This Circular sets forth the financial regime for the sources of income of Vietnamese representative offices abroad, including notarization fees, entry-exit fees, rental service fees, bank deposit interest, and refund fees. The revenues are distributed between the State Budget and the representative offices according to specific ratios.
Scope of application
Vietnamese representative offices abroad such as Diplomatic Missions, Trade Representative Offices, Press and Information Offices, Military Attaché Offices.
Key points
- The representative office establishes the level of notarization fees and entry-exit fees in accordance with the regulations of the Ministry of Finance.
- Seventy percent of the revenue from entry-exit fees is remitted to the State Budget, while thirty percent is retained by the representative office.
- Ninety percent of the revenue from short-term rental services for organizations and individuals is remitted to the State Budget, ten percent is retained.
- Eighty percent of the revenue from guest house services, accommodation, pick-up, and car transportation services is remitted to the State Budget, twenty percent is retained.
- Fifty percent of the revenue from ticket booking or purchasing services, transportation, and car pick-up services for visitors is remitted to the State Budget, fifty percent is retained.
🌐 Social impact of this document
- Positive impact: Enhancing management and maximizing foreign currency revenues, encouraging business activities of representative offices.
- Negative impact: Increased costs for visitors due to higher service charges.
❓ Frequently asked questions
What is the amount of notarization fee that the representative office can collect?
The head of the representative office establishes the level of collection and reports it to the supervising ministry and the Ministry of Finance for agreement.
What is the level of entry-exit fee?
Seventy percent of the revenue from entry-exit fees is remitted to the State Budget, thirty percent is retained by the representative office.
What percentage of rental service revenue can the representative office retain?
Ninety percent of the revenue from short-term rental services for organizations and individuals is remitted to the State Budget, ten percent is retained.
What percentage of revenue from ticket booking or purchasing services can the representative office retain?
Fifty percent of the revenue from ticket booking or purchasing services, transportation, and car pick-up services for visitors is remitted to the State Budget, fifty percent is retained.
How can the representative office utilize the retained funds?
The retained funds are guided by the supervising ministry (after consultation with the Ministry of Finance) to establish equipment and maintenance funds, reward and welfare funds of the representative office, and to subsidize staff directly involved in revenue-generating work.
Full text
|
MINISTRY OF FINANCE |
SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ------------------------------ |
|
Number: 24-TC/TCĐN |
Hanoi, March 23, 1993 |
CIRCULAR
Regulations on financial regime for certain sources of income of agencies representing Vietnam abroad.
Regulations on financial regime for certain sources of income of agencies representing Vietnam abroad.
In order to strengthen management and encourage full utilization of foreign currency sources abroad, after consultation with relevant agencies, the Ministry of Finance hereby stipulates the financial regime for certain sources of income of agencies representing Vietnam abroad as follows: The financial regime under this Circular shall only apply to agencies representing Vietnam abroad that receive funding from the State budget, specifically: Diplomatic Missions, Trade Representative Offices, News Agencies, Military Attaché Offices (hereinafter collectively referred to as our representative offices abroad).
I. APPLICABLE OBJECTS.
Agencies representing economic organizations of Vietnam abroad such as: Airline Representative Offices, Maritime Representative Offices, Tourism Representative Offices, General Import-Export Corporation Representative Offices... are not subject to this Circular.
II/ SCOPE OF APPLICATION. This Circular only stipulates the financial regime for revenues related to the activities of agencies representing Vietnam abroad, mainly including fee revenues and service revenues generated by these agencies, specifically:
1/ Revenue from fees for nationality-related services, notarization, legalization of inheritance-related documents and other services (collectively referred to as notarization fees).
2/ Revenue from fees for issuing or extending passports, entry-exit visas and other documents equivalent to passports (collectively referred to as entry-exit fees).
3/ Revenue from services, rental of premises for business transactions or residential purposes for organizations or individuals; rental of guest rooms or lodgings for transient guests within the limits permitted by the laws of the host country.
4/ Revenue from bank interest: This revenue arises from utilizing specific foreign exchange regulations of each host country to apply the most advantageous deposit methods for both the state budget funds allocated and the funds temporarily held by the representative offices for the state budget and domestic sectors.
