Vietnam: Additional forms of state budget collection by bank transfer

Vietnam: Additional forms of state budget collection by bank transfer
Bảo Ngọc

On August 17, 2021, the Ministry of Finance of Vietnam issued Circular 72/2021/TT-BTC amending Circular 328/2016/TT-BTC on guidelines for the collection and management of state budget revenues through the State Treasury.

According to Vietnam's Circular 72/2021/TT-BTC amending Clause 1, Article 5 of Vietnam's Circular 328/2016 on the form of state budget revenue by bank transfer as follows:

- Collected by transfer from the account of the state budget payer at the commercial bank, the commercial bank shall deduct the account of the state budget payer and transfer it to the account of the State Treasury to record state budget revenue.

- Collected by transfer from the state budget payer's account at the State Treasury, the State Treasury shall make deductions from the state budget payer's account to record state budget revenue.

- Collected by electronic means, including:

+ Via the electronic tax payment service on the portal of the tax administration agency (tax office or customs office);

+ Via electronic payment services of commercial banks, such as ATM, Internet banking, Mobile Banking, POS, or other forms of electronic payment of commercial banks;

+ Via payment intermediary service providers licensed by the State Bank of Vietnam; (Additional content)

+ Via the National Public Service Portal and the ministerial and provincial public service portals. (Additional content)

Vietnam's Circular 72/2021/TT-BTC takes effect from October 15, 2021.

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