Official Dispatch No. 1595/TCT-DNL dated April 24, 2015, regarding corporate income tax from capital transfer at Victoria Can Tho

To:
- Department of Taxation of Can Tho City;
- Victoria Can Tho Co. Ltd.

Please visit ThuVienPhapLuat.vn to download full text

General Department of Taxation received Official Dispatch No.227 / CT-TTr of Department of Taxation of Can Tho City and Official Dispatch No. 82 / CV-VCT of Victoria Can Tho Co.Ltd reporting problems related to corporate income tax from capital transfer.
According to report of the Department of Taxation of Can Tho city and attached documents: On August 06, 2010, Electicité et Eaux de Madagascar SA, which is established under the French law (hereinafter referred to as the France EEM Company), signed a contract for the sale of 100% its share in EEM Victoria Ltd (HK) (a subsidiary of the Madagascar SA, which is established under the Hong Kong law) to Thien Minh Travel JSC. Subsequently, on December 02, 2010,Thien Minh Travel JSC, Thien Minh IDC and France EEM Company signed an Appendix of this contract.
In this regard, the General Department of Taxation has the following guidance:
- Pursuant to point d, Clause 2, Article 2 of the Law on corporate income tax No. 14/2008 / QH12 on payers of corporate income tax:
“2. Every enterprise earning taxable income defined in Article 3 of this Law shall pay corporate income tax as follows:
d) Foreign enterprises without Vietnam-based permanent establishments shall pay tax on taxable incomes earned in Vietnam. "
- Pursuant to Clause 2, Article 3 of the Law on corporate income tax No. 14/2008 / QH12 on taxable income:  “2. Other incomes, including income from the transfer of capital or real estate; income from the right to own or use assets; income from the transfer, lease or liquidation of assets;… and other incomes, including income from production and business activities outside Vietnam.”…
- Pursuant to clause 2 (a) and clause 3 of Article 3 of Decree No. 124/2008/NĐ-CP dated December 11, 2008 detailing the implementation of a number of articles on taxable income of the Law on Corporate income tax :
“2. Other incomes include:

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