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Issue nos 04-05/May 2010 OFFICIAL GAZETTE
pang Bao nos 234-235/May 17, 2010)
determination of market prices in business
transactions between associated parties, serving
as a basis for determining enterprise income tax
liabilities of business establishments, as follows:
PART A
GENERAL PROVISIONS
Article 1. Subjects of application:
Organizations producing and/or trading in
goods and/or providing services (below
ollectively referred to as enterprises) and having
business transactions with associated parties are
obliged to declare and determine their enterprise
income tax liabilities in Vietnam.
Article 2. Scope of application
Transactions of purchasing, selling,
exchanging, renting, leasing, delivering or
transferring goods or services in the process of
doing business (below collectively referred to as
business transactions) between associated parties,
excluding business transactions between
Vietnam-based enterprises and associated parties
which are related to products subject to price
adjustment by the State, which comply with the
price law.
Article 3. Interpretation of terms:
•
1. Market price means the price of products
objectively agreed upon in a business transaction
on the market between non-associated parties
(also called independent parties).
2. Product collectively refers to goods or
services that are objects of business transactions.
3. Buying price or selling price is used to
collectively refer to the price in transactions of
buying, selling, exchanging, renting, leasing,
delivering or transferring products.
4. Parties shall be considered parties having
associated relations (below collectively referred
to as associated parties) in any of the following
© VIETNAM LAW '& LEGAL FORUM
19
cases:
4.1. One party directly or indirectly
participates in the management or control of,
contribution of capital to, or investment in any
form, in the other party;
4.2. The parties are directly or indirectly
subject to the management or control of,
contribution of capital to, or investment in any
form, by another party;
4.3. The parties directly or directly
participate in the management or wontrol of,
contribution of capital to, or investment in any
form in, another party.
Normally, two enterprises shall be nsidered
associated in a tax period if during st* period:
a/ One enterprise directly or indirekly holds
at least 20% of investment capital ofthe owner
of the other enterprise; or,
b/ A third party directly or indirectly holds at
least 20% of investment capital of the owners of
both enterprises; or,
c/ Both enterprises directly or indirectly hold
at least 20% of investment capital ofe owner
of a third party; or,
d/ One enterprise is the biggest shareholder
regarding investment capital of the owner of the
other enterprise, directly or indirectly holding at
least 10% of investment capital of the owner of
the other enterprise; or,
e/ One enterprise guarantees or gives to the
other enterprise loans in any forrn on the
condition that such loans account for at least 20%
of investment capital of the owner of the
borrowing enterprise and account for over 50%
of the total value of medium-term and long-term
loans of the borrowing enterprise; or,
f/ More than 50% of total members of the board
of executive directors or total members of the
control board of one enterprise are appointed by
the other enterprise or one executive director or
one member of the control board of one enterprise
 wramA 1ie31 '2 MV1 INVN13IA 0
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Issue nos 04-05/May 2010 OFFICIAL GAZETTE
(Gong Bac) nos 234-235/May 17, 2010)
PART B
GUIDELINES ON THE DETERMINATION
OF MARKET PRICES IN ASSOCIATED
TRANSACTIONS
Product prices in associated transactions
prescribed in this Circular shall be determined
on the basis of market prices through comparing
similarities between associated transactions and
uncontrolled transactions (below referred to as
comparability analysis) so as to select the most
appropriate method for price determination.
Article 4. Comparability analysis
1. Principles
1.1. Comparison between an associated
transaction and an uncontrolled transaction is
understood as the comparison between an
associated transaction and an uncontrolled
transaction or between an enterprise conducting
associated transactions and an enterprise
conducting uncontrolled transactions.
Comparison shall be made on the basis of
selecting and analyzing reliable data, vouchers
and documents related to uncontrolled and
associated transactions conducted in the same
period for use for tax declaration and calculation
purposes under the accounting, statistics and
taxation laws.
Example 2: Enterprise A, a subsidiary
company of transnational company H, and
enterprise B, an independent company, both
retail HX-brand motorcycles in the year 2xxx.
The comparison may be made in either of the
following ways:
- Comparing the transaction of purchasing
motorcycles for sale by enterprise A with the
similar transaction of enterprise B.
- Comparing enterprise A with enterprise B
in the retail of motorcycles.
1.2. Uncontrolled transactions selected for
comparison are those selected from uncontrolled
© VIETNAM LAW & LEGAL FORUM
transactions which have transaction
characteristics and circumstances (below
collectively referred to as transaction conditions)
similar to associated transactions. Then, product
prices in uncontrolled transactions selected for
comparison shall be used as a basis for
determining product prices in associated
transactions by price determination methods
specified in Article 5, Part B of this Circular.
1.3. When comparing associated transactions
with uncontrolled transactions, the transaction
conditions of these associated and uncontrolled
transactions are not necessarily identical but must
be comparable and have no differences which
materially affect product prices. If the transaction
conditions of associated transactions and
uncontrolled transactions have anytmaterial
differences, enterprises shall refle:44 them in
pecuniary value so that they can just and
eliminate these material differeaes. The
comparability determination in ozinparing
associated transactions with uncontriled ones
and the elimination of differences carriply with
the provisions of Clause 2, Article 44art B of
this Circular. *VW
*MI
1.4. The comparison between assotiated and
uncontrolled transactions shall be no, on the
basis of each transaction in a specifig kind of
product. However, in case transactiZs cannot
be separated or the separation of each transaction
in each kind of product is not suite to the
practice of business, enterprises ma ► ggregate
many of the following transactions intern single
transaction:
1.4.1. Transactions which are cloAy related
and interdependent, such as transactions
conducted on the basis of contracts of provision
of goods and services under which services
constitute an integral part of the contracts;
continuous transactions such as the supply or
licensing of the rights to use intangible assets
associated with the supply of raw materials,
materials and semi-finished products for the
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 Issue nos 04-05/May 2010 OFFICIAL GAZETTE
(Cong Sao nos 234-235/May 17, 2010)
goods to the customer The proceeds from the
sale is directly paid by company M or by
customer M1 to enterprise A.
