On November 7, 2022, the Ministry of Finance issued Circular 67/2022/TT-BTC providing guidelines for tax obligations when enterprises set up and use their Science and Technology Development Funds (Circular 67). Circular 67 amends, supplements, and annuls a number of provisions in Joint Circular 12/2016/TTLT-BKHCN-BTC providing guidelines for the allocation and management of the science and technology development fund in enterprises (Joint Circular 12). Circular 67 shall take effect from December 23, 2022 and set forth a number of new points compared to Joint Circular 12 as follows:
(i) Gather a number of provisions scattered in Joint Circular 12 into a separate clause on principles of using the Science and Technology Development Fund;
(ii) Amend and supplement some contents related to the determination of tax obligations when enterprises misuse, unuse or underuse 70% of the annual Fund contribution; and
(iii) Supplement the content on management of assets formed from the Fund.