Regulations on management of state revenues via State Treasury will be revised
The Ministry of Finance revises some regulations on management for the State revenues via the State Treasury. Photo: Thuy Linh. |
Article 1 of the circular adds the payment intermediary service providers licensed by the State Bank of Vietnam to the scope of application.
The circular also stipulates that the State Treasury at the provincial level is the State Treasury of provinces and centrally run cities, the State Treasury at district level is the State Treasury of districts, towns and cities directly under the province. The phrase “transaction office under the provincial State Treasury" is removed.
The principles of State revenue management as described in Clause 2 of Article 3 of Circular 328/2016 have been amended so that the State budget revenues must be remitted directly to the State Treasury or into the State Treasury’s account at banks, except for collection agencies or organizations authorized by the collection agency that are allowed to directly collect the State revenue as per the law.
The collection agency or organization authorized by the collection agency must fully and promptly remit revenues to the State Bank’s account opened at banks as per provisions of the Law on Tax Administration, Law on Handling of Administrative Violations and guiding documents.
Circular 72 abolishes regulations on revenue payment via banks or direct payments at the State Treasury or non-cash collection at customs checkpoints for cases in difficult areas.
The Circular revises point b and point c of Clause 1, Article 4 of Circular 328. Accordingly, it stipulates that the provincial State Treasury or the district State Treasury has authorized the revenue collection in cash but the payer still remits cash at these treasuries, those must collect cash from the payer.
The circular supplements the exclusion for economic units and organizations that have accounts at commercial banks as prescribed in Clause 1, Article 1 of Circular 136/201 amending, supplementing a number of articles of Circular 13/2017 regulating the management of collection and payment in cash through the State Treasury system.
For cases where the provincial State Treasury or the district State Treasury changes the account at the commercial bank or establishes the new State Treasury (due to division or merger of the locality), Circular 72 stipulates those must coordinate with the commercial bank where the new account is opened, to collect the revenues. The requirement on making a written request to cancel the coordination in the state revenue collection with the commercial bank where the former account is opened is also removed.
Related News
Ambitious profit goals of banks
10:32 | 13/04/2024 Finance
Banks seek to attract foreign capital
10:50 | 09/04/2024 Finance
Mechanisms for bolstering "bolder" and more efficient credit flow
08:24 | 31/03/2024 Import-Export
Credit and access to credit: A problem for banks and businesses
15:24 | 19/03/2024 Finance
Latest News
Reporting to the National Assembly for considering VAT reduction in the second half of 2024
17:09 | 14/04/2024 Regulations
The Prime Minister requested that before April 25, complete the revision of regulations on import and export of medicinal materials
10:33 | 13/04/2024 Regulations
No need to reduce the output of manufacturing and assembling automobile to enjoy preferential tariff
09:09 | 11/04/2024 Regulations
Hundreds of tons of cinnamon essential oil are left in inventory due to export regulations
09:31 | 10/04/2024 Regulations
More News
Business suspension of temporary import and re-export of Monazite ores and ore concentrates will be valid on May 13th
20:09 | 07/04/2024 Regulations
Improving the customs legal system to be modern, synchronous, unified and transparent
10:33 | 07/04/2024 Regulations
New points about rules of origin in AKFTA
08:05 | 03/04/2024 Regulations
It is necessary to build a national database on cross-border trade and transport
15:23 | 29/03/2024 Regulations
Removing difficulties in tax exemption and refund policies for export processing enterprises
14:48 | 27/03/2024 Regulations
Reviewing the list of scrap that is temporarily suspended from temporary import and re-export business
15:41 | 24/03/2024 Regulations
New law expected to boost financial leasing
14:05 | 22/03/2024 Regulations
5% VAT on fertilisers to create fairer market: domestic producers
14:03 | 22/03/2024 Regulations
Why not reduce export tax on fertilizer products to 0%?
09:37 | 21/03/2024 Regulations
Your care
Reporting to the National Assembly for considering VAT reduction in the second half of 2024
17:09 | 14/04/2024 Regulations
The Prime Minister requested that before April 25, complete the revision of regulations on import and export of medicinal materials
10:33 | 13/04/2024 Regulations
No need to reduce the output of manufacturing and assembling automobile to enjoy preferential tariff
09:09 | 11/04/2024 Regulations
Hundreds of tons of cinnamon essential oil are left in inventory due to export regulations
09:31 | 10/04/2024 Regulations
Business suspension of temporary import and re-export of Monazite ores and ore concentrates will be valid on May 13th
20:09 | 07/04/2024 Regulations