| THE MINISTRY OF FINANCE ------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ------------ |
| No: 62/2002/TT-BTC | Hanoi, July 18, 2002 |
CIRCULAR
GUIDING THE APPLICATION OF VALUE ADDED TAX (VAT) ON CREDIT INSTITUTIONS’ ACTIVITIES OF HANDLING LOAN SECURITY ASSETS TO RECOVER DEBTS
Pursuant to the VAT Law, the Government’s Decree No.79/2000/ND-CP of December 29, 2000 detailing the implementation of the VAT Law and the Finance Ministry’s Circular No.122/2000/TT-BTC of December 29, 2000 guiding the implementation of the Government’s Decree No.79/2000/ND-CP of December 29, 2000;
Pursuant to the Government’s Decree No.178/1999/ND-CP of December 29, 1999 on security for loans of credit institutions and directing opinions of the Prime Minister in the Government’s Official Dispatch No.1151/CP-KTTH of December 20, 2001.
The Finance Ministry hereby guides in detail the contents concerning the non-collection of VAT on credit institutions’ activities of selling assets to recover debts when handling loan security assets, as follows:
I. APPLICATION OBJECTS AND SCOPE
1. Application objects:
This Circular shall apply to credit institutions which are entitled to handle loan security assets according to the provisions in Clause 2, Article 34 of the Government’s Decree No. 178/1999/ND-CP of December 29, 1999 on security for loans of credit institutions, by the following modes:
a/ Credit institutions directly sell loan security assets to purchasers or to debt-managing and asset-exploiting companies under commercial banks, and/or to organizations with the function of purchasing and selling debt assets.
