The Ministry of Finance guides the reorganization of valuation activities

Official Letter 3855/BTC-QLG guidance on rectification of business activities in service of appraisal of prices.

Revision of valuation business operations

During the past time, business activities of price appraisal service have contributed a part to promote the development of economy. Therefore, on April 29, 2022, the Ministry of Finance issued the Official Dispatch No. 3855/BTC-QLG on the rectification of business in the valuation service. In this official dispatch, the Ministry of Finance guides the price appraisal enterprises, the price appraisers practice the following contents:

- Pursuant to the Price Law, the Ministry of Finance has submitted the Government to issue the Government's Decree No. 89/2013/ND-CP dated August 06, 2013 on elaboration of some articles of the Price Law on valuation and has been amended and supplemented by the Government's Decree No. 12/2021/ND-CP dated February 24, 2021 on amendments to some articles of the Decree No. 89/2013/ND-CP. The price appraisal enterprises, price appraisers must comply strictly with provisions of law on price appraisal as mentioned above, as well as relevant laws. 05, provisions on valuation approaches and methods prescribed in Vietnam's valuation standard No. In the course of providing price appraisal services, the price appraisal enterprises and price appraisers must implement fully obligations specified in Article 37, Article 42 of the Price Law.

- To strengthen the control of quality of internal appraisal of prices; to regularly organize the appraisal of quality of appraisal of prices, timely detect and remedy mistakes during the course of appraisal of prices.

- Collect information and develop the price database of the enterprise; store records in full as prescribed in the Vietnam's Valuation Standard No.

- Strictly comply with regulations on annual updating of valuation knowledge so as to improve their understanding of law, professional ethics and law, especially regulations on valuation operations, research and compliance with new regulations in the Government's Decree No. 12/2011/ND-CP dated February 24, 2021 on amendments to the Government's Decree No. 89/2013/ND-CP, Circular No. 60/2021/TT-BTC dated July 21, 2021 on amendments to the Circular No. 38/2014/TT-BTC dated March 28, 2014 of the Ministry of Finance on guidelines for the Government's Decree No. 89/2013/ND-CP dated August 6, 2013 on guidelines for the Law on valuation and Circular No. 28/2021/TT-BTC dated April 27, 2021 of the Ministry of Finance on promulgation of Vietnam's Valuation Standard No. 12- Assessment and replacement of the Circular No. 122/2017/TT-BTC dated November 15, 2017.

- Report promptly to the Ministry of Finance (the Department of Price Management) in case there is any change to information about the valuation enterprise and valuer in accordance with regulations laid down in Article 17 of the Government's Decree No. 89/2013/ND-CP dated August 6, 2013.

The Ministry of Finance shall require the valuation enterprises, the price appraisers to comply with the provisions of the law on valuation. Enterprises need strengthen the internal quality inspection, organize assessment of capacity of price appraisers, implement the continuous update of knowledge about price appraisal in order to improve quality. To report to the Ministry of Finance when there is any change in the information of the enterprise or the appraiser.

The Ministry of Finance guides the reorganization of valuation activities

Cases of withdrawal of business licenses of enterprises for price appraisal

Pursuant to Clause 2 Article 40 of the 2012 Law on prices, the cases in which the certificate of eligibility to provide valuation services is revoked are as follows:

- Declaring improperly or forging dossiers requesting for grant of certificate of eligibility for business in service of appraisal of prices

- Fail to provide valuation services for 12 consecutive months.

- The violations prescribed in Clause 1 of this Article are not rectified within 60 days from the suspension date.

- Being dissolved, bankrupted or self-terminated business operation of price appraisal service

- It has its business registration certificate, enterprise registration certificate or investment certificate revoked.

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