Guidance on Managing Proceeds from the Auction of Seized Imported Tobacco

02:29, 11/07/2024

The Ministry of Finance has just issued Circular 122/2018/TT-BTC guiding the management and use of the proceeds from the auction of confiscated smuggled foreign cigarettes.

within 03 working days from the date of receiving the proceeds from the auction of smuggled foreign cigarettes, the agency or unit assigned the task of organizing the auction is responsible for depositing the entire amount into the temporary holding account at the State Treasury.

No later than December 31 of each year, the holder of the above temporary account is responsible for remitting the entire amount obtained from the auction of smuggled foreign cigarettes, after deducting the following expenses:

- Costs of inspection and quality assessment;- Costs of transportation, delivery, and storage;- Costs of determining the starting price for auction (if any);- Auction service fees;- Other direct costs serving the auction.

See detailed content at Circular 122/2018/TT-BTC effective from February 1, 2019.

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