Full Remittance of Funds from the Asset Sale for the Execution of Science and Technology Tasks

The amount of money obtained from the sale of assets to carry out the scientific and technological tasks funded by the budget must be fully submitted to the State Treasury, with the specific procedure as follows:

1. Within 03 working days from the date the organization or individual purchasing the asset pays for the asset, the agency assigned to manage the scientific and technological tasks must submit the entire amount obtained from the asset sale into a temporary account at the State Treasury:

- The agency assigned to manage public assets under the Ministry of Finance shall use public assets, including houses and land, for the scientific and technological tasks managed centrally as decided by the Prime Minister of the Government of Vietnam and the Minister of Finance.- The agency assigned to manage public assets under Ministries and central agencies shall use public assets, excluding houses and land, for equipping scientific and technological tasks managed by the Ministries and central agencies.- The Department of Finance concerning assets for equipping local managed scientific and technological tasks.

2. Within 30 days from the date the money from the asset sale is deposited into the temporary account, the agency assigned to manage the scientific and technological tasks is responsible for aggregating, appraising related expenses from the asset sale, and requesting the account holder to pay these costs.

3. Within 15 days from the date of receiving the payment request document, the temporary account holder is responsible for disbursing the money to pay the related expenses of the asset sale as per regulation.

4. Quarterly, the temporary account holder will transfer the remaining amount from the asset sale, designated for scientific and technological tasks funded by the budget, to the central and local budget as regulated by the law on the state budget after completing the payment of related expenses.

5. If the payment for the asset designated for scientific and technological tasks funded by the budget defined in the Asset Purchase Contract is overdue, and the organization or individual has not completed the payment, they must pay a late payment fee.

Circular 63/2018/TT-BTC takes effect from September 15, 2018.

- Thanh Lam -

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