What are regulations on distribution of remaining post-tax profit after making fund contributions in Vietnam?

What are regulations on distribution of remaining post-tax profit after making fund contributions in Vietnam?

Pursuant to Clause 1 and 2, Article 18 of the Circular 80/2021/TT-BTC stipulating distribution of remaining post-tax profit after making fund contributions in Vietnam as follows:

1. Distribution cases:

Computerized lottery business.

2. Distribution methods:

Remaining post-tax profit after making fund contributions in each province where computerized lottery business takes place equals (=)Remaining post-tax profit from computerized lottery business after making fund contributions multiplied by (x) the ratio (%) of revenue on selling lottery tickets in each province to total revenue from selling lottery tickets of the taxpayer.

Revenue from selling computerized lottery tickets shall be determined in accordance with Point a Clause 2 Article 13 of this Circular.

What are regulations on declaring, finalizing and paying remaining post-tax profit after making fund contributions in Vietnam?

Pursuant to Clause 3, Article 18 of the Circular 80/2021/TT-BTC stipulating distribution of remaining post-tax profit after making fund contributions in Vietnam as follows:

3. Declaration and payment:

a) Quarterly declaration and payment of provisional post-tax profit

The taxpayer is not required to submit tax declaration dossiers quarterly but have to quarterly determine and pay provisional remaining post-tax profit from computerized lottery business after making fund contributions payable in each province where computerized lottery business takes place according to Point c Clause 6 Article 8 of Decree No. 126/2020/ND-CP.

b) Tax finalization:

The taxpayer shall finalize the remaining post-tax profit from computerized lottery business after making fund contributions payable nationwide and submit the declaration dossier according to Form No. 01/QT-LNCL, the distribution sheet according to Form No. 01-1/QT-LNCL in Appendix II hereof to the supervisory tax authority; pay the distributable amount in the provinces where computerized lottery business takes place in accordance with Clause 4 Article 12 of this Circular.

In case the paid provisional amount is smaller than the finalized amount payable in each province, the taxpayer shall pay the arrears in the provinces. In case the paid provisional CIT is greater than the CIT payable in each province, the overpaid CIT shall be handled in accordance with Article 60 of the Law on Tax Administration and Article 25 of this Circular.

Best regards!