Vietnam: How is the distribution of profits by asset management companies?

10:42, 10/10/2014

This content is specified in Circular No. 146/2014/TT-BTC of the Ministry of Finance of Vietnam on finance regulations for securities companies, asset management companies.

Currently, operation profit of securities companies, asset management companies shall be the total profit from professional operation, financial activity and other activities.

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According to Circular No. 146/2014/TT-BTC of the Ministry of Finance of Vietnam, operation profit of securities companies, asset management companies after offsetting losses of the last year under the provisions of the Law on Enterprise income tax and pay enterprise income tax shall be distributed as follows:

- Add 5% of the profit to additional reserve fund of charter capital until the balance is equal to 10% of the charter capital;

- Add 5% of the profit to operational risk and financial reserve funds until the balance is equal to 10% of the charter capital;

The remaining profit distribution shall be decided by the Shareholder Meeting/Member Board/Owners of securities companies, asset management companies.

President of the Board of Directors or President of the Member Board or General Director (Director) of securities companies, asset management companies shall be responsible with the law and the State management agencies in complying with finance, accounting, auditing regulations of the securities company, the asset management company.

View full text in Circular No. 146/2014/TT-BTC of the Ministry of Finance of Vietnam, which takes effect from November 21, 2014.

Thu Ba

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