That is one of the outstanding new points of Decree 80/2023 amending and supplementing a number of articles of Decree No. 95/2021 and Decree 83/2014 of the Government on petroleum business, issued by the Government on November 17.
According to Decree 80/2023, the State Bank of Vietnam is responsible for guiding and directing banks where key petroleum traders register to open accounts for the Petroleum Price Stabilization Fund to comply with the provisions of this Decree.
Decree 80/2023 has many detailed regulations tightening the management of the Petroleum Price Stabilization Fund.
Specifically, Decree 80/2023 stipulates that petroleum traders are obliged to set aside funds; account for and monitor the fund separately through accounts opened at commercial banks or foreign bank branches legally operating in Vietnam. Petroleum traders are allowed to choose banks to open management accounts, ensuring the preservation of fund balances.
This account is only used for the purpose of setting up and spending the enterprise's price stabilization fund according to the announcement on petroleum price management of the Ministry of Industry and Trade. Banks are allowed to freeze the enterprise's Petroleum Price Stabilization Fund account.
Decree 80/2023 stipulates that every 6 months, key petroleum traders are responsible for sending a specialized (independent) audit report on the Petroleum Price Stabilization Fund to the Ministry of Finance and the Ministry of Industry and Trade.
The specialized audit report of the Petroleum Price Stabilization Fund includes the following contents: fund balance at the beginning of the reporting period; total output and types of petroleum and oil set aside and used during the reporting period; total amount of funds set aside in the reporting period; total amount of funds used during the reporting period; interest arising on positive or negative fund balances during the reporting period; fund balance at the end of the reporting period. Details of bank account statements during the reporting period; inventory report on output and types of petroleum and oil set aside and used for each operating period.
Periodically, before the 15th of each month, the main petroleum traders are responsible for preparing and sending a report to the Ministry of Finance and the Ministry of Industry and Trade on the fund implementation status of the previous month.
This report includes: fund balance at the beginning of the reporting period; total output, types of gasoline and oil set aside and used only in the reporting period; total amount of money set aside for the fund in the reporting period; total amount of money spent on fund use in the reporting period; interest arising on positive or negative fund balance in the reporting period; fund balance at the end of the reporting period. The main trader shall enclose a copy of the fund account statement in the reporting period; and shall be fully responsible for the accuracy of the data and information reported.
Petroleum traders are responsible for organizing the implementation of setting aside, spending, using, and managing the Petroleum Price Stabilization Fund and reporting and publicizing it according to the provisions of Decree 80/2023 and the guidance of the Ministry of Finance. In case of violations by petroleum traders, administrative penalties will be imposed depending on the severity of the violation.
If an administrative violation has been punished but the violation of regulations on fund allocation, use, transfer or failure to transfer funds has been repeated many times, the business will be considered for temporary suspension or revocation of the certificate of eligibility to act as a key trader in petroleum business.
Source link
Comment (0)