Circular No. 108/2004/TT-BTC amends Circular No. 117/2003/TT-BTC dated December 8, 2003, which amended Circular No. 111/1999/TT-BTC dated September 17, 1999, and Circular No. 29/2002/TT-BTC dated March 26, 2002, guiding the financial regime for the State Bank of Vietnam.

CIRCULAR

Amending Circular No. 117/2003/TT-BTC dated December 8, 2003 "Circular amending Circular No. 111/1999/TT-BTC dated September 17, 1999 and Circular No. 29/2002/TT-BTC dated March 26, 2002 guiding the implementation of financial regulations for the State Bank of Vietnam"

Pursuant to Decree No. 100/1998/NĐ-CP dated December 10, 1998 of the Government on the financial regime of the State Bank of Vietnam, to align with the actual operations of the State Bank of Vietnam,

The Ministry of Finance guides the amendment of Circular No. 117/2003/TT-BTC dated December 8, 2003 "Circular amending Circular No. 111/1999/TT-BTC dated September 17, 1999 and Circular No. 29/2002/TT-BTC dated March 26, 2002 guiding the implementation of financial regulations for the State Bank of Vietnam" as follows:

Omitting the provisions on bidding expenses and foreign currency payment of Treasury bills and government bonds stipulated in Circular No. 117/2003/TT-BTC. Bidding expenses and foreign currency payment of Treasury bills and government bonds shall be implemented as follows:

- The content and scope of bidding expenses and foreign currency payment of Treasury bills and government bonds shall be carried out according to the provisions of Circular No. 19/2004/TT-BTC dated March 18, 2004 of the Minister of Finance guiding the bidding of Treasury bills and foreign currency bonds.

- Bidding expenses and foreign currency payment of Treasury bills and government bonds, depending on the nature and content of the expense, shall be funded from the State Bank's construction investment capital or recorded under corresponding expense items in the State Bank's operating costs and tracked in separate sub-items. Specifically:

+ Expenses for purchasing equipment, design, and software development for bidding and foreign currency payment of Treasury bills and government bonds, which are fixed assets, shall be funded from the State Bank's construction investment capital according to the prescribed regulations.

+ Expenses for purchasing tools, repairs, maintenance of assets, and rewards shall be recorded under corresponding expense items for tools, repairs, maintenance of assets, and reward expenses.

+ Other remaining expenses (including expenses such as advertising information, direct expenses for each bidding session, seminar expenses, survey expenses, study expenses, customer meeting expenses, bidding committee meeting expenses, office supply expenses, and other expenses) shall be recorded under management and public service activity expenses.

- The total annual expenses for management and public service activities, tool expenses, and asset repair and maintenance expenses of the State Bank (including bidding expenses and foreign currency payment of Treasury bills and government bonds) shall not exceed the current control limits for these expenses. For reward expenses for bidding and foreign currency payment of Treasury bills and government bonds, the State Bank may allocate according to the provisions of Circular No. 19/2004/TT-BTC outside the current reward and welfare expense limit for the State Bank (this expense shall not exceed 10% of the total bidding and foreign currency payment of Treasury bills and government bonds expenses).

- Annually, the State Bank shall compile and report the total expenses for bidding and foreign currency payment of Treasury bills and government bonds for the year to the Ministry of Finance along with the annual financial report.

This Circular takes effect fifteen days after its publication in the Official Gazette./.