Latest regulations on funding for establishment of price databases from July 15th, 2024 in Vietnam
What are latest regulations on funding for establishment of price databases from July 15th, 2024 in Vietnam? What are regulations on expenditures associated with maintenance, management and operation of price databases in Vietnam? What are regulations on funding for maintenance, management and operation of price databases in Vietnam?
What are latest regulations on funding for establishment of price databases from July 15th, 2024 in Vietnam?
On May 16th, 2024, the Minister of Finance of Vietnam promulgates the Circular 33/2024/TT-BTC prescribing funding for establishment, maintenance, upgrading, management and operation of price databases.
This Circular 33/2024/TT-BTC applies to administrative authorities and public service providers, and other authorities and organizations that use state funding for making investment in establishment, maintenance, upgrading, management and operation of price databases.
According to Clause 1 Article 3 of the Circular 33/2024/TT-BTC, funding for making investment in establishment and upgrading of price databases includes:
- Public investment funding allocated by state budget;
- Other lawful sources of funding (if any).
Latest regulations on funding for establishment of price databases from July 15th, 2024 in Vietnam - image from internet
What are regulations on expenditures associated with maintenance, management and operation of price databases in Vietnam?
Pursuant to Article 5 of the Circular 33/2024/TT-BTC stipulating expenditures associated with maintenance, management and operation of price databases in Vietnam:
Expenditures on maintenance, management and operation of price databases which are covered by state budget-derived funding for recurrent expenditures shall comply with the Law on state budget, its guiding documents and relevant laws.
The following provisions shall apply to any expenditures actually incurred during the maintenance, management and operation of price databases:
- Expenditures on collection of information and data serving the maintenance, management and operation of price databases shall be paid in accordance with provisions of the Circular No. 194/2012/TT-BTC dated November 15, 2012 of the Minister of Finance of Vietnam.
- Expenditures on hiring of specialists, in case existing personnel is incapable of performing tasks, for analyzing and forecasting domestic and international market prices of goods, services and property used for maintaining, managing and operating price databases shall be paid at the expenditure limits on hiring of specialists prescribed in the Circular No. 02/2015/TT-BLDTBXH dated January 12, 2015 of the Ministry of Labour, War Invalids and Social Affairs of Vietnam.
- Expenditures on ensuring safety, security and confidentiality of information included in price databases shall be paid in accordance with provisions of the Circular No. 121/2018/TT-BTC dated December 12, 2018 of the Minister of Finance of Vietnam and its guiding documents.
- Expenditures on purchasing of information and data serving the maintenance, management and operation of price databases shall be paid under contracts signed in accordance with regulations of law on economic contracts.
- Other expenditures actually incurred by authorities and units tasked with maintaining, managing and operating price databases shall be paid in accordance with relevant regulations of law.
- Provisions on expenditures other than salaries of officials and public employees to be covered by state budget-funding enshrined in this Circular and other legislative documents referred to in this Circular shall apply until regulations on salary reform under the Resolution No. 27/NQ-TW dated May 21, 2018 of the 7th Meeting of the 12th Central Executive Committee come into force.
What are regulations on funding for maintenance, management and operation of price databases in Vietnam?
Pursuant to Article 3 of the Circular 33/2024/TT-BTC stipulating funding for maintenance, management and operation of price databases in Vietnam:
Funding for maintenance, management and operation of price databases
1. Funding for maintenance, management and operation of price databases includes:
a) State budget-derived funding for recurrent expenditures as prescribed in the Law on state budget which is allocated by competent authorities and included in annual state budget expenditure estimates of relevant authorities and units (including annual additional funding);
b) Revenues earned from non-business activities; funds for development of non-business activities, and other lawful funds (if any);
c) Donations lawfully granted by domestic and foreign organizations and individuals, and other lawful revenues as prescribed by law.
2. Authorities and organizations tasked with maintaining, managing and operating price databases shall make annual estimates of state budget-covered costs of maintenance, management and operation of price databases, and submit them to competent authorities for approval in accordance with regulations of law.
3. The Ministry of Finance of Vietnam and provincial People’s Committees shall consider including funding for maintenance, management and operation of price databases in their annual state budget estimates in a manner that complies with provisions of the Law on state budget and relevant laws.
As regulated above, funding for maintenance, management and operation of price databases includes:
- State budget-derived funding for recurrent expenditures as prescribed in the Law on state budget which is allocated by competent authorities and included in annual state budget expenditure estimates of relevant authorities and units (including annual additional funding);
- Revenues earned from non-business activities; funds for development of non-business activities, and other lawful funds (if any);
- Donations lawfully granted by domestic and foreign organizations and individuals, and other lawful revenues as prescribed by law.
Note: Circular 33/2024/TT-BTC takes effect from July 1st, 2024.
