Management of State Budget Revenues through the State Treasury

According to Circular 328/2016/TT-BTC, the organization of state budget revenue (NSNN) is implemented according to the provisions of the State Budget Law, the Tax Administration Law, and other legal regulations on state budget revenue. All agencies, organizations, units, individuals, including foreign organizations and individuals operating on the territory of the Socialist Republic of Vietnam, are obliged to fully and timely pay taxes, fees, charges, and other payable amounts into the state budget through the accounts of the State Treasury (KBNN) at commercial banks (NHTM) or directly into the State Treasury according to current legal regulations; in case of non-payment or late payment without legal permission, they will be handled according to current legal regulations.

In principle, state budget revenues must be paid through banks or directly at the State Treasury. In areas with difficulties in paying through banks or directly at the State Treasury, or where cash collection is not organized at customs clearance locations, the collecting agency is allowed to collect directly or authorize organizations to collect cash from state budget payers and subsequently, must fully and timely deposit into the State Treasury as stipulated in this Circular; if the Tax Agency authorizes cash collection for the tax payable by household businesses, it should be implemented according to the regulations of the Ministry of Finance and the guidance of the General Department of Taxation. Non-refundable cash aid (excluding direct foreign aid for projects) must be promptly transferred into the state budget revenue.

All state budget revenues are accounted for in Vietnamese dong, detailed by fiscal year, state budget schedule, and allocated to budget levels according to the percentage (%) prescribed by the competent authority. State budget revenues in foreign currencies are converted into Vietnamese dong based on the foreign currency accounting rates at the time of accounting.

The refund of state budget revenues is conducted according to the provisions of Article 10 of this Circular. The process of collection, procedures for collection, payment, exemption, reduction, and refund of state budget revenues must be announced and publicly posted at the collecting agency and the State Treasury where direct transactions with state budget payers occur.

This Circular takes effect from February 15, 2017.

Circular 128/2008/TT-BTC dated December 24, 2008; Circular 85/2011/TT-BTC dated June 17, 2011; and Circular 32/2014/TT-BTC dated March 11, 2014 of the Ministry of Finance are hereby annulled.

Source: Financial Magazine

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