Comparability analysis:
- Transaction (i) shall be regarded as an
uncontrolled transaction of enterprise A;
- Transaction (ii) shall not be regarded as an
uncontrolled transaction of enterprise A because,
though products are delivered from enterprise
A's warehouse and sent to custom MI, and
ilk enterprise A and customer MI are not associated
parties, the contract negotiation and signing and
payment was joined in and controlled by the
parent company.
1.6. The minimum quantity of uncontrolled
transactions selected for comparison after
comparability analysis and adjustment of
material differences are made is as follows:
1.6.1. One transaction - in case there is no
difference between an uncontrolled transaction
and an associated transaction; or
1.6.2. Three transactions - in case there are
differences between an independent transaction
and an associated transaction but enterprises have
sufficient information and data for eliminating
all material differences; or,
1.6.3. Four transactions - in case there are
differences between an uncontrolled transaction
and an associated transaction but enterprises only
have information and data for eliminating most
material differences. In this case, the further
elimination of other differences must follow the
guidance on the standard market price range at
Point 1.2, Clause 1, Article 5, Part B of this
Circular.
This provision is not compulsorily applicable
to enterprises which apply the profit split method,
the first method guided at Item 2.5.2.1, Point 2.5,
Clause 2, Article 5, Part B of this Circular.
1.7. In case enterprises cannot select
uncontrolled transactions for comparison on the
© VIETNAM LAW & LEGAL FORUM
principles specified at Points 1.1 thru 1.6, Clause
1, Articice 5, Part B of this Circular due to the
uniqueness and distinctiveness of associated
transactions, they shall give the reasons therefor
and follow the guidance in Article 6, Part B of
this Circular.
2. Comparability analysis and elimination of
differences
2.1. When comparing unitrolled
transactions selected for compariTtn with
associated ones, enterprises shall ayze and
assess affecting criteria and adjust material
differences (if any) so as to clarify their4hilarities
according to the following four critega (below
referred to as four affecting criteria):
2.1.1. Product characteristickininclude
characteristics substantially affecting the product
price. Factors reflecting product charreteristics
mainly include:
a/ Kind of products (descr ng the
characteristic of product, namely tang e goods,
copyright, technological know-how ee,service,
etc.) and physical characteristic 6:1 f product
(component materials, mechanica, physic,
chemical characteristics, etc.);
b/ Quality and trademark of produt o ;
c/ Nature of transfer of products (fcCttxample:
conditional or unconditional purchas s le, such
as exclusive distribution, licensing, d chising,
etc.).
Example 6: Enterprise A, an intit pendent
enterprise, produces assorted cotton talc, els (100
% cotton), including grade-A cottort4owels of
120 cm x 60 cm size.
Company M, a Vietnam-based subsidiary
company with 100% foreign capital, produces
assorted cotton towels (100% cotton), including
grade-A cotton towels of 121 cm x 60 cm size
for sale (export) to its parent company based in
a foreign country.
Assume that other factors reflecting the
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popreo somnpau jo X1m4kfu1Ijoid
agl 2uppaijaz szolauj 2uponoo `saipd.ialua
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fo spnpoid on-ti ardy1 fo .s.)!;s7.1a;.)alvy0
t7Z
 Issue nos 04-05/May 2010 OFFICIAL GAZETTE
(Cong Bac) nos 234-235/May 17, 2010)
but not directly provides the warranty service. It
has reached an agreement with company A that
it will pay USD 5 for each cell phone repaired
by company A during the warranty period.
In comparing the associated transaction
(between A and M) and the independent
transaction, company A shall conduct
comparability analysis of the functions between
company A and company B and eliminate
differences:
- There is a difference between the operational
functions performed by the two companies,
namely the provision of the warranty service, in
that company A performs more functions, uses
more resources and has a higher profitability
than company B.
- Company A shall adjust the product
warranty function by eliminating its actual
expenses and revenues connected with the
provision of the warranty service.
- In case the "warranty" function is
performed just several times with negligible (i.e.
immaterial) expenses and revenues, it is not
necessary to adjust this difference..
2.1.3. Contractual terms of transactions,
covering provisions or binding agreements on
the responsibilities and interests of the parties to
&business transactions. Contractual terms of
mirtransactions (below referred to as contractual
terms) mainly cover:
a/ The quantity and delivery or distribution
conditions of products;
b/ The time, conditions and mode of payment;
c/ Conditions of warranty, replacement,
upgrading, repair or adjustment of products;
d/ Conditions of exclusive business rights,
distribution of products;
e/ Other conditions of economic impact (e.g.,
services of assistance and consultancy on quality
control, use instructions, advertisement supports,
sales promotion, etc.).
© VIETNAM LAW & LEGAL FORUM
25
In all cases (with or without written contracts),
the bases for identifying contractual terms are
factual events or financial and economic data
reflecting the character of transactions.
