Circular No. 52 TC/TCĐN guides the submission of foreign currency as a duty to the centralized foreign exchange fund of the State, applicable to individuals dispatched for work or study abroad and funded by foreign countries. This regulation aims to ensure the recovery of the difference between the amount of foreign currency paid by foreign countries and the level of foreign currency that individuals are entitled to under the financial regime of the Ministry of Finance.
Scope of application
Individuals dispatched for work or study abroad and funded by foreign countries; agencies managing foreign experts and laborers; ministries, sectors, and localities in charge.
Key points
- Individuals dispatched for work or study abroad and funded by foreign countries must submit the difference between the amount of foreign currency paid by foreign countries and the level of foreign currency they are entitled to under the financial regime of the Ministry of Finance.
- Ministries, sectors, and localities in charge have the responsibility to guide and organize the collection and submission of the difference in foreign currency to be submitted to the centralized foreign exchange fund of the State.
- For non-convertible local currency collected, the diplomatic mission of our country in the host country has the responsibility to collect and deposit it into the temporary holding fund of the State budget.
- In cases where the collected amount is convertible foreign currency, the units managing experts and laborers must organize the collection and transfer of the collected amount into the centralized foreign exchange fund of the State.
- The competent authority of the entity with the obligation to submit bases on the prescribed regime and adjustment ratio to determine the amount of the difference to be deposited into the account of the centralized foreign exchange fund of the State.
🌐 Social impact of this document
- Positive impact: Ensuring the recovery of the difference between the amount of foreign currency paid by foreign countries and the level of foreign currency individuals are entitled to, contributing to the effective management of the centralized foreign exchange fund of the State.
- Negative impact: It may cause difficulties for individuals and units in implementing the regulations, especially in cases without specific circular guidance.
❓ Frequently asked questions
What must individuals dispatched for work abroad submit?
Individuals dispatched for work abroad and funded by foreign countries must submit the difference between the amount of foreign currency paid by foreign countries and the level of foreign currency they are entitled to under the financial regime of the Ministry of Finance.
What responsibilities do ministries, sectors, and localities have in collecting and submitting foreign currency?
Ministries, sectors, and localities in charge have the responsibility to guide, organize, and urge the collection and submission of the difference in foreign currency to be submitted to the centralized foreign exchange fund of the State.
If the collected amount is non-convertible local currency, what should be done?
The diplomatic mission of our country in the host country has the responsibility to collect and deposit it into the temporary holding fund of the State budget as prescribed.
If the collected amount is convertible foreign currency, what should be done?
Units managing experts and laborers must organize the collection and transfer of the collected amount into the centralized foreign exchange fund of the State.
If an individual brings foreign currency back to submit within the country, what should be done?
The competent authority of the entity with the obligation to submit bases on the prescribed regime and adjustment ratio to determine the amount of the difference to be deposited into the account of the centralized foreign exchange fund of the State at the Vietnam Bank for Foreign Trade.
Full text
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MINISTRY OF FINANCE
Number: 52 TC/TCĐN |
SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ------------------------------- Hanoi, November 10, 1989 |
CIRCULAR
Guidelines on the regime for submitting foreign currency to the state's centralized foreign exchange fund as a duty
pursuant to Decision No. 218/CT dated August 18, 1989
of the Chairman of the Council of Ministers.
______________________________
The Chairman of the Council of Ministers issued Decision No. 218/CT dated August 18, 1989 regarding the establishment of the state's centralized foreign exchange fund. The Ministry of Finance provides guidance on the implementation of Points 4, 5, and 6 of Article II of the aforementioned Decision No. 218/CT as follows:
I. GENERAL PRINCIPLES:
1/ Individuals dispatched to cooperate as experts, labor cooperation; individuals dispatched to work in international organizations, foreign companies, and joint ventures with foreign countries who are paid in foreign currency; individuals dispatched for short-term missions, study... abroad funded by foreign countries in foreign currency must submit to the state's centralized foreign exchange fund the difference between the amount of foreign currency provided by foreign countries and the amount of foreign currency that individuals are entitled to according to the financial regulations stipulated by the Ministry of Finance (currently Circular No. 41 TC/NTNT dated October 10, 1984 on the treatment regime for experts working in non-socialist countries; Joint Circular No. 16/TTLB dated May 23, 1989 on the distribution of income for individuals dispatched for labor cooperation in Iraq; Circulars No. 10-TC/NTNT dated March 24, 1989 and No. 02-TC/NTNT dated January 28, 1989 of the Ministry of Finance on the income regulation regime for the State budget for individuals dispatched for study and work abroad funded by foreign countries...).
