Pursuant to the law on personal income tax no. 04/2007/QH12 on November 21, 2007;

Pursuant to Decree No. 100/2008/ND-CP on 08 September 2008 of the Government detailing a number of articles of the law on personal income tax;

Pursuant to the law on credit institutions the number 47/2010/QH12 16 June 2010;

Pursuant to Decree No. 71/2010/ND-CP dated 23/6/2010 of the Government detailing and guiding the implementation of the Housing Law.

Pursuant to Decree No. 118/2008/ND-CP on November 27, 2008 of the Government functions, tasks, powers and organizational structure of the Ministry of finance;

The Finance Ministry revised guidance circular No. 84/2008/TT-BTC dated 30/9/2008 and the circular No. 03/2009/TT-BTC on 11/01/2010 of the Ministry of finance as follows: article 1. To modify a number of circular No. 84/2008/TT-BTC dated 30/9/2008 as follows: 1. To modify the point 3.5, section II, section A, as follows: "3.5. Income received from the account interest rate bonds, bills and other documents by the institutions in the country (including foreign organizations are allowed to establish and operate in Vietnam), excluding income from interest on bonds issued by the Government of Vietnam and the income from the interest rates of deposits specified in point 7 Section III, part A of this circular ".

2. Modify the point 7, section III, part A the following: "7. Income from interest on deposits at the Bank, the credit organization; interest from life insurance contracts.

7.1. Interest on deposits is tax exempt under the provisions of this point is personal income received from interest rates send USD, gold, foreign currencies in credit institutions under the form of sending non-term, term, savings, certificate of deposit, promissory notes, bills and other forms of deposits according to the principle of having the full refund of the original money interest rate for the sender agreement. The case received interest on deposits is not from the credit institutions established and functioning according to the rules of the law of credit institutions are not subject to an exemption.

7.2. Interest from life insurance contracts is the interest which individuals receive under contract to buy life insurance of the insurer.

7.3. The base to determine the income tax exemption for the interest mentioned above are as follows:-for income from interest on deposits is the shared savings (savings card), certificate of deposit, promissory notes, bills and other documents in principle have full refund to the original interest rate, money for the sender agreement.

-For income from interest on life insurance contracts is proof of paid interest from life insurance contracts ".

Article 2. Amending some articles of circular No. 03/2009/TT-BTC on 11/01/2010 of the Ministry of finance as follows: 1. In article 2 paragraph: replace "for individual housing, land in now more the assignment contract, which is to have the right to buy the apartment floor, or transfer the contract to buy the home background apartments buy, then income from operating this transfer does not apply the provisions of the personal income tax exemption "by the paragraph:" for individual housing, land in now more the transfer house purchase contract form in future the income from operating this transfer does not apply the provisions of the personal income tax exemption ".

2. In article 3 paragraph: replace "contract, which is to have the right to buy the apartment floor," with the paragraph: "house purchase contract form in the future".

3. In point 3.5.3. (b) article 5 remove the paragraph: "for the transfer of personal capital contribution contract to have the right to buy the home background, buy apartments, the purchase price was determined based on the capital contribution paid vouchers and invoices, other documents prove the costs involved. The costs related to the transfer of real estate including the loan interest rate payments of credit institutions to buy real estate. Private new cases only contribute capital (not yet sufficient amount according to the contract), the purchase price is determined as follows: purchase price = {total capital is contributed under contract-shares is missing (not filed)} + other related expenses ".





 

4. Replace article 6 by the new article 6 as follows: "article 6. Point 2.5.5 additional 2.5 points in section II, part D is as follows: 2.5.5. Disclosure, personal income tax for the transfer of housing purchase contract form in the future as follows: a) households, individuals transfer house purchase contract form in the future, declaring individual income tax at the local tax Bureau where a property transfer or in the Organization individuals are tax authorities tax mandate. Tax records including:-move house purchase contract form in the future has to be notarized. If the transfer from the second onwards, then the parties must present the transfer house purchase contract form in the future.

-Home purchase contracts in the form of the future with project level I, level II or the trading floor of the home project.

-Tax ACCOUNTING model No. 11/KK-ACCOUNTING (attached to circular No. 62/2009/TT-BTC on 27/3/2009 of the Ministry of Finance). When the Declaration targets (4) on the Declaration form shall reflect the housing purchase contract form in the future instead of the land use right certificate, home ownership.

b) To create favorable conditions for the transfer of personal house purchase contract form in the future, tax declaration; Tax base local actual situation determine the mandate for the Organization, personal home business (Investor housing development projects, new project-level I, level II and real estate trading) personal income tax revenues. Order and procedure for collecting mandate, funding authorization be obtained follow the provisions of the law on tax administration.

c) households, individuals transfer house purchase contract form in the future if the transfer price recorded on the transfer house purchase contract form in the future and in the tax return does not match the market price then the tax authorities fix the conveyance tax after the references (according to the minutes of work) price at the trading estate products of the project or the real estate trading floor where the real estate transfer.

Income tax for the transfer of housing purchase contract form in the future is determined by the total price (=) the assignment by the trading price minus (-) Of the purchase price of the items on the purchase contract form in the future. The tax rate applicable to the activity the transfer house purchase contracts in the future is 25%.

The case does not determine the price floor, the tax of 2% of the purchase price stated in the contract of purchase form in the future.

d) in addition to papers in tax records have been guided in circular No. 84/2008/TT-BTC dated 30/9/2008 of the Ministry of Finance Circular No. 161/2009/TT-BTC on 12/8/2009 of the Ministry of finance and in this circular; tax authorities are not required, transfer personal property filing any further documentation.

Article 3. Implementation: 1. This circular have enforceable after 45 days from the date of signing. Removal instructions for individual income tax is contrary to the instructions in this circular.

2. In the process of implementation, if there arise problems suggest the Organization, personal reflections on the Finance Ministry (General Directorate of Taxes) to be addressed promptly.