Collection and payment of merit money via bank transfer in Vietnam

According to Vietnam's Circular 04/2023/TT-BTC, regulations on receipt of merit money and sponsorship by bank transfer are as follows:

Open a deposit account at the State Treasury or a commercial bank of Vietnam to reflect the receipt, management, and use of merit money, funding for monuments and festival activities, in the form of wire transfer, electronic payment methods.

Also according to Vietnam's Circular 04/2023/TT-BTC, the unit assigned by the Festival Organizing Committee to receive, manage, and use funds for the organization of the festival is responsible for:

Open a deposit account at the State Treasury or a commercial bank to reflect the receipt, management, and use of funds for the organization of the festival in the form of a bank transfer or electronic payment.

In addition, the receipt of merit money, or cash sponsorship, is as follows:

Appoint someone to receive, open a notebook full of money received. For money in the merit box (if any), a daily or weekly tally shall be performed, record the total amount received.

For the money placed in the wrong place, not suitable for the implementation of a civilized lifestyle at the monument, it is collected for counting or put in the merit box for a general tally.

The temporarily unused cash must be deposited into an account opened at the State Treasury or a commercial bank to ensure the safe and transparent management of merits, funding for relics, and festival activities received.

More details can be found in Vietnam's Circular 04/2023/TT-BTC effective from 19/3/2023.

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