Vietnam: In 2023, is it required to open deposit accounts or have the receiving registers when receiving religious donations? What are the regulations on receiving religious donations by bank transfers and in cash?
- Are religious donations in Vietnam funding sources for organizing festivals?
- In 2023, is it required to open deposit accounts or have the receiving registers when receiving religious donations in Vietnam?
- What are the regulations on receiving religious donations by bank transfers and in cash in Vietnam?
Are religious donations in Vietnam funding sources for organizing festivals?
Pursuant to Article 4 of Circular 04/2023/TT-BTC as follows:
Sources of funding for organizing festivals
1. Religious donations or grants used for financing festivities; aids or voluntary contributions of domestic and foreign entities or persons.
2. Revenues earned from services carried out within festival venues, including leasing of facilities intended for selling souvenirs, food and beverages; filming, photography; parking; transporting tourists; and other services conforming to regulations of local jurisdictions.
3. Interest on deposit accounts opened at State Treasuries or commercial banks according to regulations.
4. State budget grants for traditional festivals (if any).
According to the above regulations, religious donations are main funding sources for organizing festivals.
In 2023, is it required to open deposit accounts or have the receiving registers when receiving religious donations in Vietnam?
Pursuant to Article 9 of Circular 04/2023/TT-BTC as follows:
Receipt of religious donations or grants
1. Apply for a deposit account to be opened at a State Treasury or a commercial bank to record transactions involving receipt, management and use of religious donations or grants in the form of bank transfer or electronic payment.
2. Receiving cash, banknotes or physical money:
Appoint a person to receive and fully register received sums. Received banknotes or physical money contained in offering or donation boxes (if any) shall be counted, checked and recorded in total. Banknotes or physical money given in the places other than permissible ones, or not in conformity with the civilized lifestyle rules of relic sites shall be collected for counting or put in the donation boxes for counting as prescribed above.
Temporarily available cash sums after being received for use by relic sites and festivities shall be deposited into accounts opened at State Treasuries or commercial banks to ensure that they are in the safe and transparent custody.
3. Receiving security instruments: Create the register of security instruments, sums shown thereon and issuing entities. Entities or persons that are the owners or authorized custodians or operators of relic sites shall be responsible for management and use of security instruments, including payment made before or on due dates, depending on managerial requirements and aspirations of donators or givers (if any).
4. Receiving precious metals or jewels: Create the register of precious metals, jewels and information about their respective values provided by donating or giving entities or persons. Entities or persons that are the owners or authorized custodians or operators of relic sites shall be responsible for management and use of precious metals or jewels, involving the act of putting them up for auction; selling them to commercial banks; keeping or displaying them at relic sites, depending on managerial requirements and aspirations of donators or givers (if any).
According to the above provisions:
- Deposit accounts must be opened when receiving religious donations by bank transfers or electronic payments.
- The receiving registers are required when receiving religious donations in cash.
What are the regulations on receiving religious donations by bank transfers and in cash in Vietnam?
Pursuant to Article 9 of Circular 04/2023/TT-BTC as follows:
- In case of receiving religious donations by bank transfer or electronic payment, a deposit account must be opened at the State Treasury or commercial bank to record transactions involving receipt, management, and use of religious donations.
- In case of receiving religious donations in cash:
+ Appoint a person to receive and fully register received sums
+ Received banknotes or physical money contained in offering or donation boxes (if any) shall be counted, checked, and recorded in total.
+ Banknotes or physical money given in places other than permissible ones, or not in conformity with the civilized lifestyle rules of relic sites shall be collected for counting or put in the donation boxes for counting.
+Temporarily available cash sums after being received for use by relic sites and festivities shall be deposited into accounts opened at State Treasuries or commercial banks to ensure that they are in safe and transparent custody.
- Receiving security instruments: Create the register of security instruments, sums are shown thereon and issuing entities.
Entities or persons that are the owners or authorized custodians or operators of relic sites shall be responsible for the management and use of security instruments, including payment made before or on due dates, depending on managerial requirements and aspirations of donators or givers (if any).
- Receiving precious metals or jewels: Create the register of precious metals, jewels, and information about their respective values provided by donating or giving entities or persons.
Entities or persons that are the owners or authorized custodians or operators of relic sites shall be responsible for the management and use of precious metals or jewels, involving the act of putting them up for an auction; selling them to commercial banks; keeping or displaying them at relic sites, depending on managerial requirements and aspirations of donators or givers (if any).
Circular 04/2023/TT-BTC will take effect from March 19, 2023.
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