Regulations on funding for making investment in establishment and upgrading and for maintenance, management and operation of price databases in Vietnam

Regulations on funding for making investment in establishment and upgrading and for maintenance, management and operation of price databases in Vietnam (Internet image)

On May 16, 2024, the Minister of Finance issued Circular 33/2024/TT-BTC ron prescribing funding for establishment, maintenance, upgrading, management and operation of Price databases in Vietnam.

Regulations on funding for making investment in establishment and upgrading of price databases in Vietnam

- Funding for making investment in establishment and upgrading of price databases includes:

+ Public investment funding allocated by state budget;

+ Other lawful sources of funding (if any).

- Public investment funding for making investment in establishment and upgrading of price databases shall be used in accordance with provisions of the Law on public investment, the Law on state budget and their guiding documents.

- Based on actual conditions of existing facilities, technical and economic norms on information technology and researches, authorities and units tasked with establishing price databases shall determine and submit investment contents to competent authorities for approval as the basis for allocation of funding.

Funding for making investment in establishment and upgrading of the national price database is included in the state budget estimate of the Ministry of Finance of Vietnam; funding for making investment in establishment of provincial price databases is included in state budget estimates of provincial governments according to applicable regulations on hierarchical management of state budget.

(Article 2 of Circular 33/2024/TT-BTC)

Regulations on funding for maintenance, management and operation of price databases in Vietnam

- Funding for maintenance, management and operation of price databases includes:

+ State budget-derived funding for recurrent expenditures as prescribed in the Law on state budget which is allocated by competent authorities and included in annual state budget expenditure estimates of relevant authorities and units (including annual additional funding);

+ Revenues earned from non-business activities; funds for development of non-business activities, and other lawful funds (if any);

+ Donations lawfully granted by domestic and foreign organizations and individuals, and other lawful revenues as prescribed by law.

- Authorities and organizations tasked with maintaining, managing and operating price databases shall make annual estimates of state budget-covered costs of maintenance, management and operation of price databases, and submit them to competent authorities for approval in accordance with regulations of law.

- The Ministry of Finance of Vietnam and provincial People’s Committees shall consider including funding for maintenance, management and operation of price databases in their annual state budget estimates in a manner that complies with provisions of the Law on state budget and relevant laws.

(Article 3 of Circular 33/2024/TT-BTC)

Expenditures associated with maintenance, management and operation of price databases, and limits thereof in Vietnam

Expenditures on maintenance, management and operation of price databases which are covered by state budget-derived funding for recurrent expenditures shall comply with the Law on state budget, its guiding documents and relevant laws.

The following provisions shall apply to any expenditures actually incurred during the maintenance, management and operation of price databases:

- Expenditures on collection of information and data serving the maintenance, management and operation of price databases shall be paid in accordance with provisions of the Circular 194/2012/TT-BTC dated November 15, 2012 of the Minister of Finance of Vietnam.

- Expenditures on hiring of specialists, in case existing personnel is incapable of performing tasks, for analyzing and forecasting domestic and international market prices of goods, services and property used for maintaining, managing and operating price databases shall be paid at the expenditure limits on hiring of specialists prescribed in the Circular 02/2015/TT-BLDTBXH dated January 12, 2015 of the Ministry of Labour, War Invalids and Social Affairs of Vietnam.

- Expenditures on ensuring safety, security and confidentiality of information included in price databases shall be paid in accordance with provisions of the Circular 121/2018/TT-BTC dated December 12, 2018 of the Minister of Finance of Vietnam and its guiding documents.

- Expenditures on purchasing of information and data serving the maintenance, management and operation of price databases shall be paid under contracts signed in accordance with regulations of law on economic contracts.

- Other expenditures actually incurred by authorities and units tasked with maintaining, managing and operating price databases shall be paid in accordance with relevant regulations of law.

- Provisions on expenditures other than salaries of officials and public employees to be covered by state budget-funding enshrined in Circular 33/2024/TT-BTC and other legislative documents referred to in Circular 33/2024/TT-BTC shall apply until regulations on salary reform under the Resolution 27/NQ-TW dated May 21, 2018 of the 7th Meeting of the 12th Central Executive Committee come into force.

(Article 5 of Circular 33/2024/TT-BTC)

More details can be found in Circular 33/2024/TT-BTC which comes into force from July 1, 2024.

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