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Circular No. 148/1998/tt-Btc: The Circular Guide The Determination Of Rates And Payments Of Goods Exports And Foreign Debt Service

Original Language Title: Thông tư 148/1998/TT-BTC: Thông tư hướng dẫn việc xác định tỷ giá và thanh toán hàng hoá xuất khẩu và dịch vụ trả nợ nước ngoài

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MINISTRY of FINANCE CIRCULAR NO. 148/1998-TT-BTC DATED 16 November 1998 INSTRUCTIONS DETERMINING RATES and PAYMENT of GOODS EXPORTED and FOREIGN DEBT SERVICE pursuant to Decree No. 40/CP on 3/7/1995 of Government on foreign debt by goods and services Exchange and Directive No. 4125/KTTH on 31/7/1995 of the Prime The Ministry of finance had circular 87-TC/TCĐN on 23/11/1995 specific guidelines the decision review of rates and payments for goods and services exports to pay foreign debt. To fit the situation and practices require strengthening financial management, The revised financial guidance determining rates and export payment and foreign debt service as follows: i. PRINCIPLES and PROCESS REVIEW, DECIDE the PAYMENT RATE 1. General rule payment rates of export goods, repayment for services abroad is determined by matching the repayment method, specifically the following: 1.1. The reviews, decided to pay rates of export goods, debt service is only applicable to the service, the repayment is made according to the method of allocation of repayment targets according to the process review and quyếtt rate referred to in point 2 below.
1.2. With respect to the export, repayment services follow the method of bidding, payment rates are applied according to the winning bid rate consistent with the bidding regulations by the Ministry of Finance issued.
1.3. With respect to the goods exported and repayment services follow the usual trade terms, foreign partners are free to choose partners, found a rate of Vietnam's debt payments are made according to the repayment order payment mechanism for each country was approved by the Government.
2. The process of review and decide a rate of 2.1. For other types of items, goods and services were exported to repay and has determined the rates of payment in advance, if the domestic price or domestic price increases/decreases in the range of 5% over the previous year, the Ministry of finance will review and decide to use the previous year's payout rate do stock rate in the year the plan after signing the agreement or the Protocol pay debt with foreign creditors.
2.2. for the case of not having enough stock to make the base rates under section 2.1 above, based on the norm of repayment was delivered, the enterprise was assigned as the exported set repayment alternatives calculated rates sent the Finance Ministry to consider and decide the level of rates of payment for items Export group, or type of service to repay it. The level of rates was considering a specific decision for each group of goods, the export repayments according to annual targets. In special cases with the group rows, items produced and exported according to seasonality, the review and decide the payment rates can be made for each batch or of the specific shipment.
-The latest is 10 days from receipt of the documents and enough demonstration, explanation of the details involved, the Ministry of finance will hold review and determine rates of payment. For some special cases need further reference comments of the ministries concerned or the need to appraise again the basis of calculation of recommended rates approach of enterprises, the Ministry of finance will announce specific plans to consider and decide the rates for business relevant clue to partnership.
-Scheme count rates are calculated based on the option price and production costs reasonable, valid business of the business and for the State budget. Reviews for foreign (export and services) are based on the principles that determine the price stated in the Protocol or the agreement signed with the Government's repayment of foreign parties taking into account the elements previously done, the price volatility of prices on the international market at the time of the review of rates , or based on commercial contracts signed with foreign partners (foreign exchange contracts) and are registered at the Ministry of finance.
2.3. In the process of implementation, if the price situation in the domestic, have the mutation leads to increases/decreases of more than 5% compared to the level of prices was calculated in previous rate decisions, the payment with the rates decided to no longer appropriate and should be edited out then, based on the recommendations of the business, the Ministry of finance will review and modify the rate decision was announced.
2.4. The reviews, announced the rates of payment in the case of procurement of goods, services for export of repayment; adjust the rate of winning bid ... follow the bidding regulations issued by the Ministry of finance.
 