5/ Revenue from tax refunds: This revenue arises from certain representative offices due to the host country's diplomatic exemption policies refunding a portion of VAT or business taxes included in the prices of goods or services consumed by the representative offices.
6/ Revenue from services such as booking or purchasing air tickets, transportation, pick-up and drop-off services for transient guests.
III/ LEVELS OF REVENUE AND USE OF REVENUES.
1/ Levels of revenue:
Based on the principle of covering necessary costs, aligning with local customs and price levels in the host country, as well as the political and diplomatic relations between our country and the host country at different times, the head of the representative office shall establish the level of revenue for each type and report it to the competent ministry and the Ministry of Finance.
After agreement with the Ministry of Finance, the competent ministry will specify the expression of the fee and service revenue levels for each representative office and notify the representative office to implement them.
2/ Distribution of financial results.
To simplify accounting for the representative offices, actual expenses incurred for fee and service collection activities (excluding allowances for staff directly involved in these activities) are charged against the state budget funds. The total revenue of each type is recorded separately and distributed as follows:
Type of revenue
To be deposited in the State Budget
|
Retained by the representative office |
2.1/ Revenue from notarization fees |
2.2/ Revenue from entry-exit fees |
|
2.3/ Revenue from services of renting premises for organizations and individuals. |
100% |
0 |
|
2.4/ Revenue from guest house services, room rentals, pick-up and drop-off, car transportation, tax refunds, and bank interest revenue |
70% |
30% |
|
2.5/ Revenue from services such as booking or purchasing air tickets... |
90% |
10% |
|
(For revenue from entry-exit fees, distribution occurs after deducting direct payments to domestic organizations, e.g., passport purchase and delivery fees, postage...) |
80% |
20% |
|
For guest houses where the representative office organizes collective dining for transient guests, there is no financial regulation for this activity, but it must ensure that the state budget is reimbursed for energy and depreciation costs if these costs are sourced from the state budget funds provided. |
50% |
50%
|
(Specifically, for the revenue from entry and exit fees, after deducting direct payments to domestic organizations, such as purchasing and transporting passports, documents, postage fees, etc., it will be distributed.)
For guesthouses of Representative Offices that organize collective dining for visitors, financial regulation shall not apply to this activity, but they must ensure that the budget is reimbursed for expenses related to energy, depreciation of equipment, etc., if these costs are sourced from state budget funds.
The portion of the above revenues to be deposited into the budget suspense account shall be made in accordance with Point 6b, Section II of Circular No. 11 TC/TCĐN dated April 20, 1992 of the Ministry of Finance. The remaining portion shall be guided by the competent ministry (after reaching consensus with the Ministry of Finance) for the purposes of:
- Establishing a fund for equipping and repairing Representative Offices (at least equal to one-third of the total amount retained by the Representative Office).
- Establishing a reward and welfare fund for the Representative Office, and providing allowances to staff directly involved in revenue-generating activities.
IV/ ACCOUNTING SYSTEM AND REPORTING.
All revenues and expenditures from fee collection and service activities must be fully and promptly reflected in the accounting books of the Representative Office, and must be supported by valid vouchers (stamps, receipts, invoices, payment slips, etc.) in accordance with the prescribed forms issued by the General Department of Taxation.
Each Representative Office shall maintain separate accounting records for income and expenditure and distribute financial results for each revenue and expenditure activity. Quarterly and annually, they shall prepare final reports to submit to the competent ministry. The Ministry of Finance.
Depending on specific conditions, accounting may be conducted in US dollars or local currency; when conversion is necessary, the exchange rate on the date of conversion must be clearly recorded for verification and monitoring purposes.
V/ IMPLEMENTATION PROVISIONS.
This Circular takes effect from January 1, 1993.
The competent ministries are responsible for guiding subordinate Representative Offices to open accounting books and establish accounting-statistical reporting forms; at the same time, they shall review the final accounts of the aforementioned revenue activities and notify The Ministry of Finance.
the Ministry of Finance, which will periodically coordinate with the competent ministries to conduct actual inspections when necessary.
|
|
CERTIFIED BY THE MINISTER OF FINANCE Vice Minister (Nguyen Sinh Nhat Tan)
Pham Van Trong |
Relations map
Click a document to open. A red border = a relation that changes validity.
Translations
This document is available in the following languages: