Do managers working in state-owned enterprises have to declare income and assets in Vietnam?
Do managers working in state-owned enterprises have to declare income and assets in Vietnam? Does a manager working in a state-owned enterprise have to declare money when transferring money to a foreign bank account in Vietnam? When appointed for the first time as a manager in a state-owned enterprise, how long does it take to declare assets and income in Vietnam?
Do managers working in state-owned enterprises have to declare income and assets in Vietnam?
Pursuant to Article 34 of the Law on Anti-Corruption 2018, amended by Clause 3, Article 217 of the Law on Enterprises 2020, it is stipulated that people are obliged to declare assets and income as follows:
1. Officials.
2. Commissioned officers of police and military forces, career military personnel.
3. Holders of positions of deputy managers and above in public service agencies, wholly state-owned enterprises, appointed representatives of state capital in enterprises.
4. Nominees for the National Assembly delegates and the People’s Councils delegates.
Thus, if you are appointed to the position of manager in an enterprise with 100% charter capital held by the State in Vietnam, you must fulfill the obligation to declare assets and income according to regulations.
Does a manager working in a state-owned enterprise have to declare money when transferring money to a foreign bank account in Vietnam?
According to Article 35 of the Law on Anti-Corruption 2018, assets and income subject to declaration as follows:
1. The following assets and income shall be declared:
a) Land use rights, houses, construction works and other property attached thereto;
b) Previous metals, gemstones, cash, financial instruments and other real property each of which is assessed at VND 50.000.000 or above;
c) Overseas property and accounts;
d) Total income between 02 declarations.
2. The Government shall provide declaration forms and implement the provisions of this Article.
According to this Article, for assets and bank accounts abroad, when you are appointed as manager of a wholly state-owned enterprise in Vietnam, you must declare these items.
Do managers working in state-owned enterprises have to declare income and assets in Vietnam? (Image from the Internet)
When appointed for the first time as a manager in a state-owned enterprise, how long does it take to declare assets and income in Vietnam?
Article 36 of the Law on Anti-Corruption 2018 stipulates method and time for declaration of assets and income as follows:
1. First declaration shall be made by:
a) Holders of the positions mentioned in Clause 1, 2, 3 Article 34 of this Law while this Law is affective. Declaration must be done by December 31, 2019;
b) Persons holding the positions mentioned in Clause 1, 2, 3 Article 34 of this Law for the first time. Declaration shall be done within 10 days from the date of designation or employment.
2. Additional declaration shall be done when there is a change of at least VND 300.000.000 to his/her assets and income in the year. Declaration shall be done by December 31 of the year in which the change occurs, unless such change has been declared in accordance with Clause 3 of this Article.
3. Annual declaration shall be made by:
a) Holders of positions of directors of provincial departments and above. Declaration must be done annually by December 31;
b) Persons other than those mentioned in Point a of this Clause in charge of official management, management of public funds, public property or public investment, or have influence over the operation of other entities as prescribed by the Government. Declaration must be done annually by December 31;
4. Declaration serving official management Firs declaration shall be made by:
a) The individuals required to declare assets and income specified in Clause 1, 2, 3 Article 34 of this Law before they are elected, designated, re-designated or re-assigned. Declaration shall be done at least 10 days before the intended date of election, designation, re-designation or reassignment;
b) The individuals required to declare assets and income mentioned in Clause 4 Article 34 of this Law. Time of declaration shall comply with regulations of law on voting.
Thus, if you are appointed for the first time as a manager in a wholly state-owned enterprise, you must declare your assets and income within no more than 10 days from the date of receipt, recruitment, and placement in the position in Vietnam.
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