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OFFICIAL LETTER

ON REASONABLE EXPENSES TO BE DEDUCTED IN DETERMINING TAXABLE INCOMES

To: The Tax Department of Hanoi city

In response to Official Letter No. 21146/HTr of September 1, 2004, of the Taxation Department of Hanoi city, on reasonable expenses to be deducted in determining taxable incomes, the General Department of Taxation gives the following opinion:

Under Point 11, Section III, Part B of the Finance Ministry's Circular No. 128/2003/TT-BTC of December 22, 2003, guiding the implementation of the Government's Decree No. 164/2003/ND-CP of December 22, 2003, which details the implementation of the Enterprise Income Tax Law:

Expenses for advertisement, marketing, sale promotion, guest reception, festivities, transactions, public relations, brokerage commissions, expenses for conferences and other expenses allow to be included in reasonable expenses for determination of taxable incomes, which, however, must not exceed 10% of the total of reasonable expenses specified at Points 1 through 10, Section III of the above-said Circular. For selling activities, reasonable expenses for determination of the limitation shall not include the costs of goods sold.

According to the above-said provisions, if the Mekong Limited Liability Company, which is engaged in financial management consultancy, business administration, accounting and auditing, bought Hanoi Club membership cards from the Econ Hanoi Construction and Technical Development Joint-Venture Company for its business purpose such as promoting its reputation and creating exchange opportunities and increasing business opportunities, etc., the expenses to membership cards are , by its nature, expenses for marketing, guest reception, festivities, transactions or public relations. These expenses allows to be counted as reasonable expenses within the limit under the provisions at Point 11, Section III, Part B of above-said Circular No. 128/2003/TT-BTC of December 12, 2003

The General Department of Taxation hereby notifies the Taxation Department of Hanoi city as instruction for compliance For the General Director of Taxation.

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