Circular No. 09/2009/TT-B guiding the financial management mechanism for Vietnam Television

 

CIRCULAR

guiding the financial management mechanism for Vietnam Television

Decree No. Decree No. 60/2003/NĐ-CP dated June 6, 2003 of the Government detailing and guiding State Budget Law;
Decree No. Decree No. 178/2007/NĐ-CP dated December 3, 2007 of the Government on functions, tasks, powers, and organizational structure of Ministries and ministerial-level agencies;
Decree No. Decree No. 199/2004/NĐ-CP dated December 3, 2004 of the Government promulgating the Financial Management Regulations for State-owned Enterprises and State Capital Investment in Other Enterprises;
Decree No. Decree No. 118/2008/NĐ-CP dated November 27, 2008 of the Government on functions, tasks, powers, and organizational structure of the Ministry of Finance;
Decree No. Decree No. 18/2008/NĐ-CP dated February 4, 2008 of the Government on functions, tasks, powers, and organizational structure of Vietnam Television.

The Ministry of Finance guides the financial management mechanism for Vietnam Television as follows:

I. GENERAL PROVISIONS

1. Object and scope of application

This Circular stipulates the financial management regime for capital, assets, and finances of Vietnam Television (VTV) to implement in accordance with its functions, tasks, powers, and organizational structure as prescribed in Decree No. 18/2008/NĐ-CP dated February 4, 2008 of the Government.

2. VTV operates autonomously and is responsible for fulfilling its tasks, organizational structure, staffing, and finance according to the law. VTV has the responsibility to manage and utilize various sources of capital, assets, and human resources efficiently, practice thrift, avoid waste, ensure completion of assigned political tasks, create conditions for developing VTV according to strategic plans and master plans approved by the Government at each stage, increase income, improve the living standards of officials, employees, and workers, and link responsibilities with the interests of VTV's officials, employees, and workers in their professional activities.

VTV implements financial management mechanisms, labor mechanisms, salary systems; business accounting mechanisms like enterprises, pays taxes and other payments to the state budget according to current laws.

3. VTV may open transaction accounts in Vietnamese dong and foreign currencies at the State Treasury and banks.

4. Enterprises under VTV

Enterprises and companies established by the General Director of VTV (hereinafter referred to as enterprises) after being permitted by the Prime Minister to be established shall operate under the business accounting mechanisms prescribed by current laws applicable to enterprises.

5. VTV has production units, service production units, transmission and broadcasting units, and business and service units directly under VTV. VTV allocates capital, assets, and other resources to enterprises under VTV based on the capital, assets, land use value, or land rental fees granted by the state to VTV, consistent with the functions, tasks, and business objectives of each unit and the business plan decided by the General Director of VTV.

6. The Ministry of Finance performs the function of state management over finance, provides guidance, inspection, and supervision of VTV's financial revenue and expenditure activities.

II. SPECIFIC PROVISIONS

A. MANAGEMENT AND USE OF CAPITAL AND ASSETS

1. Management and use of capital sources

1.1) Sources of VTV's capital: VTV's capital is formed from the following sources:

1.1.1) State capital invested in VTV, including:

- Direct capital provided from the State Budget for VTV and enterprises directly under VTV when they were established and during their operation;

- State capital received from other places transferred according to the decision of the competent authority;

- Value of aid, gifts, donations, ownerless property, surplus property when inventorying VTV's assets;

- Value of land use rights or land rental fees and other amounts included in state capital according to the provisions of the law;

- Supplementary capital from post-tax profits of business, advertising, television service, and other services activities.

1.1.2) Raised capital:

Loans from credit organizations, financial organizations, individuals both domestically and internationally, and other forms of raising capital not prohibited by law.

1.1.3) Capital invested by VTV in other enterprises, including:

- Capital in the form of money, land use rights or land rental fees, value of other assets of VTV or enterprises directly under VTV invested or contributed to other enterprises according to the provisions of the law and this Circular;

- Capital from the state budget invested in other enterprises entrusted to VTV or managed by enterprises under VTV;

- Value of state capital at enterprises where VTV acts as the representative owner;

- Profits and other distributions from enterprises where VTV or enterprises under VTV have invested capital used for reinvestment in those enterprises.

- Other types of capital as prescribed by current laws.

