Decision No. 96/2002/QD-BTC amends and supplements certain points in the Regulation on Establishing, Managing, and Using the Value Added Tax Refund Fund. This document stipulates the forecasted level of establishment of the Fund, budget allocation into the Fund's account, and the responsibility of the State Budget Department in coordinating with the General Department of Taxation to ensure timely funding for units.
Scope of application
General Department of Taxation, State Budget Department, Central Treasury
Key points
- The General Department of Taxation and the State Budget Department forecast the level of establishment of the next year's Value Added Tax Refund Fund from import value added tax revenue to submit to the Minister for decision (Article 1, Clause 2, Article 4).
- The State Budget Department implements budget allocation into the Value Added Tax Refund Fund's account upon the request of the General Department of Taxation (Article 1, Article 5).
- In case the Value Added Tax Refund Fund has no remaining balance, the Central Treasury is responsible for temporarily allocating treasury reserves to the Fund to implement tax refunds (Article 1, Clause 3, Article 6).
- The State Budget Department coordinates with the General Department of Taxation to determine the amount to be allocated to the Value Added Tax Refund Fund from import value added tax revenue and adjusts the reduction in tax revenue accordingly (Article 1, Article 8).
- This Decision takes effect from the 2002 fiscal year (Article 2).
🌐 Social impact of this document
- To ensure timely funding for units and taxpayers.
- To strengthen management of the Value Added Tax Refund Fund and prevent shortages during the refund process.
❓ Frequently asked questions
How is the level of establishment of the Value Added Tax Refund Fund forecasted?
Based on the projected import value added tax revenue and the forecasted amount of value added tax to be refunded, the General Department of Taxation and the State Budget Department forecast the level of establishment of the next year's Value Added Tax Refund Fund (Article 1, Clause 2, Article 4).
Who is responsible for budget allocation into the Value Added Tax Refund Fund's account?
The State Budget Department is responsible for implementing this according to the request of the General Department of Taxation (Article 1, Article 5).
In case the Value Added Tax Refund Fund has no remaining balance, who will allocate treasury reserves to the Fund?
The Central Treasury is responsible for temporarily allocating treasury reserves to the Fund to implement tax refunds (Article 1, Clause 3, Article 6).
What does the State Budget Department need to coordinate with the General Department of Taxation to do?
The State Budget Department needs to coordinate with the General Department of Taxation to determine the amount to be allocated to the Value Added Tax Refund Fund from import value added tax revenue and adjust the reduction in tax revenue accordingly (Article 1, Article 8).
When does this Decision take effect?
This Decision takes effect from the 2002 fiscal year (Article 2).
Full text
DECISION OF THE MINISTER OF FINANCE
Regarding the amendment and supplementation of certain points in the Regulation on the establishment, management, and use of the Value Added Tax Refund Fund issued pursuant to Decision No. 1632/1998/QĐ-BTC dated November 17, 1998 of the Minister of Finance
THE MINISTER OF FINANCE
Pursuant to the Law on Value Added Tax and Decree No. 28/1998/NĐ-CP dated May 11, 1998 of the Government guiding detailed implementation of the Law on Value Added Tax;
Pursuant to Decree No. 178/CP dated October 28, 1994 on tasks, powers, and organizational structure of the Ministry of Finance;
Based on the proposal of the Director General of the State Revenue总局局长和国家预算司司长的提议;
DECISION:
Article 1. Amend and supplement certain points in the Regulation on the establishment, management, and use of the Value Added Tax Refund Fund issued pursuant to Decision No. 1632/1998/QĐ-BTC dated November 17, 1998 of the Minister of Finance as follows:
1. Amend and supplement Clause 2, Article 4 as follows:
"Clause 2, Article 4: On the basis of the budget estimate for import VAT revenue and the forecasted amount of VAT refunds, the State Revenue总局和国家预算司 will forecast the level of the next year's VAT refund fund to be established from import VAT revenue to submit to the Minister of Finance for decision and incorporate it into the state budget revenue estimate to be submitted to the Government. During the implementation process, if the VAT refund fund including the carryover balance from the previous year is insufficient to ensure the refund according to regulations then the Director of the State Budget Department and the Director General of the State Revenue总局 shall report to the Minister of Finance to decide on supplementing the fund from the state budget. In cases where funds are not fully utilized, they may be carried over to the next year's fund to continue refunding for the outstanding refunds from the previous year transferred to the next year".
2. Amending and supplementing Clause 5 as follows:
"Article 5: Establishment of the VAT Refund Fund:
Based on the level of the VAT refund fund established by the Minister of Finance, on a monthly basis, upon the proposal of the Director General of the State Revenue总局, the State Budget Department will handle the procedures to transfer funds from the state budget into the account of the VAT Refund Fund of the State Revenue总局 at the Central Treasury.
3. Amend and supplement Clause 3, Article 6 as follows:
"Article 6, Clause 3: In case the VAT Refund Fund has no remaining balance, the Central Treasury has the responsibility to temporarily advance funds from its reserves to the Fund to implement VAT refunds for eligible entities in accordance with Clause 2, Article 6 of this Regulation, and simultaneously notify the State Revenue总局 and the State Budget Department to transfer capital and settle the temporarily advanced funds".
"Article 8. Liquidity ratio, in case microfinance organizations have a risk of losing the ability to pay, losing the ability to pay
"Article 8: The State Budget Department is responsible for:
a/ Based on the estimated refund expenditure and the budget estimate for import VAT revenue, coordinate with the State Revenue总局 to determine the level of contribution to the VAT Refund Fund from import VAT revenue, incorporate it into the annual state budget estimate and report to the Minister of Finance for submission to the Government.
b/ Ensure timely funding from the state budget into the VAT Refund Fund account to guarantee the source of payment for the units.
c/ Monthly, coordinate with the Central Treasury and the State Revenue总局 to adjust downward the import VAT revenue corresponding to the amount allocated to the VAT Refund Fund. Be responsible for the source to implement VAT refunds according to the Decision of the Minister of Finance."
Article 2. This regulation takes effect from the 2002 fiscal year. Provisions in the Regulation on the establishment, management, and use of the VAT Refund Fund issued together with Decision No. 1632/1998/QĐ-BTC dated November 17, 1998 of the Minister of Finance that are not contrary to this regulation remain effective.
Article 3. The Director General of the State Revenue总局, the General Director of the Treasury, and the Director of the State Budget Department are responsible for organizing the implementation of this Decision.
DEPUTY MINISTER
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