2.1.4. Economic conditions of transactions,
including factors concerning economic
conditions on the market at the time of
performance of transactions, which affect product
prices. Economic conditions oftrractions
(below referred to as economic editions)
mainly include: r•t-
a/ The size and geographical poan of the
product production or sale market;
b/ The time and character of tran ctions on
the market (for example: normal tan coons of
wholesale and retail, exclusive di ibution,
market segmentation by product consumers);
c/ The competitiveness of produces on the
market;
d/ Economic factors affecting proration and
business costs incurred at thedlace of
transactions (e.g., taxes, chargest—inancial
•
preferences);
..‘
e/ The State's market regulation tticies.
2.2. The order of priority in co rdacting
comparability analysis of the fou ffecting
criteria stated at Items from 2.1.1 to rl .4, Point
2.1, Clause 2, Article 4, Part B of thigettrcular is
prescribed for each method .f. price
determination specified in Article 5$1Part B of
this Circular. In the course of analy detailed
analysis is required for priority c ia; for
complementary criteria, analysis not be
necessarily detailed but must fully flect the
basic characteristics of these criteria.
Example 9: Assume that Vietnamese company
M (a subsidiary company of international
company M) deals in products X which are of
class-I quality and have been registered in
Vietnam. In the year 200x, the company managed
to select uncontrolled transaction A (between
Vietnamese company M and an independent
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9Z
 Issue nos 04-05/May 2010 OFFICIAL GAZETTE
(CEng Bat) nos 234-235/May 17, 2010)
Article 5. Market price determination
methods
The methods of determining market prices
of products in associated transactions specified
at Clause 2, Article 5, Part B of this Circular
include:
- The comparable uncontrolled transaction
price method;
- The resale price method;
- The cost plus method;
- The comparable profit method;
- The profit split method.
Depending on each of these methods, the
market price of products may be used as a basis
for directly calculating the unit price of products
or indirectly through the gross profit ratio or
profitability ratio of products. However, for the
methods of indirect price calculation, it is not
necessary to calculate specific unit prices when
determining business results for enterprise
income tax declaration and calculation purposes.
1. Principle of application of market price
determination methods
1.1. The most appropriate price determination
method is the method selected from the aforesaid
five methods which is suitable to transaction
ik conditions and has the most sufficient and reliable
W information, data and figures for comparability
analysis.
1.2. Enterprises may select by themselves the
most appropriate value among the values of the
standard market price range as a basis for adjusting
the corresponding value of associated transac-
tions. In case the product price in associated tran-
sactions is different from this most appropriate
value but this does not reduce the income subject
to enterprise income tax, enterprises are not
required to make any adjustment.
1.2.1. The most appropriate value is the value
reflecting the highest similarity of transaction
conditions of uncontrolled transactions selected
© VIETNAM LAW & LEGAL FORUM
27
for comparison with associated transactions.
1.2.2. The standard market price range covers:
a/ The values computed from uncontrolled
transactions selected for comparison stated at
Items 1.6.1 and 1.6.2. Point 1.6, Clause 1, Article
4, Part B of this Circular;
b/ The values falling within the range from
the first quartile to the third quartile of the quartile
statistical probability operation or ZW values
falling within the range of the 25th petentile to
the 75th percentile of the percentilodtatistical
probability operation computed on the. basis of
the market price range of unettntrolled
transactions selected for comparisostated at
Item 1.6.3, Point 1.6, Clause 1, Artice4, Part B
of this Circular (See Appendix 2-GCii /CC, not
printed herein). 0
Example 11: Enterprise V in Vieutegn has the
000
following information:
- It is a subsidiary company pro ing and
processing products for its parent co any and
it shall pay a royalty to another *sidiary
company within the group an expense of N%/
year of net revenue in four periodical z ailments
every year
- Enterprise V selected 13 unelntrolled
transactions for comparison with cigi on the
royalty-net revenue ratios (%)f these
transactions, which are 1; 1.25; 1.21:V.5; 1.5;
1.75; 2; 2; 2; 2.25; 2.5; 2.75; and 311,
- The comparability analysis s5w s that
material differences have been ronably
adjusted and eliminated. Particularlhere is a
difference in the payment time limit ich may
affect the value of the royalty but available
information is insufficient for conversion of such
difference into money for adjustment.
- The enterprise shall apply the quartile
statistical function and select the first and third
quartiles for determining the standard range of
1.5-2.25, with the standard range's median
number (the median number of the second
 Vff1210J 1V931 MY1 INVN131A 0
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z Swag (a1yivnb
8Z
Issue nos 04-05IMay 2010 OFFICIAL GAZETTE
(Cong Bac) nos 234-235/May 17, 2010)
Example 12: Company V, a Vietnam-based
enterprise with 100% capital invested by foreign
company S, is engaged in processing textile and
garment products. In the year 200x, it had two
transactions of processing trousers of cat. 347
as follows:
- Transaction I: Processing for parent
company S 1,000 dozens of trousers at the price
of USD 60/dozen and delivering the goods at port
X in Vietnam (S will be responsible for exporting
them).
- Transaction 2: Processing for country N's
company M 1,000 dozens of trousers at the price
of USD 100/dozen and delivering the goods in
city Y of country N.
Assume that:
- Company M is not associated with company
V and company S.
- These two transactions are comparable in
transaction conditions, except a material
difference which is the freight and insurance cost
of USD 3/dozen for the delivery of the goods from
port X to city Yof country N.
Comparability analysis:.
