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Please let us about definition of capital price of assigned capital?

Posted: Monday, December 08, 2008

On 04 September 2008, the General Department of Taxation issued Official letter No.3343/TCT-CS relating to definition of capital price of assigned capital.
Accordingly, pursuant to the Official letter No.1673/TCT-CS dated 28 April 2008 of the General Department of Taxation on definition of capital price of assigned capital, pursuant to Circular No.55/2002/TT-BTC dated 26 June 2002 of the Ministry of Finance guiding the Vietnamese accounting regime being applicable to foreign invested organizations and enterprises operating in Vietnam, when foreign individuals and organizations contribute capital to enterprises in Vietnam by foreign currency, then Vietnamese enterprises are forced to convert foreign currency into Vietnamese dong for recording contributed capital and book-keeping accounting under the Vietnamese accounting regime (excepted enterprises are allowed keep account by foreign currencies).
During the time of business production operation, dealing activities of enterprises shall also be definite by the Vietnamese dong (if payment by foreign currency, such enterprise must convert into Vietnamese dong under the rate of exchange at time of exchange).
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