Guidelines on Accounting for Regulated Revenue of Binh Son Company

00:12, 11/07/2024

The contents are detailed in Circular 316/2016/TT-BTC guiding the implementation of the regulation fee for domestically produced and consumed gasoline products of Binh Son Refining and Petrochemical Company Limited in accordance with Decision 1752/QD-TTg.

The regulatory amount to be paid to the state budget upon the consumption of gasoline products produced and processed by Binh Son Company is considered a deductible expense when determining the taxable income for corporate income tax in the tax period. The accounting of specific operations that Binh Son Company undertakes is as follows:

- When determining the amount to be paid to the state budget for the regulatory amount, record:

- Debit Account 632 - Cost of Goods Sold- Credit Account 3339 - Fees, Charges and Other Payables

- When paying the regulatory amount into the state budget, record:

- Debit Account 3339 - Fees, Charges and Other Payables- Credit Account 112 - Bank Deposits

Note, the currency used to pay the regulatory amount is Vietnamese Dong.

More details can be found in Circular 316/2016/TT-BTC effective from September 03, 2016.

- Thanh Lam -

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