- In comparing transaction 1 (associated
transaction) with transaction 2 (uncontrolled
transaction), it is found that transaction 1 did
F not accurately reflect the market price. Therefore,
company V shall adjust the revenue from the
transaction with company S as follows:
(USD 100 - USD 3) x 1,000 = USD 97,000.
- Company V shall declare the processing
charge received from company S being USD
97,000, instead of USD 60,000.
2.2. The resale price method
2.1.1. The resale price method is based on
the resale price (or selling price) at which
products are sold by an enterprise to an
independent party for determining the price (cost)
at which these products are bought from the
associated party.
© VIETNAM LAW & LEGAL FORUM
29
2.2.2. The price at which products are bought
from an associated party is determined by
subtracting (-) from the price at which products
are sold in the uncontrolled transaction the gross
profit and other expenses (if any) included in the
price at which the products are bought (e.g.,
import tax, customs charge, international
insurance and freight).
2.2.2.1. The gross profit is calculated
according to the gross profit-sellinglrice (net
revenue) ratio and the selling price (nevenue),
reflecting the value collected by th=nterprise
to offset business expenses and earn al4sonable
profit margin.
The gross profit-selling price (ngrevenue)
ratio is the value difference between4e selling
price (net revenue) and the cost r bought
products divided by (:) the selling-trice (net
revenue).
2.2.2.2. In case the enterprise peaffms the
function of a distribution agent rilving no
ownership over products and enjoyinai agency
commission expressed as a percentage (%) of
the selling price of products, this percetage shall
be regarded as the gross profit-sellin" rice (net
revenue) ratio. (See Appendix 2-GC C, not
printed herein).
.
2.2.3. The gross profit-sellingwce (net
revenue) ratio of the associated transaction shall
be compared with the most appropriate value
es based
within the standard range of market
on the gross profit ratio for making .yjnstments
in compliance with the principles pr-ovided for
at Item 1.2, Clause 1, Article 5, Par4B of this
Circular.
2.2.4. For this method, in making
comparability analysis of the four criteria as
guided in Articice 4, Part B of this Circular, the
priority criterion is functions performed by
enterprises and the complementary criteria are
contractual terms, product characteristics and
economic conditions.
 writioA 1v931 MV1 INVN131A 0
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(010E ife141/92-6EZ sou ope 5u90)
0601 AulNIS0170 sou enssl 1113ZVO 1VI3I3JO OE
Issue nos 04-051May 2010
OFFICIAL GAZETTE
(Cong Sao nos 234-235/May 17, 2010)
reasonable profit corresponding to the functions
performed by enterprises and market conditions.
The gross profit-cost (cost price) ratio shall
be the value difference between the net revenue
and cost (cost price) of products divided (:) by
the cost or (cost price). The cost (or cost price)
of `products includes direct and indirect
production expenses but does not include
financial activity expenses (e.g., royalty and loan
interest expenses, etc.).
In case an enterprise is unable to separately
account the cost (or cost price), sale expenses
and general management expenses, the cost (or
cost price) of products used as a basis for
calculating the gross profit shall include all of
these expenses.
2.3.2.2. In case an enterprise performs the
function of product purchase agency, having no
ownership over products and enjoying agency
commissions expressed as a percentage (%) of
product purchase expenses, this percentage shall
be considered the gross profit-cost ratio. (See
Appendix 2- GCN/CC - not printed herein).
2.3.3. The gross profit-cost (cost price) ratio
of the associated transaction shall be compared
with the most appropriate value falling within
the standard range of market prices based on the
gross profit-cost (cost price) ratio for making
adjustments in compliance with the principles
prescribed at Point 1.2, Clause 1, Articice 5, Part
B of this Circular.
2.3.4. For this method, when conducting
comparability analysis of the four affecting
criteria as guided in Article 4, Part B of this
Circular, the priority criterion is functions
performed by enterprises and the complementary
criteria are contractual terms, product
characteristics and economic conditions.
2.3.5. The cost plus method shall apply on
the condition that:
a/ There is no difference between transaction
conditions which materially affects the gross
31
profit-cost (cost price) ratio, when comparing the
uncontrolled transaction with the associated
transaction; or
b/ There are differences materially affecting
the gross profit-cost (cost price) ratio, which
have, however, been eliminated under the
guidance in Articice 4, Part B of this Circular.
2.3.6. Factors materially affecting the gross
profit-cost (cost price) ratio normallelude:
a/ Expenses reflecting the Tthictions
performed by the enterprise (e.g.00cluction
under contracts, research and development of
new products, the proportion of add alue to
investment or business scope);
b/ Obligations to perform the co ct (e.g.,
time of delivery of products, quality tAntrol and
storage expenses, payment conditions);
c/ Accounting methods (ensuni that the
components of the cost (or cost pil) of the
associated and uncontrolled trans ions are
similar or applied with the same ff ounting
standards).
•
2.3.7. The cost plus method shalloiiiially
apply to the following cases:
a/ Transactions at the stage of laptluction,
assembly, manufacture or processing aproducts
for sale to associated parties;
tint'
b/ Transactions between associatarties to
perform partnership or business coperation
contracts to produce, assemble, manacture or
process products, or agreements on e supply
of input elements for production artfactoring
of output products;
c/ Transactions of provision of services for
associated parties.
Example 14: Vietnam-based enterprise A, a
subsidiary company of parent company T
(country Y), processes shoes for export according
to the designs and models assigned by company
T. The parent company is responsible for
supplying input materials and auxiliary materials
, t$,
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.1 of 8upind pun `s.toloadsul itpmnb pun
Z£
 Issue nos 04-05/May 2010 OFFICIAL GAZETTE
(Cong Bao nos 234-235/May 17, 2010)
uncontrolled transaction selected for comparison,
serving as a basis for determining the profitability
ratio of products in an associated transaction
when these transactions have similar transaction
conditions.
