The Ministry of Finance's latest guidance on analysis and synthesis of financial statements of FDI enterprises

Official Letter 4168/BTC-TCDN provide guidance on consolidation and analysis of financial reports in 2021 of foreign-invested enterprises.

Guidelines of the Ministry of Finance on consolidation and analysis of financial statements in 2021 of FDI enterprises

On May 11, 2022, the Ministry of Finance issued the Official Dispatch No. 4168/BTC-TCDN dated May 11, 2022 on synthesis and analysis of financial reports in 2021 by foreign-invested enterprises as follows:

- General subjects: 2021 (made in September 30, 2021, December 31, 2021, March 31, 2022, June 30, 2022) of enterprises of which more than 50% of the charter capital is held by foreign investors.

- Reporting contents:

+ Report on general and analysis of financial reports of enterprises with foreign owned capital in 2021 as instructed in Official Dispatch No. 4363/BTC-TCDN dated April 1, 2016 of the Ministry of Finance (attached to the abovementioned Official Dispatch).

+ Concurrently, provide additional information about the number of operating enterprises, the number of enterprises that terminate their operations, and the number of enterprises that fail to submit their annual financial statements to the Provincial Department of Taxation by December 31, 2021.

- Report forms:

+ For the purpose of use in the information system for management and supervision of state capital invested in enterprises, they are requested to aggregate data on financial situations of enterprises with foreign owned capital in 2021 by using new forms or templates (according to the enclosed Appendix), in which codes of business sectors or industries are specified in the general form issued together with the Prime Minister's Decision No. 27/2018/QD-TTg dated July 6, 2018 (code of the tier 2 branch).

- Reporting time:

For the purpose of timely reporting, the Ministry of Finance is requested to send a report on July 31, 2022 at the latest, and update data and reports on the system for management and supervision of state capital invested in enterprises via the website: https://taichinhdoanhnghiep.mof.gov.vn.

The Ministry of Finance's latest guidance on analysis and synthesis of financial statements of FDI enterprises

Summarization of the contents of financial statements of foreign-invested enterprises

According to Section III of Official Dispatch No. 4363/BTC-TCDN in 2016 promulgated by the Ministry of Finance on April 1, 2016 on guidelines for consolidation and analysis of financial statements of FDI enterprises in 2015:

- Method of synthesis of some contents:

+ In respect of national codes, territorial regions of investors in FDI enterprises: Codes of countries and territories which have been developed on the basis of the list of 110 countries and territories which have investment relations with Vietnam till the date of December 31, 2015 (detailed list attached to the general form); in case FDI enterprises are established in Vietnam and more than one country or territory, the note of participation rate of investors coming from each country or territory are required.

The Department of Finance is requested to use the information specified in Section 1 of the enterprise's financial statement and/or cooperate with the investment authority in the province (the Department of Planning and Investment and/or the Management Board of industrial parks, export-processing zones, hi-tech zones, economic zones to acquire information about the investor's nationality in the FDI enterprise).

+ Codes of primary lines of business of FDI enterprises: Codes of business lines shall be developed on the basis of 29 business lines (enclosed with soft copies of general forms).

As for financial statements consolidated on the basis of hardware sent to the Department of Finance, each Department of Finance is required to seek its access to information specified in the section 1 explanatory notes on financial statements of enterprises and/or collaborate with the local investment authority (the Department of Planning and Investment and/or the Management Board of industrial parks, export processing zones, hi-tech zones or economic zones in obtaining information about the nationality of the enterprise's investor).

For financial statements consolidated on the basis of software of Provincial Departments of Taxation: Request Provincial Departments of Finance to match business lines on the data provided by Provincial Departments of Taxation according to the Table of comparison between national business codes on the data of Provincial Departments of Taxation and 29 codes of business lines and trades specified by the Ministry of Finance (enclosed with the soft copies of the general statement).

+ Regarding the data to be paid to the State budget: to sum up in detail the domestic revenue amount of each enterprise in Table 03/TH; Particularly for the collected export tax and import tax amounts, to request the addition of information on the total amounts already paid in the year in the written report (if information is collected).

- Request the Department of Finance to combine the review, comparison and consolidation of hardware financial statements submitted directly by FDI enterprises to the Department of Finance and financial statement data provided by the Department of Taxation.

- After the general data of the enterprises in the area, the Department of Finance shall calculate the general criteria by the total number of enterprises in the area, by group of business field for analysis (the calculation formula for analysis is designed in the general forms).

Accordingly, the provincial/municipal Finance Services shall synthesize contents on national codes and field codes of foreign-invested enterprises. To sum up the domestic revenue of each enterprise, to request the foreign-invested enterprise to supplement the information on the total import-export tax amount already paid in the year. After obtaining data, provincial-level Finance Departments shall calculate general items of foreign-invested enterprises in their localities.

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