Vietnam: What are the time limits and the procedures for allocating and giving state budget estimates?
What are the procedures for allocating and giving state budget estimates in Vietnam?
Pursuant to Article 49 of the 2015 Law on State Budget as follows:
Allocating and giving state budget estimates
1. After being given budget estimates by the government or the People’s Committee, budget estimate units level I shall allocate and give budget estimates to affiliated budget-using units and units of inferior budgets. The allocation of budget estimates must comply with the deadlines and requirements in Article 50 of this Law.
2. Finance authorities of the same level shall inspect the budget estimates given by budget estimate units level I to their budget-using units. If the allocation is found incorrect in terms of total amount, fields, tasks, or policies, the budget estimate unit level I shall be requested to make correction within 10 working days from the day on which budget allocation report made by the budget estimate unit is received.
3. Apart from the agencies competent to give budget estimates, no other organization or individual may change the given budget tasks.
Accordingly, after being given budget estimates, budget estimate units level I shall allocate and give budget estimates to affiliated budget-using units and units of inferior budgets in case the power of attorney to perform their expenditure tasks is sent to financial agencies of the same level and the State Treasury where transactions are conducted for implementation.
Finance authorities of the same level shall inspect the budget estimates given by budget estimate units level I to their budget-using units.
What are the time limits for allocating and giving state budget estimates in Vietnam?
Pursuant to Article 50 of the 2015 Law on State Budget stipulating as follows:
Requirements and time limits for allocating and giving state budget estimates
1. Allocation of budget estimates to budget-using units must ensure:
a) Given budget estimates are complied with in terms of total amount and specific amounts by field and task;
b) Policies, standards, and limits on expenditure are complied with;
c) Capital and funding provided are sufficient to recover advances to be collected in the year, counterpart fund for projects funded by ODA of foreign sponsors under agreements;
d) Capital for investment in development provided compiles with regulations of law on public investment, construction, and relevant regulations of law;
dd) Dedicated additional funding provided by superior budgets to inferior budgets is legitimate in terms of targets, recipients; commitment or regulations on allocation of local government budget to achievement of targets are complied with.
2. Time limits for allocating and giving state budget estimates:
a) With regard to budget estimates given according to Clause 5 and Clause 7 Article 44 of this Law, budget estimate units level I must finish allocating and giving budget estimates to affiliated budget-using units before December 31 of the last year according to Clause 8 Article 44 of this Law;
b) In case of additional budget estimates, the superior budget estimate unit and inferior People’s Committee must finish allocating and giving the budget estimates within 10 working days.
Thus, the time limits for allocating and giving state budget estimates in Vietnam are mentioned as follows:
- With regard to budget estimates given according to Clause 5 and Clause 7 Article 44 of this Law, budget estimate units level I must finish allocating and giving budget estimates to affiliated budget-using units before December 31 of the last year according to Clause 8 Article 44 of this Law;
- In case of additional budget estimates, the superior budget estimate unit and inferior People’s Committee must finish allocating and giving the budget estimates within 10 working days.
In what case will the state budget estimates in Vietnam be adjusted?
Pursuant to Clause 1, Article 52 of the Law on State Budget 2015 stipulating as follows:
Adjustments to state budget estimate
1. Overall adjustments to state budget in case of budget fluctuation compared to allocated budget estimates:
a) The government shall estimate overall adjustments to state budget and submit them to the National Assembly for decision;
b) According to the National Assembly’s Resolution on overall adjustments to state budget and budget revenue and obligatory expenditures given by superior agencies, People’s Committees shall estimate overall adjustments to local government budgets and submit them to the People’s Councils at the same level for decision.
Thus, the government shall conduct overall adjustments to the state budget in case of budget fluctuation compared to allocated budget estimates.
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