1.2) Allocation of state capital invested in VTV:

- Party allocating capital: The Ministry of Finance implements the allocation of capital to VTV on behalf of the Government; the General Director of VTV allocates capital to enterprises under VTV.

- The method of allocating capital is carried out according to the Enterprise Law and current regulations of the State.

1.3) System for preserving and developing state capital at VTV:

- VTV is responsible for preserving state capital, implementing management and usage systems for capital and assets, profit distribution systems, financial management and asset systems, accounting systems according to this Circular and regulations of the State for enterprises, suitable to the characteristics of VTV's operations.

- Timely handling of the value of lost assets, uncollectible debts according to this Circular and setting aside risk reserves after:

+ Inventory write-down reserve:

+ Reserve for doubtful receivables;

+ Loss reserve for financial investments;

The establishment and use of inventory write-down reserves and loss reserves for financial investments (excluding investments that VTV is not allowed to make such as long-term securities investment, purchasing stocks, bonds, acquiring another company) are implemented according to the Enterprise Law, guiding documents for the implementation of the Enterprise Law, and this Circular.

- Other measures for preserving state capital according to current laws.

1.4) Rights and obligations in using capital:

- The Vietnam Television (VTV) shall independently utilize state capital allocated to it, other types of capital, and funds managed by the unit in production, business operations, and services, and shall be responsible for the preservation, development of capital, and ensuring the effective use of capital in accordance with current laws.

- VTV directly manages capital and sources of capital for dependent accounting units of VTV; VTV acts as the owner of the investment capital in enterprises under VTV in accordance with the Enterprise Law, monitors and supervises the business and financial activities and results of enterprises under VTV as stipulated by law, and implements other rights and obligations as prescribed by law.

- The use of capital raised for business and service operations of VTV must be carried out on the principle of self-responsibility for repayment, ensuring the effectiveness of raised capital usage, without changing the form of ownership.

- For the main political tasks assigned by the Prime Minister, based on approved plans by competent authorities, VTV is responsible for developing projects and organizing their implementation.

1.5) Regarding management of state capital invested in enterprises and other companies:

- VTV is permitted to use capital and assets under its management to invest in other enterprises in accordance with VTV's functions and responsibilities, and must comply with current laws and regulations set forth in this Circular, ensuring efficiency, preservation, and development of capital, increasing income, and not affecting VTV's operational objectives and assigned political tasks.

In cases where investments involve land, VTV must strictly adhere to current laws and directives regarding land.

- The proportion of capital investment in other enterprises shall not exceed 15% of the total asset value reported in the most recent quarterly financial statement of VTV.

- The General Director of VTV decides on investment projects in other enterprises.

- VTV represents the owner's interest in the investment capital in other enterprises according to current state regulations on financial management of state-owned companies and management of state capital invested in other enterprises, as well as provisions in this Circular.

- VTV is not allowed to invest capital or contribute capital to enterprises belonging to other economic sectors where the father, mother, wife, husband, children, brothers, sisters, or half-siblings of the General Director manage or operate such enterprises; VTV is also prohibited from purchasing shares, bonds, securities, or acquiring another company.

1.6) Management of receivables:

Responsibilities of VTV in managing receivables:

- Establish and issue regulations on managing receivables, assign and clearly define the responsibilities of collectives and individuals in tracking and recovering receivables;

- Monitor receivables by debtor category; regularly classify receivables (current receivables, difficult-to-collect receivables, unrecoverable receivables), urge recovery of receivables.

- VTV is responsible for handling unrecoverable receivables. The amount of unrecoverable receivables (after deducting compensation from related individuals or collectives) will be offset by the provision for difficult-to-collect receivables, financial reserve fund, and if there is still a shortfall, it will be recorded as expenses of VTV. Recovered receivable amounts will be recorded as revenue of VTV.

1.7) Management of payables:

VTV is responsible for managing payables:

- Monthly, VTV is responsible for evaluating and determining the ability to repay debts according to contracts for timely debt repayment.

- Foreign exchange rate differences arising during the period and the year-end balance of foreign currency payable debts shall be handled as follows:

+ For operating units, the entire foreign exchange difference (including for investment loans) shall be recorded as operating expenses or financial activity revenue. If recorded as expenses and the unit incurs a loss, a portion may be allocated to the next year, but the minimum allocation to expenses in the year must equal the foreign exchange difference of payable debts due.

