THE
MINISTRY OF FINANCE
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THE
SOCIALIST REPUBLIC OF VIETNAM
Independence– Freedom – Happiness
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No.
99/2011/TT-BTC
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Hanoi, July 7, 2011
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CIRCULAR
GUIDING
THE FINANCIAL MANAGEMENT OF PILOT EXPORT CREDIT INSURANCE
Pursuant to the Government's
Decree No. 60/2003/ND-CP of June 06, 2003 on detailing and guiding the
implementation of the Law on State budget;
Pursuant to the Government's
Decree No.118/2008/ND-CP of November 27, 2007 defining the functions, tasks,
powers and organizational structure of the Ministry of Finance;
Pursuant to the Prime
Minister’s Decision No. 2011/QD-TTg of November 05, 2010 on the implementation
of the pilot export credit insurance;
The Ministry of Finance
guides a number of contents of financial management of the pilot export credit
insurance as follows:
I. GENERAL PROVISIONS
Article 1. Scope of
regulation
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Article 2. Subjects of
application
1. The Management board of the
Implementation scheme for pilot export credit insurance (hereinafter referred
to as the Scheme management board) shall be established under the decisions of
the Minister of Finance.
2. Qualified insurance
enterprises selected by the Ministry of Finance to deploy the pilot export
credit insurance (hereinafter referred to as insurance enterprises).
3. Traders exporting commodities
belonging to the group of goods encouraged to obtain export credit insurance as
prescribed in the Annex promulgated together with the Decision No. 2011/QD-TTg
(hereinafter referred to as exporters) and relevant organizations and
individuals.
Article 3. The deployment
contents of pilot export credit insurance
1. Establishing and promulgating
the Rule of export credit insurance.
2. Establishing and promulgating
criteria for selecting insurance enterprises to participate in the
implementation deployment of pilot export credit insurance.
3. Selecting qualified insurance
enterprises to deploy pilot export credit insurance.
4. Preparing necessary
conditions for deploying the sale of export credit insurance services.
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6. Inspecting and supervising
the implementation of the pilot export credit insurance.
7. Summarizing and assessing the
deployment results of the pilot export credit insurance.
Article 4. Budget for
implementation
The budget for deploying the
implementation of the pilot export credit insurance under the contents
prescribed in Article 3 are ensured by the Central budget and allotted in the
expenditure estimate for promoting trade, investment and tourism decided by
competent authorities and other lawful sponsorships (if any).
II. SPECIFIC PROVISIONS
Article 5. Expenditure
contents
1. For the content “Establishing
the Rule of export credit insurance”, the following expenses shall be
supported:
a. Expenses on the research for
establishing the Rule of export credit insurance.
b. Expenses on the conventions
and seminars serving the promulgation of the Rule of export credit insurance.
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2. For the content “Preparing
necessary conditions for deploying the sale of export credit insurance
services”, the following expenses shall be supported
a. Expenses on setting up
software and building database for importers; expenses on the design of export
credit insurance services.
b. Expenses on the training,
seminars and propagation of export credit insurance.
c. Other expenses directly
serving the preparation for necessary conditions for deploying the sale of
export credit insurance services.
3. For the content “Deploying
the sale of export credit insurance services”, the insurance costs of exporters
shall be supported.
a. Conditions for support:
- Traders obtaining export
credit insurance from insurance enterprises selected by the Ministry of Finance
to deploy the implementation of the pilot export credit insurance and having
paid 80% of the insurance cost payable under the export credit insurance
contract.
- The export credit insurance
contract, on the basis of export credit insurances, has been approved by the
Ministry of Finance.
- The insurance objects are
goods belonging to the group of goods encouraged to obtain export credit
insurance prescribed in the Annex promulgated together with the Decision No.
2011/QD-TTg.
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The support rate = 20% of the
original insurance cost under the export credit insurance contract
4. For the content “Inspecting
and supervising the implementation of the pilot export credit insurance”, the
following expenses shall be supported
a. Expenses on business trip;
b. Other expenses relating to
the inspection and supervision of the implementation of the pilot export credit
insurance.