2.4.2. The profitability ratios are calculated
by dividing net pre-enterprise income tax profit
(income) by net revenue, expenses or assets of
production and business activities according to
the regulations of the regime of accounting and
financial statements. Net pre-enterprise income
tax profit (income) may be added (+) with loan
interests or fixed asset depreciations for
determining the production and business
efficiency before payment of these expenses.
Profitability ratios often used include:
2.4.2.1. Ratio of net pre-enterprise income tax
income to net revenue from production and
business activities.
Example 16: Enterprise L operates in the
domain of manufacture and assembly of 4-seat
cars of marks N and S:
- Cars of mark N are sold to independent
parties.
- Cars of mark S are all sold to enterprise Ll,
a company with 100% capital invested by
enterprise L.
- All purchasing transactions for the
V manufacture and assembly of cars of the
aforesaid two marks are uncontrolled ones.
In the year 200x, enterprise L's accounting
statistics were as follows:
+ Net revenue from the sale of cars of mark
N was USD 18,000 (an uncontrolled transaction)
+ Net pre-tax profit from the sale of cars of
mark N was USD 2,000
+ Net revenue from the sale of cars of mark S
was USD 25,000 (an associated transaction)
+ Net pre-tax profit from the sale of cars of
mark N was USD 1,800
+ Company Ll provided company L with a
33
loan with an interest of USD 100 at the market
rate.
The ratio of net pre-enterprise income tax
profit to net revenue for cars of mark N: 2,000/
18,000 x 100% = 11.1%
The ratio of net pre-enterprise income tax
profit to net revenue for cars of mark S: 1,800/
25,000 x 100% = 7.2%
Assume that material differences been two
transactions of selling cars of mark Ind mark
S have been adjusted so that the melt of the
transaction with company Ll achievas•the ratio
of 11.1% of net profit before enterp income
tax and before payment of interest to revenue.
In this case, figures on the transactio f selling
cars of mark S shall be re-determines cin follows:
Total cost: USD 25,000 - 1,800 - ;00 = USD
23,100. 1.■
Net revenue: USD 23,1001(1- 04 = USD
25,984.
Net pre-tax and -interest profit: LelP 25,984
- 23,100 = USD 2,884. eiNg'
Net pre-tax profit: USD 2,884 - 1-00 = USD
2,784.
Company L shall declare thet pre-
enterprise income tax profit of USD 47V,84 from
the transaction of selling cars of S mA, instead
of the previous figure of USD I, 0 in the
accounting book. 4ts
2.4.2.2. The ratio of net pre-enterpe income
tax profit to total cost for production atkusiness
activities
The ratio of net pre-enterprise income tax
profit to total cost may not be used in cases in
which there are expenses arising from associated
transactions because the figures on expenses from
associated transactions fall within the scope of
regulation to determine market prices.
Example 17: Enterprise A, a subsidiary of
company B, acts as a forwarding service agent
for B. Enterprise C, an independent enterprise,
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"C
 Issue nos 04-051May 2010 OFFICIAL GAZETTE
(Cong Bao nos 234-235/May 17, 2010)
comparability analysis of the four affecting
criteria as guided in Article 4, Part B of this
Circular, the priority criterion is functions
performed by enterprises and the complementary
criteria are contractual terms, product
characteristics and economic conditions.
2.4.6. The comparable profit method shall be
applied on the condition that:
a/ There is no difference between transaction
conditions which materially affects the
profitability ratio, when comparing the
*uncontrolled transaction with the associated
transaction; or
b/ There are differences materially affecting
the profitability ratio, which have, however, been
eliminated under the guidance in Article 4, Part
B of this Circular.
2.4.7. Factors materially affecting the
profitability ratio normally include:
a/ Assets, capital and expenses for the
performance of main functions of enterprises
(e.g., producing and processing by machines
invested by enterprises may bring about a higher
profit than producing and processing by
machines borrowed from other establishments);
b/ Characteristics of the operation, group of
products and stage of production or sale (e.g.,
finished products made from crude materials or
W'raw materials or from semi-finished products);
c/ Accounting methods and structure of
expenses of products (e.g., products in the period
of rapid depreciation compared to routine
depreciation).
2.4.8. The comparable profit method is
considered an extended version of the resale price
method and the cost plus method. Therefore, the
comparable profit method is widely applied in
the cases cited at Items 2.2.7, Point 2.2 and Item
2.3.7, Clause 2, Articice 5, Part B of this Circular.
2.5. The profit split method
2.5.1. The profit split method is based on the
35
profit earned from a combined associated
transaction conducted by many associated
enterprises so as to determine an appropriate
profit of each of such enterprises in such a way
that the independent parties share profits in
comparable uncontrolled transactions.
A combined associated transaction
participated by many enterprises is a transaction
of unique and distinctive character, cvisting of
many closely interrelated associated 44nsaction
in exclusive products or associated tftsactions
conducted between related associate • arties.
2.5.2. The profit split method inrobves two
ways of calculation: =
2.5.2.1. The first way of calc ti on: To
allocate the profit to each associated y on the
basis of contribution of capital (sharing of cost),
by which the profit of each parfkipating
enterprise (or party) shall be determd on the
basis of allocating the total profit e;Aed from
thee combined associated transaction i1 °portion
to the capital (cost) used in the ociated
transaction of such enterpriges within the total
investment capital to create end prolucts (see
Appendix 2-GCN/CC, not printed h L.17).