+ For investment units that have not yet commenced operations, the entire foreign exchange difference shall be reflected cumulatively on the balance sheet; when investment is completed, the entire amount shall be transferred to financial activity expenses or revenue of the first operational year; if a loss occurs, it shall be allocated over subsequent years, with a maximum allocation period of five years (from the start of operations).

2. VTV receives state budget funding to implement the following work contents:

+ Investment in construction (projects in Group A) until the end of 2010. After 2010, VTV shall ensure its own funding for development investment. In cases where self-funding is not possible, VTV shall report to the Prime Minister for approval and consideration of funding support to implement.

+ Funding for activities ordered by the State;

+ Funding for National Target Programs;

+ Research funding for topics under the State-level scientific research program;

+ Training funding according to the State's program and plan.

3. Management and utilization of assets

3.1) Fixed assets - investment in fixed assets

- Assets of VTV include: tangible and intangible fixed assets (including the value of land use rights granted by the State to VTV); assets of dependent accounting units; fixed assets and long-term and short-term investments of VTV, investments in independent enterprises under VTV, state-owned limited liability companies with one or two members where VTV is the owner, long-term and short-term investments made directly by dependent accounting units of VTV. VTV is responsible for managing and utilizing assets effectively, preserving and developing capital in accordance with current laws.

- Authority to decide on investment and construction projects shall be implemented as follows:

+ For projects within VTV, the authority to decide on investment and construction projects from Group B downwards shall be decided and approved by the General Director of VTV.

For projects under independent accounting enterprises affiliated with Vietnam Television (VTV), the enterprise's General Director decides to approve investment projects with a value equal to 15% of the total asset value recorded on the enterprise’s most recently published financial report, but not exceeding the highest limit of Group B as stipulated by the Law on Investment Project Management and Construction; for investment projects with a higher capital investment than this amount, the enterprise's General Director decides on the project after obtaining the opinion of the VTV General Director.

The procedures and formalities for investment shall be carried out in accordance with the provisions of the Law on Investment Project Management and Construction.

3.2 Depreciation of assets

All existing fixed assets of Vietnam Television (VTV) must be depreciated, including unused assets awaiting liquidation (except those fixed assets that have been fully depreciated but are still being used in production and business activities, and public welfare construction projects and housing).

The rate of depreciation of fixed assets shall be in accordance with the current laws applicable to enterprises, and the funds from the depreciation of fixed assets shall be used for reinvestment, replacement, and modernization of fixed assets in accordance with current laws.

3.3 Leasing and Pledging of Assets

- VTV is permitted to lease and pledge its assets according to the principle of effectively preserving and developing capital as stipulated by current laws and regulations set forth in this Circular; the General Director decides on leasing and pledging of VTV's assets.

- The use of leased and pledged assets must comply strictly with the provisions of the Civil Code and the current regulations of the State.

3.4 Liquidation and Sale of Fixed Assets and Long-term Investments

- VTV has the right and responsibility to sell or liquidate fixed assets that are damaged, obsolete, or no longer needed, as well as long-term investments that are no longer required to recover capital.

- Authority to decide on the liquidation and sale of fixed assets and long-term investments:

+ The VTV General Director decides on plans to liquidate and sell long-term investments and fixed assets with remaining values less than or equal to 15% of the total asset value on VTV’s most recently published financial report; for plans above the specified level, VTV reports to the competent authority for decision.

+ For independent accounting enterprises under VTV, the enterprise's General Director decides on plans to liquidate and sell long-term investments and fixed assets with remaining values less than or equal to 15% of the total asset value on the enterprise’s most recently published financial report; for plans above this level, the enterprise reports to the VTV General Director for decision.

- The sale of assets must be conducted through auction organizations or self-organized by VTV or enterprises in a transparent manner in accordance with the prescribed procedures and formalities under the Law on Auctioning of Assets.

3.5 Asset Management

- VTV must conduct an annual inventory of assets, determining the quantity of assets, fixed assets, and long-term investments, as well as short-term investments of VTV invested in affiliated enterprises; reconcile leased assets, sold or liquidated assets, or other reasons causing changes in VTV's assets.

- For surplus, shortage, or unrecoverable debts, the causes and responsibilities of those involved must be clearly identified, and material compensation levels must be determined in accordance with the regulations.

