In Vietnam, what are the regulations on making reports on estimates of trade union financial revenues and expenditures? What are the sources of trade union revenues?
How must enterprises report the union's financial statements to the superior trade union?
The fiscal year of the trade union is from January 1 to December 31 in solar year.
- With regard to the trade unions, the time for submitting the cost estimate and financial statement of trade union budget is specified as follows:
+ The cost estimates of the trade union budget of Confederation of Labor of provinces in the following year shall be submitted to the VGCL before November 31. The financial statement of the trade union budget of the previous year shall be submitted to the VGCL before March 31 in the following year.
+ The Confederation of Labor of provinces specify the time for submitting reports on cost estimates and financial statements of inferior and affiliated trade unions in accordance with regulations in this Article.
- With regard to public service providers affiliated to VGCL: The cost estimates in the following year shall be submitted to the owner before November 15 every year. The financial statement of the previous year shall be submitted to the owner before March 15 in the following year.
Regulations on making trade union financial reports
Pursuant to the Guideline 270/HD-TLD 2014 of Vietnam on the implementation of the Regulation on trade union financial management and the accounting regime applicable to basic trade unions:
"1- Make reports on financial revenue and expenditure estimates.
The basic trade union shall make an annual report on the trade union's financial revenues and expenditures using the form No. B14-TLD. The time to send the next year's estimate report to the superior trade union is no later than November 15 of the previous year.
2- Make financial income and expenditure settlement reports.
- The basic trade union shall make an annual financial statement of revenue and expenditure to the superior trade union for approval (Form B07-TLD). The time to send the final settlement report to the superior trade union is no later than March 5 of the following year.
Provincial, municipal and equivalent-level Labor Confederations are assigned basic trade unions to make financial reports every 6 months (2 periods a year).
- Only write general financial revenues and expenditures of basic trade unions. The revenues and expenditures of social activities are reflected in the detailed book of social fund revenues and expenditures and annual reports on social fund revenues and expenditures are made to submit to the Executive Board (Standing Committee) of the basic trade union.”
What are the regulations on making reports on estimates of trade union financial revenues and expenditures?
What are the sources of trade union revenues?
- The trade union revenues
Revenues of the trade union budget prescribed in Article 26 of Law on trade union dated 2012 and the Government’s Decree No. 191/2013/ND-CP dated November 21, 2013 providing detailed regulations on the trade union budget consist of:
+ The trade union fee.
+ Trade union contributions.
+ Funding from the state budget.
+ Other revenues from activities of culture, sport, business operation of the trade union; from projects, plans and programs assigned by the State; from aid, funding provided by domestic and foreign organizations and individuals; from deposit interest paid by banks, state treasuries (if any), money collected from liquidation and sale of assets; money which is recovered from wrong expenditures of the trade union budget that were stated and approved by the competent authority, etc.
- The trade union expenditures
The trade union expenditures shall comply with Clause 2 Article 27 of Law on Trade Union dated 2012 and VGCL’s regulations.
- The trade union revenues
Thus, revenues of the trade union budget consist of:
+ The trade union fee.
+ Trade union contributions.
+ Funding from the state budget.
+ Other revenues from activities of culture, sport, business operation of the trade union; from projects, plans and programs assigned by the State; from aid, funding provided by domestic and foreign organizations and individuals; from deposit interest paid by banks, state treasuries (if any), money collected from liquidation and sale of assets; money which is recovered from wrong expenditures of the trade union budget that were stated and approved by the competent authority, etc.
What are the regulations on distribution of responsibility for management of trade union budget?
Distribution of responsibility for management of trade union budget
(1) The Standing Committee of an internal trade union is responsible for organizing and implementing missions of trade union revenues and expenditures and management of its budget according to the assignment of the VGCL; making the cost estimate; implementing the cost estimate and financial statement; disclosing the cost estimate and financial statement of the trade union budget; issuing and complying with regulations on revenues and expenditures of internal trade unions.
(2) The Standing Committee of a supervisory trade union is responsible for organizing and implementing missions of trade union revenues and expenditures and management of its budget according to the assignment of the VGCL; making the cost estimate ; implementing the cost estimate and financial statement; disclosing the cost estimate and financial statement; inspecting and instructing the inferior trade union to implement the mission of trade union revenues and expenditures and management of their trade union budget and pay trade union contributions to superior trade unions and approving the cost estimate and financial statement of its inferior trade unions.
(3) The Standing Committee of Confederation of Labor of a province is responsible for organizing and implementing the mission of trade union revenues and expenditures and management of its budget according to the assignment of the General Confederation of Labor; making the cost estimate ; implementing the cost estimate and financial statement; showing publicly the cost estimate and financial statement; inspecting and instructing its inferior trade unions to implement the mission of trade union revenues and expenditure and management of their budget and pay trade union contributions the superior trade union and approving the cost estimates and financial statements of its inferior trade unions.
(4) The Presidium of the General Confederation of Labor is responsible for providing guidance on and organizing the mission of trade union revenues and expenditures and management of the Vietnam trade union budget; deciding the principles of formulation, approval and distribution of annual cost estimates; consolidating and approving the cost estimates and financial statements of the consolidated budget estimates of inferior trade unions; inspecting and guiding its inferior trade unions to implement the mission of trade union revenues and expenditures and management of their trade union budget and pay trade union contributions to VGCL; promulgating guiding regulations in collection, distribution, use and management of trade union budget in accordance with Clause 2 Article 12 of the Government’s Decree No. 191/2013/ND-CP providing detailed regulations on the trade union budget and approving the annual cost estimates and financial statements.
Above is the information related to the financial reports of the union that you are interested in.
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