Guidelines on State Budget Revenue Collection in Foreign Currency according to Circular 328/2016/TT-BTC

To be specific, the state budget revenue in foreign currency is guided by Circular 328/2016/TT-BTC as follows:

- Collection of foreign currency by transfer: Implemented similarly to the process of state budget revenue by transfer for Vietnamese Dong:- Provincial State Treasury accounts for the increase in payment accounts in foreign currency at the bank and records the state budget revenue in foreign currency; at the same time, converts it into Vietnamese Dong.- The State Treasury records the increase in the state budget foreign exchange reserve; at the same time, converts it into Vietnamese Dong.- Collection of foreign currency in cash through the bank: Implemented similarly to the process of state budget revenue in cash for Vietnamese Dong at the commercial bank where the State Treasury opens an account.- Collection of foreign currency in cash through the collecting agency or directly into the State Treasury:- In case the collecting agency directly collects foreign currency in cash, it must be fully and promptly deposited into the payment account in foreign currency of the provincial State Treasury opened at the bank.- In case the state budget payer directly deposits foreign currency in cash into the provincial State Treasury, the collection process is implemented as the cash collection in Vietnamese Dong into the provincial State Treasury; the district State Treasury does not organize the collection of foreign currency in cash.- The provincial State Treasury converts foreign currency into Vietnamese Dong; at the same time, deposits all collected foreign currency into the payment account in foreign currency of the provincial State Treasury at the bank to transfer to the State Treasury (Central).- In case the provincial State Treasury does not have a payment account in foreign currency at the bank, the provincial State Treasury is allowed to sell foreign currency in cash to the State Bank branch of the province, or centrally affiliated city.

See related regulations at Circular 328/2016/TT-BTC effective from February 15, 2017.

- Thanh Lam -

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