3.6 Handling Losses on Assets

When there is a loss of assets due to missing, shortages, damage, deterioration, obsolescence, or accumulation during regular and extraordinary inventories, VTV must determine the value of the loss, the cause, responsibility, and handle it as follows:

- If the cause is subjective, the person responsible for the loss must compensate. The VTV General Director decides on the level of compensation in accordance with the law and bears responsibility for their decision.

- If the asset was insured, it will be handled according to the insurance contract.

- The value of the lost asset, after compensating with personal, collective, or insurance organization funds, if insufficient, will be covered by the financial reserve fund; if the financial reserve fund is insufficient, the shortfall will be recorded as production and business expenses for the period.

- In special cases caused by natural disasters or force majeure resulting in severe damage that VTV cannot overcome, VTV will develop a handling plan and submit it to the finance agency for approval by the competent authority.

- The VTV General Director promptly handles asset losses; if asset losses are not handled, the VTV General Director will bear legal responsibility.

3.7 Revaluation of Assets: VTV revalues assets in the following situations:

- As decided by the competent state agency;

- Implementing the transfer of ownership of VTV's assets;

- Using assets to invest in other enterprises.

The transfer of ownership of assets and using assets to invest outside VTV enterprises shall be carried out in accordance with the current asset management system of the law and the provisions of this Circular.

3.8 Land Management and Use

VTV implements land management and use in accordance with the Law on Land and guiding documents of the Law on Land currently in effect.

B. REVENUE AND EXPENSES

1. Revenue: The revenue of VTV is the total income generated from business operations, advertising activities, and other services of dependent accounting units, including:

- Revenue from advertising activities;

- Revenue from television service activities and other services;

- Revenue from joint venture and cooperative activities;

- Revenue from sponsorships and grants from domestic and foreign organizations and individuals;

- Revenue from activities ordered by the State.

- Revenue from financial activities, including: income from copyright fees, rental income from leasing assets to others, interest income from lending capital, interest on deposits; deferred payment sales interest, installment sales interest, financial lease interest; foreign exchange gains from selling foreign currency, foreign exchange rate differences; profit from transferring investment capital and dividends from investments in VTV Corporation's subsidiaries and other enterprises.

- Other income includes proceeds from the liquidation and sale of fixed assets, compensation payments for debts that have been written off and are now recoverable, fines collected from customers for breach of contract, and other income.

2. Expenses

2.1) The expenses of VTV Corporation include all costs incurred in fulfilling production, transmission, and broadcasting tasks; advertising activity costs, television service activity costs, and other service activity costs; related costs of VTV Corporation’s subordinate units, including:

- Raw material, fuel, power, semi-finished product, and external service purchase costs (based on actual consumption and original cost), tool and equipment depreciation costs, minor repair costs for fixed assets, advance expense provisions, major repair costs for fixed assets;

- Depreciation costs of fixed assets calculated according to current regulations applicable to enterprises;

- Wages, salaries, and other wage-like costs payable to employees, as decided by the General Director of VTV Corporation in accordance with guidelines issued by the Ministry of Labor, Invalids, and Social Affairs;

- Social insurance contributions, trade union fees, and health insurance premiums for employees as required by current laws;

- Business transaction costs, hospitality costs, marketing costs, advertising costs, and meeting costs as stipulated by the Corporate Income Tax Law and this Circular;

- Other monetary costs include:

+ Resource taxes, business license taxes, land taxes (if applicable),

+ Land rental fees;

+ Severance pay for employees;

+ Training costs to enhance management skills and technical proficiency of employees;

+ Health care costs; research and development costs, technological innovation costs;

+ Incentive awards for improvement initiatives, productivity increases, and cost savings. The award amounts are determined by the General Director of VTV Corporation based on the effectiveness of such initiatives but shall not exceed the cost savings generated within one year;

+ Costs for female workers; security services;

+ Environmental protection costs;

+ Meal costs for employees;

+ Costs for Party and mass organization activities at VTV Corporation (costs outside the budget of the Party and mass organizations funded from designated sources);

+ Other monetary costs;

2.2) Costs incurred in fulfilling state-ordered tasks

2.3) Actual losses of assets and unrecoverable receivables as prescribed.

2.4) Values of inventory write-down reserves, bad debt reserves, exchange rate differences on long-term foreign currency loans, advance warranty expense provisions, and other reserve provisions as prescribed by law for VTV Corporation's special business activities.

