New: Promulgating expenses of microfinance programs/projects in Vietnam

Expenses of the MF program/project include specific expenditures specified in Circular No. 37/2019/TT-BTC of the Ministry of Finance of Vietnam as follows:

1. Expenditure on interests and similar expenditures

- Expenditure on interests on compulsory savings deposits.

- Expenditure on interests on voluntary savings deposits.

- Expenditure on interests on loans.

- Other expenditures on credit activities.

2. Expenditure on services

- Expenditure on telecommunications services.

- Expenditure on fees for entrustment of lending.

- Expenditure on financial consulting services related to area of microfinance activities.

- Expenditure on commissions paid to agents, brokers, entrustors permitted by law.

- Expenditure on activities of insurance agents.

3. Expenditure on exchange differences as prescribed in accounting standards and applicable regulations and laws.

4. Expenditure on contribution and payment of operation, management and training cost for political organizations, socio-political organizations, and/or non-governmental organizations.

5. Expenditure on grants to programs, schemes, organizations and individuals to support community in conformity with guiding principles and objectives of the MF program/project.

6. Expenditure on taxes, fees and charges as per the law.

7. Expenditure on officials, personnel as per the law, including:

- Expenditure on salaries, wages and salary-like amounts, including:

+ Cost of salaries paid to full-time members of the management board, steering board, Director, the control board, remuneration to members;

+ Cost of salaries and allowances paid to personnel of the MF program/project based on labor contracts or collective bargaining agreements.

- Expenditure on salary-based contributions: contribution to social insurance, health insurance, unemployment insurance, trade union fee.

- Expenditure on job-loss allowances paid to workers as per the labor law.

- Expenditure on allowances paid to managers and workers who are assigned to work for the MF program/project as part-time jobs by political organizations, socio-political organizations, or non-governmental organizations.

- Expenditure on personal accident insurance.

- Expenditure on personal protective equipment provided for those who need personal protective equipment while working.

- Expenditure on costumes for personnel working for the MF program/project as prescribed.

- Expenditure on shift meal.

- Expenditure on healthcare, including expenditure on periodic medical examination for workers, provisional medicines and other healthcare expenditures as per the law.

- Other expenditures for workers as per the law:

+ Expenditure paid under regulations on female employees;

+ Expenditure on paid annual leave as per the law;

+ Expenditure on welfare for workers as per the law on corporate income tax;

+ Other expenditures.

8. Expenditure on management and assignments

- Expenditure on materials, printing documents.

- Expenditure on per diem, petrol and oil.

- Expenditure on instructions and training for officials and personnel; including training for collaborators and clients within the scope of microfinance activities.

- Expenditure on postage and telephone.

- Expenditure on propagation, advertisement, marketing, sale promotion.

- Expenditure on materials, books and newspapers.

- Expenditure on electricity, water, office cleaning.

- Expenditure on conference, protocol, festivities, foreign transactions.

- Expenditure on consultancy, local and foreign experts.

- Expenditure on audit.

- Other expenditures.

9. Expenditure on assets:

- Expenditure on fixed asset depreciation used in business under the regulations on management, use and fixed asset depreciation in enterprises.

- Expenditure on maintenance and repair of fixed assets.

- Expenditure on purchase and repair of tools and devices.

- Expenditure on property insurance.

- Other expenditures on assets as per the law.

10. Expenditure on setting aside provisions as prescribed in Clause 5, Article 4 of this Circular.

11. Expenditure on outside asset rental.

12. Other expenditures.

View details at Circular No. 37/2019/TT-BTC of the Ministry of Finance of Vietnam, effective from August 09, 2019.

Thu Ba

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