5. For the content “Summarizing
and assessing the deployment results of the pilot export credit insurance”, the
following expenses shall be supported.
a. Expenses on organizing
conventions, seminars, periodic and final summary.
b. Expenses on business trip;
c. Other expenses directly
serving the summarization and assessment of the deployment results of the pilot
export credit insurance.
6. The following expenses on the
activities of the Scheme management board shall be supported:
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b. Expenses on appraising
dossiers of Insurance enterprises on requesting support from the State budget:
c. Expenses on external services
and purchases including: renting offices, purchasing stationery, supplies,
fuel, repairs of vehicles, machinery and equipment serving professional works,
telecommunication charges and other expenses;
d. Expenses on business trip;
dd. Expenses on salaries for
hired officers under the contract;
e. Other expenses directly
serving the activities of the Scheme management board.
Article 6. Expenditure
principles, regulation and rates
1. Expenditure principles
a. Ensuring the separation from
the insurance management and supervision within the functions of the Department
of Insurance management and supervision, avoid duplication of the expenditure
contents and expenditure objects.
b. For expenses required to be
put out to tender, the provisions of the Law on Tender and its guiding documents
shall apply.
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2. Expenditure rates and
regulations:
a. The expenditure rates and
regulations for the expenditure contents in Article 5 of this Circular shall be
implemented in accordance with the provisions on the current expenditure
standards and norms, and the provisions in this Circular.
b. In case the expense has not
been prescribed in the regulation, the Chief of Scheme management board, basing
on the actual, reasonable and valid expenditure invoices and documents as
prescribed by law, shall decide and bear responsibilities for these expenditure
contents before law.
Article 7. The order of
making estimates, implementing and settling the State budget that supports the
Scheme
1. Making budget estimates:
a. Basing on the annual Scheme
deployment duties, the Scheme management board shall make budget estimates,
report to the Ministry of Finance to integrate into the expenditure estimate
for promoting National tourism, trade, investment and in the annual budget plan
in order to report to the Government and submit to the National Assembly for
approval.
b. Basing on the expenditure
estimate that support the implementation of the promotion program for National
tourism, trade and investment in the Central budget allotment scheme approved
by the National Assembly, the Ministry of Finance shall announce the budget for
implementing the Scheme on the pilot export credit insurance.
2. Allotting estimated budget
On the basis of the announced
budget plan, the Scheme management board shall make estimates and send to the
Ministry of Finance in order to request budget allotment. Within 10 working
days as from receiving the request dossiers from the Scheme management board,
the Ministry of Finance shall make decisions on allotting budget estimates to
support the implementation of the pilot export credit insurance. The decision
on allotting estimates is the basis for the Scheme management board to draw
estimate funding from State Treasuries.
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a. For the Scheme management
board: draw the estimate funding, make payment to units and organizations in
accordance with the current provisions on the State budget management.
b. For exporters: the budget
that support the export credit insurance costs for exporters shall be directly
paid to insurance enterprises and implemented as prescribed in Article 8 of
this Circular.
c. State Treasuries shall
perform expenditure inspections under the Ministry of Finance’s provisions on
managing, allotting and paying budget expenses through the Treasuries, the
current expenditure regulation and the provisions in this Circular.
4. Settling budgets:
a. On January 31st in the
succeeding year at the latest, the Scheme management board is responsible to
sum up and send reports on the supportive budget settlement to the Ministry of
Finance. The application for settlement includes:
- The Official dispatch on
requesting the settlement from the Scheme management board;
- The approval for the detailed
budget estimate (including the modified budget estimate if any);
- Relevant invoices and
documents.
b. Within 20 days, the Ministry
of Finance shall review and make appraisal records to issue Decisions on
approving the supportive budget settlement. Concurrently, the Ministry of
Finance is responsible to integrate the reports on the State budget expenditure
settlement from the units into the reports on the State budget expenditure
settlement of the Ministry of Finance.
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- Continue spending during the
settlement modification under the current provisions and record to the previous
year’s budget expenditure;
- The expenses arising after the
settlement modification shall be source-transferred in order to spend and
record to the succeeding fiscal year.