2.5) Financial activity costs, including: costs related to external investments, interest paid on borrowed funds, exchange rate differences when settling payments, asset rental costs, long-term investment write-down reserves as stipulated in this Circular.

2.6) Other costs, including:

- Costs of selling and liquidating fixed assets, including residual values of fixed assets upon liquidation and sale;

- Costs of recovering written-off accounts receivable;

- Costs of collecting penalties;

- Penalties for breach of contract;

- Foreign affairs activity costs (outbound and inbound delegations and overseas representative offices of VTV Corporation);

- Other costs (if any).

2.7) Not included in production and business operation costs, service costs which are covered by other sources or unrelated to production and business operations include:

- Costs for purchasing, constructing, and installing tangible and intangible fixed assets;

- Interest expenses on borrowed funds included in investment and construction costs, and foreign exchange rate differences of pre-operational investment and construction projects;

- Other costs unrelated to VTV Corporation's business and service activities;

- Administrative fines such as traffic law violations, business registration violations, accounting and statistics violations, tax violations, and other administrative violations;

- Costs covered by other funding sources;

- Unreasonable costs without legitimate documentation.

The expenses listed in Point 2 of Section B of this Circular shall be implemented in accordance with applicable laws suitable for each type of VTV Corporation's activities. The General Director of VTV Corporation is responsible for establishing economic and technical standards and expenditure norms, submitting them to the competent authority for approval or making decisions according to current laws and this Circular.

C. PRODUCTION RESULTS AND DISTRIBUTION OF PRODUCTION RESULTS

1. Production and business results:

VTV Corporation's annual profit includes: advertising revenue, production and business revenue, and service revenue from its affiliated units; dividends from its subsidiaries and other enterprises in which it has invested.

2. Profit distribution and reserve establishment

- After paying various taxes and national budget contributions, and compensating previous years' losses that have exceeded the allowable deduction period before corporate income tax, the remaining profits of VTV Corporation will be distributed as follows:

- At least 50% to establish the Development Investment Fund for production and supplementary capital reinvestment;

- 5% to establish the Financial Reserve Fund;

- Establishing the Reward Fund and Welfare Fund; the maximum contribution rate shall not exceed three months of average wages, salaries, and other income for the year;

- Remaining profits after establishing the Welfare and Reward Funds will be added to the VTV Corporation Development Investment Fund.

3. Use of Funds

3.1) The Development Investment Fund shall be used for investment in production development, supplementing capital for construction of material facilities, purchasing equipment and working tools, applying scientific and technological progress, contributing capital to establish Joint Stock Companies, Limited Liability Companies, Partnership Companies, and Joint Ventures; contributing capital to joint business cooperation contracts. The use of the Fund shall be governed by this Regulation and decided by the General Director who shall bear responsibility under the Law.

3.2) The Financial Reserve Fund shall be used to compensate for losses and damages to assets and difficult-to-collect debts in accordance with current laws.

3.3) The Reward Fund shall be used for:

- Regular rewards for collectives and individuals within and outside Vietnam Television (VTV) based on work efficiency, labor productivity, and contributions to VTV's activities; the reward amount shall be determined by the VTV General Director based on the proposal of the VTV Competition Board.

- Special rewards for VTV collectives and individuals with technical innovations, improved procedures, and business plans that yield high economic benefits; the reward amount shall be determined by the VTV General Director based on the proposal of the VTV Competition Board.

3.4) The Welfare Fund shall be used for:

- Investing in construction or repair, supplementing capital for welfare projects of VTV, contributing capital to construct welfare projects with other units according to agreed contracts.

- Funding sports, cultural, and public welfare activities for VTV staff collectives.

- Providing regular and emergency assistance to VTV staff.

- Other welfare activities.

The VTV General Director shall decide on the use of the Funds based on the proposal of the VTV Trade Union.

D. ACCOUNTING SYSTEM, STATISTICAL RECORDS, AUDITING, REPORTING AND FINANCIAL DISCLOSURE

1. Management and Accounting

1.1) VTV includes production units; service units supporting production, broadcasting television programs, producing, trading, and services... VTV operates on a commercial accounting mechanism like enterprises, generating revenue to cover expenses, achieving profits, and fulfilling tax and other obligations to the state budget as stipulated by current laws; profit distribution and fund usage shall comply with this Circular. To implement this accounting system, VTV applies the current enterprise accounting regime.

