New Circular Tightens Monitoring of State Spending

A recently issued circular by the Ministry of Finance for the implementation of the law on thrift practice and waste prevention rules that purchases with State money must be closely monitored.

The circular stipulates that in such purchases, when getting some commissions from the seller, the buyer must report them fully and timely to his or her organization.

If the commissions are money, these sums will be treated as State money provided to the organization. If the commissions are goods, the items will be used by the organization in accordance with existing laws.

Besides, all the commissions must be listed in the organization’s financial statements.

By T.T – Translated by Tuong Thuy

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