Guidelines for Declaration and Payment of Fees and Charges Related to the Profession of Insolvency Practitioners

18:19, 10/07/2024

On November 10, 2016, the Ministry of Finance signed and promulgated Circular 224/2016/TT-BTC stipulating the rates, collection policies, submission, management, and use of fees for the assessment of standards and conditions for practice, asset management and liquidation activities; and fees for the issuance of practice certificates for insolvency practitioners.

According to Circular 224/2016/TT-BTC, the declaration and payment of fees and charges are implemented as follows:

- No later than the 5th of each month, the fee-collecting organization must deposit the fees collected from the previous month into the fee account awaiting budget submission opened at the State Treasury.- The fee and charge-collecting organization must declare and pay the collected fees and charges monthly, and settle annually according to the guidance in Clause 3, Article 19, Clause 2, Article 26 of Circular 156/2013/TT-BTC.

Also according to Circular 224/2016/TT-BTC, fee and charge payers are the following subjects:

- Individuals when requesting the issuance of a Practicing Certificate for Asset Management must pay fees and charges.- Asset managers when registering to practice asset management and liquidation in an individual capacity must pay fees.- Enterprises when registering to practice asset management and liquidation must pay fees.

See related regulations at Circular 224/2016/TT-BTC effective from January 01, 2017.

- Thanh Lam -

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