THE MINISTRY OF FINANCE
Circular No. 135/2013/TT-BTC of September 27, 2013, guiding the pilot application of enterprise income tax policy to microfinance institutions
Pursuant to November 29, 2006 Law No. 78/2006/QH11 on Tax Administration and November 20, 2012 Law No. 21/2012/QH13, Amending and Supplementing a Number of Articles of the Law on Tax Administration;
Pursuant to June 3, 2008 Law No. 14/2008/QH12 on Enterprise Income Tax and June 19, 2013 Law No. 32/2013/QH13, Amending and Supplementing a Number of Articles of the Law on Enterprise Income Tax;
Pursuant to the Government’s Decree No. 118/2008/ND-CP of November 27, 2008, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;
Pursuant to the Prime Minister’s opinions in the Government Office’s Official Letter No. 5778/VPCP-KTTH of July 16, 2013, on enterprise income tax incentive policy applicable to microfinance institutions;
Pursuant to opinions of the Governor of the State Bank of Vietnam in Official Letters No. 3635/NHNN-TTGSNH of June 15, 2012, and No. 258/NHNN-TTGSNH of January 16, 2012;
At the proposal of the director of the Tax Policy Department;
The Minister of Finance promulgates this Circular guiding the pilot application of enterprise income tax policy to microfinance institutions.
Article 1. Subjects and scope of application
This Circular guides the pilot application of enterprise income tax policy to microfinance institutions licensed for establishment by the State Bank of Vietnam before January 1, 2014, under Law No. 47/2010/QH12 on Credit Institutions but ineligible for application of enterprise income tax incentive policies applicable to new enterprises established under investment projects in localities with extreme socio-economic difficulties provided in Decree No. 124/2008/ND-CP of December 11, 2008, detailing and guiding a number of articles of the Law on Enterprise Income Tax.
Article 2. Tax incentive policy to be applied on a pilot basis to microfinance institutions as provided in Article 1 of this Circular
1. To apply the enterprise income tax rate of 20% of incomes earned from microfinance activities throughout the course of operation of enterprises. From January 1, 2016, the enterprise income tax rate provided in this Clause will be reduced to 17%.
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