Article 8. Managing and using
budgets by which the State supports export credit insurance costs of exporters
1. Advancing supportive budget
for export credit insurance costs of exporters
a. On the 15th of the succeeding
month at the latest, insurance enterprises shall make and send to the Scheme
management board the application for supportive budget for export credit
insurance cost of the export credit insurance contracts signed in the previous
month,
b. The application for advanced
budget:
- The written request for
advanced supportive budget for export credit insurance costs and the detailed
statement of the actual turnover from the original insurance cost of export
credit insurance in the month under the form prescribed in Annex 1 promulgated
together with this Circular;
- The copies of export credit
insurance contracts signed in the month;
- The invoices and documents
proving the collection of export credit insurance costs.
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d. The advance rate: 25% of the
actual turnover from the original insurance cost of export credit insurance in
the month
2. Settling the supportive
budget for export credit insurance costs of insurance enterprises:
a. On the 15th of the succeeding
month at the latest, insurance enterprises shall make and send to the Scheme
management board the application for supportive budget for export credit
insurance costs of export credit insurance contracts that expired in the previous
month.
b. The application for
settlement.
- The decision on approving the
advanced supportive budget for export credit insurance costs from the Scheme
management board (copy);
- The written request for
settling supportive budget for export credit insurance costs under the form
prescribed in Annex 3 promulgated together with this Circular;
- The evidence proving the
increases/decreases of export credit insurance costs of expired export credit
insurance contracts (if any).
c. Within 10 days as from fully
receiving the application for the settlement of supportive budget for insurance
costs of insurance enterprises, the Scheme management board shall perform
inspections and issue Decisions on approving the settlement under the form
prescribed in Annex 4 promulgated together with this Circular, and allot
additional supportive budget to insurance enterprises in case the settled
amount is higher than the advanced amount, or request insurance enterprises to
refund the State budget in case the settled amount is lower than the advanced
amount.
3. Reports on supportive budget:
On January 25th in the succeeding year at the latest, insurance enterprises
shall report the Scheme management board on the supportive budget for insurance
costs in the previous year, including the advanced budget and settled budget in
the previous year under the form prescribed in Annex 5 promulgated together
with this Circular.
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Article 9. Organizing the
implementation
1. Responsibilities of the
Ministry of Finance: The Ministry of Finance (The Department of insurance
management and supervision) shall cooperate with relevant agencies and units to
inspect and supervise the use of the budget by which the State supports the
implementation deployment of export credit insurance.
2. Responsibilities of the
Scheme management board:
a. Fully providing documents,
subject to the inspection and supervision of the supportive State budget
utilization by administrating agencies under the prescribed functions.
b. Performing financial
management of other sponsorships (if any) under the current provisions.
3. Responsibilities of insurance
enterprises:
a. Separately practicing
accounting for export credit insurance.
b. Observing the provisions in
this Circular and its guiding documents from the Ministry of Finance; basing on
the Rule of export credit insurance promulgated by the Ministry of Finance to
design export credit insurance services and submit to the Ministry of Finance
for approval.
c. Managing and practicing
accounting for allotted budgets as prescribed. In cases of insurance cost
refund and reduction, insurance enterprises are responsible to deduct 20% of
the refundable original insurance cost to refund the State budget.
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- Quarterly reports: Within 30
days after the ending day of the quarter, insurance enterprises must make and
send to the Scheme management board the professional report on export credit insurance
under the form prescribed in Annex 6 and Annex 7 promulgated together with this
Circular. For Quarter IV reports, insurance enterprises shall make reports that
include the figures in Quarter IV and the cumulative figures from the beginning
of the year.
- Annual reports. Within 90 days
after the ending day of the fiscal year, insurance enterprises must make and
send to the Scheme management board the financial statement verified by
independent audit organizations allowed to operate in Vietnam, in which
verifying the figures of the actual turnover from export credit insurance costs
in the year.
Article 10. Effects
This Circular takes effect on
August 22, 2011.
During the course of
implementation, the units are recommended to send feedbacks on the arising
problems and obstruction to the Ministry of Finance for prompt settlement./.
FOR
THE MINISTER
DEPUTY MINISTER
Tran Xuan Ha