2/ Ministries, sectors, localities responsible for the subjects mentioned in Point 1 above have the responsibility to guide, organize, and urge the submission of the difference in foreign currency to be submitted to the state's centralized foreign exchange fund. In cases where there are no circulars guiding from the Ministry of Finance, the ministries, sectors, and localities responsible for the subjects above shall work with the Ministry of Finance to determine the amount of foreign currency they are entitled to and the amount to be submitted.
3/ Ministries, sectors, and localities having surplus foreign currency on their deposit accounts under the revenue mentioned in Point 1 above (except the Ministry of Health and the Ministry of Higher Education and Vocational Training which have separate regulations of the Chairman of the Council of Ministers) must process the transfer of such surplus to the state's centralized foreign exchange fund (account number 120) at Vietnam Foreign Trade Bank. In cases where the account-holding units have planned to spend the surplus foreign currency, those units shall work with the Ministry of Finance to examine and resolve each case specifically.
II. PROCEDURES FOR SUBMITTING TO THE STATE'S CENTRALIZED FOREIGN EXCHANGE FUND.
1/ In cases where the revenue to be submitted is local currency not convertible, the representative office of our country in the host country (where the revenue arises) has the responsibility to submit it to the temporary holding fund of the state budget according to Circular No. 50 TC/TCĐN dated November 1989 of the Ministry of Finance guiding the management of the temporary holding fund of the state budget at embassies and diplomatic agencies of our country abroad.
2/ In cases where the revenue to be submitted is convertible foreign currency.
a/ For the foreign currency collected from individuals dispatched for expert cooperation and labor cooperation, the departments managing experts and labor in the host country or the main ministry (in cases where units are organized and managed by the main ministry) have the responsibility to organize and urge the collection and transfer of such revenue to the state's centralized foreign exchange fund. In cases where the revenue above is used to repay debts of the government of the country hiring our experts and labor, the main ministries of the subjects responsible for submission (such as the Ministry of Transport, Construction, Water Resources, Foreign Economic Relations...) have the responsibility to organize accounting of the submitted revenue through debt repayment to have a basis for settlement with the Ministry of Finance. Quarterly, the departments managing experts and labor in diplomatic agencies have the responsibility to report the actual foreign currency collected (the difference between what the counterpart should pay and the individual's entitlement) to the Ministry of Finance. In cases where the actual revenue is used for debt repayment, the management departments in the countries have the responsibility to report the actual amount received according to the contract for debt repayment, the amount transferred by the counterpart units into the bank in the host country for debt deduction, and the amount yet to be transferred into the bank for debt deduction.
b/ For individuals attending conferences, surveys, internships... abroad funded by international organizations or foreign countries; individuals dispatched to work in international organizations who are paid in foreign currency, they must submit the foreign currency obligation according to one of the following two methods:
+ In cases where foreign currency is brought back to the country for submission domestically, the competent authority of the subject responsible for submission bases on the stipulated adjustment system and ratio to determine the difference to be deposited into the deposit account of the state's centralized foreign exchange fund at Vietnam Foreign Trade Bank (account number 120-001) and reports the settlement to the Ministry of Finance, accompanied by a certificate of foreign currency submission.
+ In cases where foreign currency is submitted abroad, the representative office of our country there has the responsibility to calculate and collect according to the stipulated system and issue a certificate of payment along with original documents for the subject to report to the competent authority for settlement and send to the Ministry of Finance.
This circular takes effect for revenues mentioned in this circular arising from January 1, 1989, previous provisions contrary to this circular are invalid.
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Place of Receipt: - Office of the Council of Ministers (VP6+VP7), - Ministries, Agencies, Provincial People's Committees, - Directly subordinate agencies of the Council of Ministers, - Party and mass organizations at the central level, - Provincial People's Committees, Directly subordinate to the Central Government, - To be filed: Ministry Office, Department of Treasury. |
CERTIFIED BY THE MINISTER OF FINANCE Vice Minister (Signed)
Ngo Thiet Thach |
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