II. REGISTER of ORDERS orders is the text signed between the Ministry of finance and the business and used only as a base payment for domestic enterprises exported goods or services charged to foreign debt instead of the State to ensure the proper payment of obligation to repay foreign and planning for the State budget.
After the signing of the contract, the business name contracted to the Ministry of Finance (Financial Services PR) to sign the order (according to the model in the annex attached to this circular).
The Finance Ministry will sign the order with the business immediately after the business presented to the Ministry of Finance (Financial Services PR) copies of foreign exchange contracts, signed contracts with the accessories (if any), certified "copies" of the Director or Director General. Case production through clues, the clue business needs to produce more export mandate contract signed with the assigned business target of repayment.
Each order is only valid for delivery by recorded delivery deadlines in order. So this term, only business is continued delivery and payment orders with the Ministry of finance after the consent in writing of the extension of the Ministry of finance.
III. The REGULATIONS on the MANAGEMENT and EXPORT PAYMENT and REPAYMENT SERVICES regulations on management and export payment and repayment services outlined in this section are applicable to all modes of repayment by the goods and services (target distribution method of repayment , the tender method of repayment, the repayment method under normal commercial conditions referred to in section I).
1. The business after the production and provision of services for foreign countries to repay to the State under the order signed with the Finance Ministry must submit to the Ministry of Finance (Financial Services PR) record contains the documents and vouchers as defined below to track the process of repayment : 1.1. For enterprises doing export:-orders signed with the Ministry of Finance (original).
-The original invoice enclosed confirmed export of Vietnam commercial bank "of the document from the unit's production or provision of services unless the debt is appropriate and the Vietnam foreign trade Bank was sent to do the procedure except foreign debt" or "the document production (services) have been abroad except debt".
-A copy of the export declaration has been the place where the customs check exports, accompanied by confirming "copies" of the Director or Director General.
-A confirmation copy of origin (c/o) of goods in Vietnam of the Vietnam Chamber of Commerce and industry certified "copies" of the Director or Director General.
-A copy of the document from the full export according to the form of payment specified in the agreement signed with the Bank in each country and deals with the buyer about the payment conditions are verified "copies" of the Director or Director General.
-A copy of the export licence if the item should have a license under the provisions of the Ministry of Commerce have endorsed certified "copies" of the Director or Director General.

In the following specific cases, enterprises are required to present additional documents: a. the case minus the debt in foreign currencies freely convertible exchange rate between the Tables:-Council of Vietnam and the currency freely convertible by the Bank for foreign trade of Vietnam announced on foreign banks report for the case of a payment in the form of letters of credit (L/C) , or on the Bank for foreign trade of Vietnam confirmed "The proper vouchers are sent to do the procedure except debt" for the case of a payment in the form of collection.
b. suggested business case before export tax repayment has prescribed in the regulations:-export tax receipts accompanied by payment transfer (or) form due to the Ministry of Finance released (original or certified copy).
-Tax receipt Paper on budget (originals or certified copies) marked and signature verification of accounting where the Treasury paid.
c. the case Vietnam origin repayments to third countries, enterprises need to present the text of the recommendation:-partners receive foreign debt (or expressed in the contract, the foreign exchange contract accessories signed between two parties) about the origin, which clearly state the name and address of the consignee appeared.
1.2. With respect to the provision of services business minus the debt:-orders signed with the Ministry of Finance (original).
-The original invoice enclosed service provides confirmation of the Bank for foreign trade of Vietnam on the banks creditors had reported There-except for the Vietnam.
-Certificate from the line with specific rules under the Convention between the authorised bank (original confirmation of embassies, representative offices of commercial creditors, ...).
2. payment 2.1. Based on the orders and the original invoice, export service providers attached to the confirmation of the Bank for foreign trade of Vietnam stated in point 1, the Finance Ministry will pay Vietnam for the export business or as a service on the basis of the repayments made and turnover rate under orders signed between the Ministry of finance and Enterprise particular, the following: a) the case of payments in the form of l/c: Pay just 100% of invoice value if the Bank for foreign trade of Vietnam confirmed "was abroad except debt" (already reported).
b) where payment is in the form of collection: 90% upfront invoice value if the Bank for foreign trade of Vietnam confirmed "the document is consistent and has sent the procedures except debt". The value of the remaining 10% the Ministry of finance will pay next when there is "report" except in foreign bank debt.
2.2. time to determine the rates of payment: in the case of debt in foreign currencies freely convertible, the payment rate is determined by the percentage of the buy-in on the Bank for foreign trade of Vietnam announced on foreign banks report for the case of a payment in the form of L/C , or on the Vietnam commercial bank confirmed "The appropriate certificate from the pharmacy sending procedures except debt" for the case of a payment in the form of collection.
3. The responsibility of the Ministry of Finance: the Finance Ministry is responsible for the timely and full payment for the exporting business, debt service instead of to the State immediately after receiving confirmation of the Bank for foreign trade of Vietnam according to the regulations in section 2 part III of this circular. If The slow financial payment from 1 month or more, they must pay for the business interest on the amount unpaid as bank loan interest rate calculated on the actual number of days delinquent. Deferred case because of objective reasons, the Ministry of finance will report the Prime Minister to take measures to solve.
4. The responsibility of the business:-exporting business, debt service state changes are responsible for negotiating and signing of the contract in accordance with regulations of the foreign trade Ministry as against the usual commercial contracts and in accordance with international trade practices. In this contract should stipulate payment terms put to debit under the Government's repayment.
-Exporting business, debt service is fully responsible for the correctness and legality of the documents and vouchers offer referred to in item 1 of part III of this circular. The business case does not comply with the terms stipulated in the foreign exchange contracts led to the denial of foreign debit for the State they must bear full responsibility for the material of the damage occurred (including penalty interest rates due to slow deliveries are charged for the foreign side if available) and to reimburse the State budget the amounts have been paid. Enterprises themselves to resolve the dispute about the contract and the payment voucher as required by the law of Vietnam and international trade practices.
5. Liability of the Bank for foreign trade of Vietnam-made foreign payment transactions at the request of enterprises; check the payment vouchers fit the formula of payment under the agreement signed with the foreign bank and the agreement between enterprises in foreign contracts. The case of the detection of the document contains errors, the Bank only to be sent after the debit procedures have required businesses to repair errors or have committed to fully bear the responsibility for the errors that in writing.
-Timely notification to the Ministry of finance knew about the sent the document to go check debit, or were foreign bank debit (There) as well as the case of the document rejected in whole or in part to finance the payment base for business.
-Regularly collated figures, urging foreign banks make debit to Vietnam promptly.
 
