Can individuals receive contributions for social and charity activities in Vietnam through his/her personal bank account?
Can individuals receive contributions for social and charity activities in Vietnam through his/her personal bank account?
Pursuant to the provisions at Point a, Clause 4, Article 10 of Circular No. 41/2022/TT-BTC as follows:
Recording books
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4. Recording of contributions for social and charity activities:
a) Regarding contributions in cash:
- The canvassing individual shall open a separate bank account for receiving contributions for social and charity activities which cannot be received through his/her personal bank account.
- Regarding contributions in cash: The canvassing individual shall be responsible for safe management of received contributions. Unused amounts of contributions may be deposited to his/her bank account for social and charity activities.
- Regarding contributions received in foreign currencies for performing domestic social and charity activities: The canvassing individual shall sell received foreign currencies to commercial banks and manage and use the proceeds from the sale of such foreign currencies in VND for performing canvassing social and charity activities as prescribed.
- Deposit interests remaining after deduction of payment fees shall be recorded as increases in received contributions.
- Preparing general recording books:
A general recording book of contributions in cash shall be opened using the form No. S01CN/XH-TT in Appendix 03 enclosed herewith for recording all contributions in cash upon actual receipt of the contribution, including particulars of donors (such as name, address, etc.), contribution amounts, contribution methods, including contributions through bank account or made directly in cash (sorted by VND and foreign currencies), receipt date (i.e. the date of the bank’s credit note, in case of contributions made through the bank account), addresses of beneficiaries (if designated by donors), and any other necessary information.
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Thus, the canvassing individual shall open a separate bank account for receiving contributions for social and charity activities which cannot be received through his/her personal bank account.
Can individuals receive contributions for social and charity activities in Vietnam through his/her personal bank account? (Image from the Internet)
Shall voluntary contributions distributed and used for social and charity activities be recorded?
Pursuant to Clause 5, Article 10 of Circular No. 41/2022/TT-BTC specifically stipulating as follows:
Recording books
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5. Recording of voluntary contributions distributed and used for social and charity activities
A general recording book of distributed contributions shall be opened using the form No. S03CN/XH-TT in Appendix 03 enclosed herewith for recording all contributions distributed, including distribution date, names and addresses of beneficiaries, distribution methods, either in cash or in kind (specific goods or articles must be specified) or through construction or repair of buildings, and must bear signatures of beneficiaries. Certification of local competent authorities may be given directly on this book or as a separate document, if required.
Cash payments for purchase of goods, articles, or supplies, etc., and payments for construction and repair of buildings must be supported by valid and lawful invoices or receipts as prescribed by law.
Thus, voluntary contributions distributed and used for social and charity activities shall be recorded.
Cash payments for purchase of goods, articles, or supplies, etc., and payments for construction and repair of buildings must be supported by valid and lawful invoices or receipts as prescribed by law.
How to receive contributions in kind?
Pursuant to Point b, Clause 4, Article 10 of Circular No. 41/2022/TT-BTC specifically stipulating as follows:
Recording books
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4. Recording of contributions for social and charity activities:
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b) Regarding contributions in kind:
- The receipt of in-kind contributions shall depend on the canvassing individual’s warehousing, storage and transport conditions.
- The canvassing individual shall ensure safe management and prompt distribution of received contributions in kind to beneficiaries.
- A general recording book of contributions in kind shall be opened using the form No. S02CN/XH-TT in Appendix 03 enclosed herewith for recording all in-kind contributions received, including date of receipt, name and address of donor, types of contributions in kind, quantity, and addresses of designated beneficiaries (if any).
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Thus, in case of receiving contributions in kind, it is necessary to do the following:
- The receipt of in-kind contributions shall depend on the canvassing individual’s warehousing, storage and transport conditions.
- The canvassing individual shall ensure safe management and prompt distribution of received contributions in kind to beneficiaries.
- A general recording book of contributions in kind shall be opened for recording all in-kind contributions received, including date of receipt, name and address of donor, types of contributions in kind, quantity, and addresses of designated beneficiaries (if any).
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