Circular 68/1999/TT-BTC

CIRCULAR No.68/1999/TT-BTC of June 7, 1999 guiding a number of particular points in the State financial management over postal savings services provided by Vietnam Post and Telecommunications Corporation

Vietnam Post and Telecommunications Corporation is allowed to mobilize all sources of idle capital from people of different social strata in form of receiving time and demand savings deposits� The savings interest rates shall be decided by Vietnam Post and Telecommunications Corporation on the principle of covering all costs by itself, preserving and developing capital sources and complying with the State Bank�s regulations on interest rates.

The mobilized postal savings capital sources shall be used according to the following order:

- The Post and Telecommunications Corporation shall be entitled to retain a maximum of 20% of the total balance of population�s postal savings deposits at any time to ensure the regular payment of principals and interests to the depositors upon the maturity of their deposits or when they demand so.

- To transfer to the National Investment Support Fund so that the latter lends capital to the Government�s projects under the Law on Domestic Investment Promotion, on schedule, with amounts and terms according to the agreement signed between the National Investment Support Fund and the Post and Telecommunications Corporation.

- The source of capital left after the transfer to the National Investment Support Fund according to the plan and the payment for regular expenditures, if any, shall be used as additional loans to the National Investment Support Fund (if the latter has a demand therefor) or for the purchase of the State Treasury�s bonds or project bonds.

The Post and Telecommunications Corporation shall not have to pay the value added tax on the revenues from providing loans to the National Investment Support Fund as well as the purchase of State Treasury�s bonds, project bonds and interests on postal savings deposits.

The Circular also specifies the elaboration of the annual financial plan on postal savings service activities; the contents of expenditures and revenues; the regime of accountancy cost-accounting and the financial reports on postal savings service.- (Summary)