IV. ENFORCEMENT of the PROVISIONS of this circular in force enforced after 15 days from the date of signing and replaced the circular No. 87-TC/TCĐN on 23/11/1995 of the Ministry of finance. All previous provisions contrary to this circular are repealed.
In the process of implementation of this circular, the ministries and related businesses if there are obstacles to timely reflect proposals for the Finance Ministry to handle.
 
 

 

 

APPENDIX (order form) the SOCIALIST REPUBLIC of VIETNAM independence-freedom-happiness EXPORT ORDERS (or SERVICE) For FOREIGN DEBT:........................ turnover of 199.
Số ĐK:.......................................................
Ngày:.........................................................
Based on the repayment plan for foreign ... ... ... ... ... ... ... ... in 199..................
Based on the tender results announced on ... ... ... ... ... ... ....
The target due to the Ministry of planning and investment announced of............................................................
Foreign exchange contracts of.................................... signed between............................................
Bộ Tài chính đồng ý ký Đơn đặt hàng trả nợ với.................................
......................................................................................................
(hereinafter referred to as the enterprise) to pay debt for.................................................................. signed on.................................................. According to the terms and conditions below: 1. Item (or service) for export of repayment:..............................................
2. Trị giá Đơn đặt hàng:..............................................................................
3. the final delivery deadline:..........................................................
4. Tỷ giá thanh toán: ..................................................................................
5. Deposit or bail made the order (if any):.........................., on ... ... ... ... ....,...........................................
Trị giá tiền:.........................................................................................

6. The regulations on the export of payment and repayment services: Ministry of finance and businesses committed to making the right as instructed in section III of the circular number ... ... ../1998/TT/BTC on ... ... ... ... ... ... ... ... ... ... ... the Ministry of finance.
7. The account of payment receipt laying business:-account number:....................................................................................-In:.........................................................................................................
8. During the implementation of this order, if necessary, the two sides can sign the add additional appendices.
 


Director Business Representative (signed and stamped) represent Finance Ministry Director General, foreign finance (signed and stamped)