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MEKONG COUNSEL

Circular guiding bank loan interest support to purchase of rice in the 2012 Summer-Fall crop for temporary storage

On August 20th, 2012, the Ministry of Finance issued Circular No. 139/2012/TT-BTC guiding bank loan interest support to purchase of rice in the 2012 Summer-Fall crop for temporary storage. Accordingly, the State budget shall support 100% interest for loans borrowed from commercial banks to traders allocated by the Vietnam Food Association (“VFA”) as regulated in Decision No. 812/QD-TTg dated July 2nd, 2012 of Prime Minister with the following conditions:

 

- Having a loan which falls due before or within the period to be entitled to interest support;

 

- The rice quantity must not exceed the quantity as regulated;

 

- The period of rice purchase for temporary storage shall be from July 10th, 2012 to August 10th, 2012;

 

- The actual period of temporary storage shall be from July 10th, 2012 to October 10th, 2012.

 

The period to be entitled to bank loan interest support shall be the actual period of temporary storage starting from the time of purchase to the time of sale but must not later than October 10th, 2012.

 

The price for bank loan interest support shall be the purchasing market price (exclusive of VAT) of each kind of rice. In case traders purchase material rice to produce finished rice products, the price for bank loan interest support shall include production expenses.

 

The basis for determination of the actual purchasing market price shall be: the sales contract, minutes of liquidation, received stock docket, purchase orders, wire payment vouchers, or other relevant documents to be presented by traders.

 

The interest support rate shall be the interest rate in the credict contract signed by the traders but must not exceed 11,5%/year.

 

The amount of  bank loan interest support shall be accounted as other incomes and subject to corporate income tax in accordance with prevailing regulations.

 

This Circular shall be effective from August 20th, 2012.