Example 20: -.
Vietnam-based enterprise A a . oreign-
based enterprise B have the mellowing
information:
- Both are member companies a group T
engaged in producing electronic pro an cts.
- Both participate in producing a nrproduct
of LCD televisions.
- A is responsible for designing and
manufacturing television cabinets and picture
tubes and delivering them to B for assem
other parts (circuits, electronic chip
invented and manufactured by B. Finished
products will then be sold to C, an independent
distributor, at the price of USD 550 per
- The total cost price per product delivered
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•SlOSSU JO sasuadxa Bons 01 aoupupojiad am Tualj aspdialua qap q pampa
aiquolldde saidpupd 2upun000r glim aoumidtuoo uopopsupg paTepossu pouRuloo am =11joJd jo
uI XJ.red goua Xq palm's sasuadxa renpu JO awn am maw.' uopiod silty -suopaarj Ilatp 01
(spinaTID spp uI paqposaid spomatu alp 2uifsn) 2ullmodsanoo lipid oIspq Jo Uo9zoanuoaz
I
saogd laveui jo s!spq aqp uo paurtmalap aq lsnui ireqs uopousurn paTepossu am u! 2 rcippird
slgiz Xliadold fenloallaiui zo slassu am2ur-lu! (sopird Jo) sosptholua Jo low :11joid
jo amen age io pj jonpoid Joj sasuadxg otspq am awls oi :dais Jug NI •- • -z•g.z
-slonpoid :sdals °Au 2upholloj am u! lipid alp areqs
ui 2uppap Io 2upupold Joj pasn slq2p Xpadaid oi :uoprinareo jo kem puooas aqy .z•z•g•z
renioatialuI zo slassu am5uplu! Jo (slunoure 99'990%571 = 00E 1' l0C17:((OSI + 000 - Occ),I
pai-epaidap gupopilqns nip) anjeA iq : s evto n of
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(otoz 2 d iferuscelcz sou opu 51,9.0)
0 LOZ ABWI90170 sou arms' 3113Z1i9 MOW° 9£
 Issue nos 04-05/May 2010 OFFICIAL GAZETTE
(Cong Sao nos 234-235/May 17, 2010)
Unit of calculation: USD 1,000
Items Amount
Net revenue 500
Cost of goods sold 300
R&D cost 80
Sale and general management cost 60
Profit 60
- Assume that H's and M's gross profit-to-cost
&ratios have been determined according to market
w values to be 10% and 8% respectively under the
guidance at Item 2.3, Article 5, Part B of this
Circular
- Calculate H's and M's profits according to
the following formula:
Profit = gross profit ratio x cost price
Cost price = cost of goods sold + R&D cost
+ sale and general management cost
+ H's profit = 10% x (100 + 50 + 30 + 10) =
USD 19,000
+ M's profit = 8% x (300 + 80 + 60 - 190) =
USD 20,000
After the sharing of the basic profit, the
residual profit is 60 -19 - 20 = USD 21,000
Step 2: Share the residual profit on the basis
t of the percentage of sharing of R&D cost
- Calculate the proportion of sharing of R&D
cost by each party:
+ H = 30/80 x 100% = 37.5%
+ M = 100% - 37.5% = 62.5%
- Calculate H's and M's portion of residual
profit:
+ H: 21 x 37.5% = USD 8,870
+ M: 21 - 8.87 = USD 12,130
Conclusion:
- H shall declare its profit earned from the
associated transaction as follows: 19 + 8.87 =
USD 27,870, in replacement of the previous
© VIETNAM LAW & LEGAL FORUM
37
figure of USD 10,000; and
- M shall declare its profit earned from the
associated transaction as follows: 20 + 12.13 =
USD 32,130, in replacement of the previous
figure of USD 50,000.
2.5.3. For this method, the comparability
analysis of the four affecting criteria as guided
in Section I, Part B of this Circular and the
application conditions shall complMith the
provisions applicable to the resale prietmethod,
the cost plus method or the comparale profit
method, on a case by-case basis, *under the
ause 2,
guidance at Item 2.5.2.2.1, Point 2.
Article 5, Part B of this Circular.
tit
2.5.4. The profit split method iormally
applied to the cases in which the ar. sociated
parties jointly participate in research* into and
developing new products or developin roducts
being exclusive intangible ass or in
transactions within the process of Es i ti on a 1
production and business among the sociated
parties from the stage of materials to that of end-
ssociation
products for circulation of products in ?io
with the sole ownership or use of intellectual
property rights.
Article 6. Provisions on determination of
market prices in some special cases:
f""'
.
In case, due to the unique or tstinctive
characteristics of associated trauactions,
enterprises are unable to select urOntrolled
transactions for comparison under tluidance
at Points 1.1 thru 1.6, Clause 1, Artic4-, Part B
of this Circular and on the basis of * market
price determination methods stated in Article 5,
Part B of this Circular, enterprises shall give the
reasons (including information on their business
activities) and apply one of the following
measures:
1. Combined measures
1.1. To expand the scope of selection of
uncontrolled transactions (or independent
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puv dgUal dapd 1,94.MUl pmpums all Suimumapp
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-(u!alay paluud Jou 'DyNDD-z x!paddy aas)
anion trelpau pun attai aoud laveAtprepuels
oreudaidde ail trututuatop aoj uopoux sopsputs
-mum oilluaoiod aqi _To uopounj somuls-tpuut
allpenb alp asn tiumonD sup jo gnur! uopoos
u!paIels potpatu uop-euluuolop aoud attupdatdde
Isom alp Japun uop-einoteo Jo =Kum 041
Aq a2trea aoud lavuut otp ouluntolop , -z.