For subordinate units operating under dependent accounting, accounts may be opened, and separate accounting systems and seals established depending on their scale of operations.

Annually, based on assigned tasks and broadcast hours of TV channels, VTV determines tasks for each unit; based on economic-technical standards, expenditure standards, and television product unit prices issued by the VTV General Director, VTV assigns revenue and expenditure plans, orders program production, broadcasting tasks... to units. At year-end, VTV bases decisions on completed task volumes to settle revenue and expenditure accounts with units.

1.2) For VTV-affiliated public service units:

- The College of Broadcasting implements the autonomy mechanism, self-responsibility for task execution, organizational structure, staffing, and finance according to current state regulations for public service units.

- The College of Broadcasting receives increased material resources from VTV's Development Investment Fund approved by the VTV General Director.

1.3) Independent Enterprises:

These enterprises are established by the VTV General Director after obtaining permission from the Prime Minister. They operate under the current financial and accounting regime for enterprises.

Initial capital invested by VTV must be preserved and developed according to current laws.

2. Relationship between VTV and its affiliated independent enterprises

2.1) Investment capital into affiliated enterprises is decided by the VTV General Director according to this Circular.

2.2) Assets formed from VTV-invested capital, loans, and other lawful sources are managed and used by the enterprises. Enterprises must use capital, including VTV-invested capital, in accordance with the Law; they are responsible for profit margin indicators, capital utilization efficiency, and preservation and development of VTV-invested capital.

2.3) All purchase, sale, lease, lending, and asset transfer transactions between VTV and its affiliated enterprises must be conducted through economic contracts and settled as with other legal entities.

3. Financial Plan, Financial Reporting System, Statistics:

VTV's fiscal year starts on January 1 and ends on December 31.

Annually, VTV is responsible for developing and reporting the annual financial plan to the Ministry of Finance and the Ministry of Planning and Investment for consolidation and submission to the Government.

Quarterly and annually, VTV prepares and submits financial reports and statistical reports as required by law to the Ministry of Finance and relevant agencies.

4. Auditing, Statistical Records, and Financial Disclosure System: VTV shall implement these according to current laws and this Circular.

5. VTV is subject to inspection, auditing, supervision by competent state authorities.

6. Duties and Responsibilities of the VTV General Director

6.1) As the legal representative receiving state capital allocated to VTV, he/she shall faithfully and responsibly exercise granted powers and fulfill obligations for the benefit of the state and bear legal responsibility for preserving and developing state capital at VTV.

6.2) He/she shall not abuse position and authority to use VTV capital and assets for personal gain, family, or others, nor give or gift VTV assets to any individual.

6.3) Decide investment projects, overseas investment projects by the enterprise, loan schemes, liquidation plans, asset sale plans, and approve investment projects and schemes in accordance with current laws and this Circular.

6.4) Decide on long-term financial plans and annual financial plans consistent with operational and business plans; economic and technical norms, labor norms, financial cost norms, and other costs appropriate to the operating conditions of Vietnam Television (VTV), serving as the basis for managing VTV's operations, business, and services.

6.5) Determine the ratio for the Development Investment Fund, decide the ratio for the Reward Fund and Welfare Fund of VTV, and be responsible under the law for such decisions.

6.6) In cases where decisions exceed authority, are made incorrectly, or abuse positions and powers causing losses to the State, compensation must be provided according to the law regarding such decisions.

6.7) Organize the establishment of economic and technical norms, financial cost norms, and other cost norms to issue and disseminate them down to the entities implementing these norms.

6.8) Be subject to administrative penalties and disciplinary actions depending on the severity of the violation for the following behaviors:

- Violating financial management systems, accounting, auditing, and other systems that do not reach the level of criminal prosecution;

- Deciding on ineffective investment projects, organizing the implementation of investment projects inconsistently with plans, leading to delayed capital recovery or inability to recover capital.

III. IMPLEMENTATION PROVISIONS

1. This Circular takes effect 45 days from the date of signature and applies from the fiscal year 2009, replacing previous inconsistent regulatory documents.

2. During implementation, if there are difficulties, VTV is requested to report to the Ministry of Finance for timely amendments and supplements./.