoi, December 23, 2004
 
CIRCULAR
GUIDING THE IMPLEMENTATION OF THE REGULATIONS ON TRANSFER OF PROFITS ABROAD BY FOREIGN ECONOMIC ORGANIZATIONS OR INDIVIDUALS, THAT EARN PROFITS FROM THEIR INVESTMENT IN FORMS PRESCRIBED IN THE LAW ON FOREIGN INVESTMENT IN VIETNAM
Pursuant to the Law on Foreign Investment in Vietnam, which was passed on November 12, 1996 by the National Assembly of the Socialist Republic of Vietnam and the Law Amending and Supplementing a Number of Articles of the Law on Foreign Investment in Vietnam, which was passed on June 9, 2000 by the National Assembly of the Socialist Republic of Vietnam. Pursuant to the Government’s Decree No. 24/2000/ND-CP of July 31, 2000 detailing the implementation of the Law on Foreign Investment in Vietnam;
Pursuant to Enterprise Income Tax (EIT) Law No. 09/2003/QH11; Pursuant to the provisions of the Government’s Decree No. 164/2003/ND-CP of December 22, 2003 detailing the implementation of the EIT Law,
The Ministry of Finance hereby guides the implementation of the regulations on transfer of profits abroad by foreign economic organizations or individuals, which are earned from the capital investment in forms prescribed in the Law on Foreign Investment in Vietnam as follows:
I. SUBJECTS OF APPLICATION
This Circular applies to foreign economic organizations or individuals that invest capital in forms prescribed in the Law on Foreign Investment in Vietnam (hereinafter referred collectively to as foreign investors), that transfer their profits from Vietnam.
Profits, which can be transferred abroad by foreign investors, as guided in this Circular, include:
- Profits distributed or earned from investment activities under the Law on Foreign Investment in Vietnam;
- Profits earned from the capital transfer after the fulfillment of EIT obligations;
- Incomes being the EIT amounts overpaid or refunded for the reinvested profits which are now transferred abroad by foreign investors.
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