Chương 3 Nghị định 151/2013/NĐ-CP: Tài chính của tổng công ty

Chapter III

FINANCE OF THE CORPORATION

Article 29. Working capital of the Corporation

1. Equity capital includes:

a/ Capital directly allocated by the State in cash or asset;

b/ Capital received according to the book value from the companies specified in Article 7 of this Decree;

c/ Differences resulting from asset revaluation, and exchange rate differences as prescribed by law;

d/ Development investment funds set up from the after-tax profits of the Corporation;

dd/ Other sources of capital originated from the state budget.

2. Capital raised through issuance of bonds, borrowing of loans, receipt of joint-venture and partnership capital and other lawful sources.

3. Other capital entrusted by the State and organizations and individuals at home and abroad in accordance with law.

4. Other capital as prescribed by law.

Article 30. Turnover

1. Distributed profits and dividends, proceeds from the sale of enterprises and assets, proceeds from the sale of shares and contributed capital directly invested by the Corporation.

2. Distributed profits and dividends from received capital.

3. Proceeds from the sale of state capital in received enterprises, including also deposits the Corporation does not have to return to investors.

4. Revenues from financial activities, services and other revenues as prescribed by law.

Article 31. Expenses

1. Expenses for capital investment activities directly carried out by the Corporation in accordance with current law.

2. Expenses for management of received capital (including expenses for determining state capital at the time of receipt), expenses for sale of received capital;

3. Value of original capital in enterprises of which capital is sold by the Corporation.

4. Setting aside of provisions as prescribed by law, including provisions for received capital, made like long-term financial investments.

5. Remuneration, bonus and other payments to representatives other than those specified in Article 28 of this Decree.

6. Other expenses as prescribed by law.

Article 32. Wages, remuneration and payments of salary nature for employees in the Corporation

1. The salary mechanism and fund for the Corporation’s employees comply with current law.

2. The salary unit price shall be determined and kept unchanged for every three years.

3. The Members’ Council of the Corporation shall elaborate regulations on management of salaries, bonuses and expenses of salary nature in the Corporation in accordance with law. The Corporation may take the initiative in using its salary funds for development of high-quality human resources.

Article 33. Profit

Profit realized in a year is the business result of the Corporation, including profit from main business activities and from other activities. Profit of the Corporation is determined to be the difference between total turnover and total expenses as prescribed by current law and this Decree.

Article 34. Profit distribution

1. Profit of the Corporation, after offsetting the previous year’s loss according to the Law on Enterprise Income Tax, making deductions for the science and technology development fund as prescribed by law, and paying enterprise income tax, must be distributed as follows:

a/ Paying interests to capital contributors according to contracts (if any);

b/ Offsetting losses of previous years for which the time limit for clearing against before-enterprise income tax has expired;

c/ Remaining profit, after subtracting the amounts mentioned at Points a and b, Clause 1 of this Article, must be distributed as follows:

- Making deductions for the bonus fund for managers of the Corporation, and for the reward and welfare fund according to regulations.

- Making deductions for the bonus fund for capital sale achievements, which are equal to 10% of the difference between proceeds from the sale of received capital in the year and the price re-determined under Article 8 of this Decree, sale expenses and enterprise income tax, which must not exceed three months’ paid salaries.

- Transferring all remaining profit to the development investment fund.

2. The Members’ Council shall consider and approve annual financial statements and decide on plan on use of after-tax profits of the Corporation.

Article 35. Management of the reward fund for capital sale achievements

The bonus fund for capital sale achievements set up under this Decree may be used to grant incentive bonuses to leaders, experts and employees of the Corporation based on achievements made in the management and sale of state capital; and bonuses to other individuals and collectives that have contributed to the achievements made by the Corporation. Specific bonus levels shall be decided by the Director General according to the Members’ Council-adopted regulation on the use of the bonus fund for capital sale achievements.

Article 36. Accounting regime, accounting reports, financial statements, statistics reports, audit and financial publicity

1. The Corporation shall implement the regimes of accounting, accounting reports, financial statements, statistics reports, audit and financial publicity as prescribed by this Decree, the Accounting Law and relevant regulations.

2. The consolidated statement of the Corporation does not cover companies received under Clause 1, Article 7 of this Decree.

3. The Corporation shall implement the financial mechanism prescribed in this Decree from January 1, 2013.