Decree No. 61/2014/ND-CP Amending and Supplementing Certain Provisions of Decree No. 124/2004/ND-CP dated May 18, 2004 of the Government on Certain Special Financial and Budget Mechanisms for Ho Chi Minh City

DECREE

Amending and supplementing certain Articles of Decree No. 124/2004/NĐ-CP

dated May 18, 2004 of the Government on certain financial mechanisms

 for special state budget management for Ho Chi Minh City

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Pursuant to the Law on Organization of the Government dated December 25, 2001;

Pursuant to the State Budget Law on December 26, 2002;

At the proposal of the Minister of Finance,

The Government promulgates this Decree amending and supplementing certain Articles of Decree No. 124/2004/NĐ-CP dated May 18, 2004 of the Government on certain financial mechanisms for special state budget management for Ho Chi Minh City.

Article 1. Amending and supplementing certain Articles of Decree No. 124/2004/NĐ-CP dated May 18, 2004 of the Government on certain financial mechanisms for special state budget management for Ho Chi Minh City as follows:

1. Amend Clause 2 of Article 3 as follows:

“2. The central budget shall supplement with specific purposes for the city corresponding to 70% of the total increase in central budget revenue compared to the approved estimate by the Prime Minister from the following sources: remaining revenue items divided between the central budget and the city budget (after implementing the excess revenue bonus as stipulated in Clause 1 of Article 3 of Decree No. 124/2004/NĐ-CP dated May 18, 2014 of the Government) and central budget revenue items at 100% (excluding import value-added tax revenue; revenue items not managed by the city, not generated within the city but only recorded and paid in Ho Chi Minh City; revenue items recorded as income and expenditure and retained by units under state budget management according to the law); however, the total amount of specific supplements shall not exceed the total increase in central budget revenue compared to the approved estimate for the revenue items specified herein.”

2. Amend Clause 3 and add Clause 4 of Article 5 as follows:

“3. The total debt of funds raised for investment projects and works under the city’s investment tasks as stipulated in Clauses 1 and 2 of this Article shall not exceed 150% of the total basic construction investment capital of the city budget according to the annual estimate decided by the People's Council of the city (excluding funds raised for investment projects as stipulated in Clause 4 of this Article, targeted investment capital from the central budget for the city budget that is unstable (if any)).”

“4. Loans for investment in projects with repayment capacity, and loans from foreign government borrowing sources shall be managed and used in accordance with the laws on public debt management.”

Article 2. Effectiveness

1. This Decree takes effect from August 8, 2014.

2. The special budget mechanism prescribed in this Decree shall be implemented from the 2014 fiscal year to the 2016 fiscal year; when the amended State Budget Law comes into force, it shall be implemented according to the new State Budget Law.

Article 3. Responsibility for Implementation

Ministers, Heads of ministerial-level agencies, Heads of governmental agencies, and the Chairman of the People's Committee of Ho Chi Minh City are responsible for implementing this Decree./.