3suo1 pent.) g aq
tsnui uosueduloo Joj papaps oqof Osudialua
luopuodopu! JO SUOMUSIIEJT pOII0g001111 Jo
.loquinu -spnpoid Jo anren pappuo tpmal2
ounou000 'Xouopuja ssauisnq pu-e,aultsonti!
pouai icionpoofqo 04 Si? os Jopos-xtris all ut
posn upoluo ounouooa jo slog alp uoaouazajm
feuarut orulunia pun uumpo 2upooje Inoj otp
aziCreue :num.; all kq pouuquod asotrot relluns
suopounj anal tp!qm suopousuen pallonuooun
ions 2uponpuoo saspdialua Jo suompuoo
qnm uospuduloo Joj 2upundo 0111 sospdtalua
alp tpuim u! Joioas-qns alp 111141 (buage alms
lualodutoo n kg potalnutaid szopos Xmou000
puopuu JO is!! aril ttIp.l000-e) Xtuou000
wuogeu alp Jo slopos-qns law of (sasudiatuo
8£
 Issue nos 04-05/May 2010 OFFICIAL GAZETTE
(Cong Bac) nos 234-235/May 17, 2010)
Thus:
- Company X may examine its price
determination to ensure that the net pre-
enterprise income tax profit-net revenue ratio of
30% is reached, or base itself on the net pre-
enterprise income tax profit-net revenue ratio to
re-calculate the net pre-enterprise income tax
profit-total cost ratio for comparison and
adjustment.
- The way of re-calculation may be as follows:
+ Net pre-enterprise income tax profit-net
•revenue ratio= (net revenue - cost)/net revenue
= 0.3
+ Net revenue = 1.429 times of cost.
2. Method of application of figures between
periods
Enterprises may apply comparable associated
transactions conducted between periods (not
exceeding 5 years, counting from the time of
arising of the associated transaction), for which
the market prices have been determined under the
guidance of this Circular, compile dossiers for
comparability analysis of the four affecting criteria
among the transactions, make adjustments for
material differences and use objective grounds for
adjusting economic values in different periods of
time (e.g., average price increase rate, interest rate,
inflation rate, economic growth) for determining
T the suitable price of products, gross profit ratio or
profitability ratio of the associated transaction
arising in the period of declaration and payment
of enterprise income tax.
Example 23: Enterprise A, a Vietnam-based
enterprise with 100% foreign-invested capital,
is the sole enterprise engaged in exploiting and
processing metal X ore in Vietnam for export. It
has the following information:
- In the year 2xxl, it conducted both associated
and uncontrolled transactions. For associated
transactions, it applied the method of comparing
the price of uncontrolled transactions and
determined the unit price of USD 800 per ton of
© VIETNAM LAW & LEGAL FORUM
39
ore containing 35% of metal X.
- In the year 2xx2, enterprise A exported 100%
of its products to its parent company (there was
no uncontrolled transaction for comparison; the
world market price of metal X in the year 2xx2
increased by 20% over 2xxl; other factors
affecting the price of products (content of metal,
delivery and payment terms, etc.,) remained
unchanged.
Thus, enterprise A would derltire and
calculate tax for the year 2xx2 bgtil on the
revenue from the sale of metal X orea the unit
price of not lower than USD 960/to3r= USD
800/ton x 120%). =
ft
Article 7. Storage and supply of data and
vouchers on market price determination methods
1. Selection of data and vouchers.
1.1. Data, vouchers and documeift: used as
grounds for comparability analysis mast be of
clear sources so that they can be examined and
verified by tax offices. Enterpriseanay use
g
information and data from thetfollowimg sources:
a/ Information and data publicized supplied
upon request by state agencies, dep ments or
branches, research institutes, associations and
specialized international orgaritations
recognized by the State; el:s
ri-
b/ Information and data certified oblicized
by licensed organizations and iittividuals
operating in independent services or cupations
(e.g., independent audit organizatioregister
offices or quality registratioioffices,
organizations engaged in classifying* ranking
the credit of enterprises);
c/ Annual or periodical financial statements
and investment reports of companies listed-on
the securities markets, which are publicized
according to the regulations and operation rules
of these securities markets;
d/ Data, vouchers and documents relating to
business transactions for tax declaration and
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sso.12 jo uoprinoreo pre sIskuire XlmqvirdaToo
sualsInald aql iopun pomasoid puu suopousurp
JOJ SUOIPESTUJ1 2upo0ios uogm z
alp Jo aotreuuojiad jo alup 0111 inoq2noitp
poluoulaiddns pur parepdn `suopoustreu •/quo ootionjal pasn
pamoossu jo guIsur Jo aunt am re pagsggelso aq Hugs saamos pappuomun JO telogjoun utorj
aq knee suopousutp porepossu jo saoud 2up-eulguo sluoumoop pur sJagonon
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(OkOZ
2 d /411/9EZIEZ sou oRg 6u90)
040Z AeltS010 sou onssi 3113ZVO 1VIDWO OP
Issue nos 04-05/May 2010 OFFICIAL GAZETTE
ping Bac) nos 234-235/May 17, 2010)
a/ Plans and descriptions of transactions,
including information on transaction parties,
order and procedures for payment and delivery
of products, etc.;
b/ Documents describing characteristics and
technical specifications of products; a detailed
list of expenses (costs) per unit product, selling
price of product, total quantities of products
produced, traded in and sold in each period (by
associated transaction and uncontrolled
transaction (if any)); quantities of products;
c/ Information, documents and vouchers on the
process of negotiation, signing, performance and
liquidation of economic contracts/agreements
related to transactions (normally including
description of product, place of transaction, form
of transaction, value of transaction, payment
conditions and documents, time of
implementation, work minutes or directives of
management related to the process of negotiation,
signing and performance of transactions);
d/ Information, documents and evidence
related to economic circumstances of the market
at the time of performance of associated transac-
tions which affect the method of determining
transaction prices (e.g., changes in foreign
exchange rates, government policies affecting
transaction prices, financial preferences, etc.).
