New Regulations on the Use of Financial Resources in Irrigation Works Operation Units

19:04, 11/07/2024

Recently, the Ministry of Finance has promulgated Circular 73/2018/TT-BTC to replace Circular 11/2009/TT-BTC, providing guidance on the use of financial resources in the management and exploitation of irrigation works using state capital.

The water management unit shall use financial sources in accordance with the following provisions:

- Revenue from providing products, services, public utility irrigation services, and state financial support to offset the costs of providing these products and services;- Revenue from providing other irrigation products and services to offset the costs of providing such products and services, including payable taxes (if any);- Revenue from financial activities to offset the costs of financial activities, including payable taxes (if any);- Revenue from other business activities to offset the costs of such activities, including payable taxes (if any);- Expenses that are not deductible when determining taxable income shall be executed following the regulations of the Corporate Income Tax Law and guiding documents;- Expenses arising related to the provision of public utility irrigation products and services, other irrigation products and services, and other activities shall be allocated according to current accounting regulations. Profits from public utility activities shall not be used to offset losses from other activities.

During the course of business operations, the water management unit is permitted to use profits from financial and other activities to offset the results of public utility activities.

See more Circular 73/2018/TT-BTC effective from October 1, 2018.

- Thanh Lam -

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

0 lượt xem

- This translation is generated by OpenAI's GPT-4o model;
- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn