Joint Circular No. 003-TT/LB stipulates the payment of proceeds from the sale of rice and other goods collected by the State Treasury from agricultural tax and transferred to the Food sector.

JOINT CIRCULAR
In recent years, the payment for the sale of rice and other goods from agricultural tax between the Food Sector and the State Finance has been carried out as follows:
- Within the first six months of the year, the Food Sector must settle with the budget all the rice and other goods from the agricultural tax that the Finance had transferred to the Food Sector from the previous winter crop, and within the last six months of the year, it must settle all the rice and other goods transferred from the current summer crop.

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- Each month, the Food Sector only settles one-sixth of the total amount payable for each tax collection period.

The above payment method has the following disadvantages:

It prevents the state budget from timely utilizing the collected taxes.

Although the Food Sector has received materials into its warehouses, it does not have to pay immediately: in the financial affairs of the Food Sector, money and materials are unbalanced: the Food Sector often uses state funds, causing capital stagnation, while limiting credit relations between the Food Sector and the State Bank.

1. This situation does not encourage the Food Sector to strengthen economic accounting.

2. To address the aforementioned unreasonable situation, the Ministry of Finance, State Bank, and General Food Administration decide to change the payment method for the sale of rice and other goods from agricultural tax as follows:

1. After each tax collection period, the Food Sector must immediately settle the entire amount of rice and other goods received from the Finance. For the winter period, the settlement time shall not exceed March 15 of the following year; for the summer period, the settlement time shall not exceed September 15 of the tax collection year.

2. During the tax collection process, every five or ten days, the Food Sector must record and confirm with the County Finance the quantity of goods warehoused and immediately settle the corresponding amount to the budget. (Reports and settlement documents for the sale of rice and other goods from agricultural tax will still be prepared according to the regulations stipulated in the Joint Circular of the Ministry of Finance and Commerce No. 23-LB/TCTN dated August 27, 1957, and subsequent supplementary documents reiterated in Directive No. 577-TC/LT dated March 30, 1961 of the Ministry of Finance and General Food Administration).

To implement the new payment method effectively, the Ministry of Finance, State Bank, and General Food Administration stipulate:

1. Provincial Departments of Finance and local Food Companies are responsible for strictly implementing the provisions of this circular from the date of issuance. Provincial Departments of Finance are responsible for urging local Food Companies to pay the full amount and on time.

2. To ensure that local Food Companies have sufficient funds to settle with the Finance, when necessary, Branches of the State Bank at provincial, municipal, and district levels will gradually lend to local Food Companies to settle with the budget based on the value of the quantity of rice and other goods from agricultural tax already warehoused, considered as loans for the purchase and circulation of goods in the Food Sector. Specifically, during the tax collection process, the Food Company warehouses how much rice and other goods, the Branch of the State Bank will lend to the Food Company to settle with the budget the corresponding amount.

As for the remaining amount of rice and other goods from the 1960 winter agricultural tax that has not yet been settled, the Food Company must settle it entirely within May 1961. The Branch of the State Bank will also provide sufficient loans for settlement. The State Bank of Vietnam Central and General Food Administration will issue a joint circular to guide specifically on the borrowing and repayment between Branches of the State Bank and local Food Companies.

To ensure that the state budget's revenue is promptly utilized for national construction, the Ministry of Finance, State Bank, and General Food Administration request the People's Committees of regions, provinces, and cities to closely lead and urge the Finance, Food, and Banking sectors to strictly implement this circular.

For the remaining amount of rice and other physical assets from the winter 1960 agricultural tax that has not yet been settled, the Food Company must settle the entire amount within May 1961. The Bank Branches will provide sufficient loans for payment to the budget. The State Bank of Vietnam Central Office and the General Food Administration will issue a joint circular to guide specifically on the borrowing and repayment between the Bank Branches and local Food Companies.

To ensure that the state budget revenue is promptly utilized for national construction, the Ministry of Finance, the State Bank of Vietnam, and the General Food Administration request the administrative committees of regions, provinces, and cities to strictly lead and urge the financial, food, and banking sectors to strictly implement this circular.