2.3.3. Information on methods of determining
market prices
a/ Enterprises' policies on establishment of
buying and selling prices or exchange of
products, process of control and approval of
prices, price tariffs of products on different sale
markets;
b/ Information, documents and evidence used
as grounds to prove the selection and application
of methods of detemilning the most appropriate
prices in associated transactions of enterprises,
including information, data and vouchers used
for comparability analysis and adjustment of
material differences, the table of calculation of
© VIETNAM LAW & LEGAL FORUM
transaction prices based on the price
determination method applied by enterprises and
reasons for the application of such method;
c/ Other information, documents and evidence
for reference which are related to the selection
and application of methods of determining prices
in associated transactions (if any).
2.4. Enterprises shall, at the request of tax
offices, be obliged to supply in ff•-• nation,
documents and evidence within 30 wng days
after the date of receipt of written re is of tax
offices. In case enterprises have plausilire reasons,
this time limit may be extended only Olite for 30
days, counting from the date of its exation.
2.5. Information, documents andvidence
supplied by enterprises to tax officesust be in
the written form, originals or copies in compliance
with the provisions of law on notattion and
authentication. In case enterprises use et vidence,
the supply thereof shall comply14/ith the
Accounting Law and relevant guidinggcuments
regarding e-vouchers. i r.16-
Documents and vouchers in "a foreign
language must be translated into tnamese 1
under the provisions of the Accounti aw and
the accounting regime. Enterprisesall take
responsibility for the contents of the t iMations.
PART C
RIGHTS AND OBLIGATION=OF
TAXPAYERS; RESPONSIBILITIESF TAX
OFFICES, AND OTHER PROVISIONS
Article 8. Rights and obliogions of
enterprises:
Apart from exercising the rights and
performing the obligations under the provisions
of legal documents on taxation and of this
Circular, enterprises also have the following
rights and obligations:
1. To request tax offices to keep confidential
information they have supplied to tax offices to
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 Issue nos 04-05/May 2010
OFFICIAL GAZETTE
(Cong Sao nos 234-235/May 17, 2010)
PART D
ORGANIZATION OF IMPLEMENTATION
Article 10. Effect
This Circular takes effect 45 days from the
date of its signining for promulgation. To annul
the Ministry of Finance's Circular No. 117/2005/
TT-BTC of December 19, 2005, guiding the
determination of market prices in business
transactions between associated parties, and the
Minister of Finance's Decision No. 37/2006/QD-
4p3TC of January 4, 2006, correcting the Ministry
of Finance's Circular No. 117/2005/TT-BTC of
December 19, 2005, guiding the determination
of market prices in business transactions between
associated parties.
Any problems arising in the course of
implementation of this Circular should be
promptly reported to the Ministry of Finance for
study and timely settlement.-
For the Minister of Finance
Deputy Minister
DO HOANG ANH TUAN
Circular No. 67/2010/TT-BTC of April 22,
2010, amending the Finance Ministry's
Circular No. 28/2007/TT-BTC of April 3,
2007, and Circular No. 133/2007/TT-BTC of
November 14, 2007, guiding the
management, allocation, settlement and
finalization of investment capital from
government bonds
This Circular takes effect 45 days from the
date of its signing.-
0 VIETNAM LAW & LEGAL FORUM
43
Circular No. 68/2010/TT-BTC of April
26, 2010, guiding the registration fee
Pursuant to the Law on Tax Administration
and guiding documents;
Pursuant to the 2003 Land Law and guiding
documents;
Pursuant to the Government's Decree No.
176/1999/ND-CP of December 21=999, on
registration fee;
Pursuant to the Government's Dece No 80/
2008/ND-CP of July 29, 2008, amedling and
supplementing a number of artics of the
Governments Decree No 176/1999413-CP of
December 21, 1999, and the Gonment's
Decree No. 47/2003/ND-CP of M 2, 2003.
on registration fee; 0
Pursuant to the Prime Minister's lIzision No.
245/2003/QD-TTg of November :if, 2003,
permitting the owing of house and sidential
land registration fee by houselfolds and
individuals in communes covered brfrogram
135 and ethnic minority houselllds and
individuals in the Central Highland=
Pursuant to the Government's D":,ee No.
118/2008/ND-CP of November 27, 2004 defining
the functions, tasks, powers and orgnizational
structure of the Ministry of Finance;
The Ministry of Finance gAtdes the
implementation of regulations on regiation fee
as follows:
Chapter I
SCOPE OF APPLICATION
Article 1. Registration fee-liable objects
1. Houses and land:
a/ Houses, including houses, working offices,
workshops, warehouses, shops, stores and other
architectural works.
b/ Land, including agricultural and non-