Vietnam: Conducting trace of records of State budget revenues

11:30, 06/07/2016

On June 17, 2016, the Ministry of Finance of Vietnam issued Circular No. 84/2016/TT-BTC, which specifies the implementation of trace of records of State budget revenues.

According to Circular No. 84/2016/TT-BTC of the Ministry of Finance of Vietnam, trace of and amendments to records of State budget revenues shall be conducted as follows:

- If the taxpayer finds inaccurate information declared in the tax payment receipt, it must cooperate with the bank/State Treasury agency for handling of the deviation or omission.

- If the taxpayer finds the deviation or omission in connection with the payment recorded by the tax authority, he/she shall make a trace request enclosed with the tax payment receipt or information related to the request for amendments sent to the tax authority.

According to Circular No. 84/2016/TT-BTC, regarding non-coordinating bank or coordinating bank, trace of records shall be conducted as follows:

- Upon receipt of trace request sent by the taxpayer, the non-coordinating bank or the coordinating bank must conduct the trace and make necessary amendments as prescribed in regulations in handling of deviation or omission in payment.

- If the sum of money and collection information has been transferred to the collecting bank, if deviation or omission is found, the non-coordinating bank or the coordinating bank shall send a trace request to the collecting bank for trace and amendments to deviation or omission in accordance with the interbank payment procedures.

More details can be found in Circular No. 84/2016/TT-BTC of the Ministry of Finance of Vietnam, which takes effect from August 01, 2016.

-Thao Uyen-

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