The Ministry of Finance promulgates Circular No. 60/2021/TT-BTC amending and supplementing some articles of Circular No. 38/2014/TT-BTC guiding some articles of the Government's Decree No. 89/2013/ND-CP. In particular, it has stipulated the provision of risk provisions for valuation enterprises.
The Circular amending and supplementing some articles of Circular No. 38/2014/TT-BTC as follows: Enterprises (enterprises) submit dossiers of registration for valuation practice to appraisers on prices as prescribed in Point c and d Clause 1 Article 14 of Decree No. 89/2013/ND-CP, including: The certificate of valuation practice at the enterprise certified by the legal representative of company; copy of the price appraiser card or the certificate of issuance of the appraiser card on the price…
In addition, enterprises shall submit dossiers of registration for valuation practice to appraiser a list of at least 10 sets of valuation certificates and reports on valuation results in the previous consecutive year of the appraiser on the signed practice price, except in some cases.
The contents of the declaration of 10 sets of valuation certificates and reports on valuation results include number, date of issuance of valuation certificate and report on valuation results; customer valuation; Valuation enterprises and certified by the issue valuation enterprise.
In case of registration of valuation services for branches of valuation enterprises, as prescribed in Article 41 of the Law on Prices, the valuation enterprise shall enclose a copy of the certificate of registration of branch operation and the written authorization of the enterprise to the branch.
The Circular also provides for the establishment of an occupational risk provision fund for valuation enterprises. In case the valuation enterprise does not purchase the valuation professional liability insurance, it must set up an occupational risk provision fund with an annual deduction of 1% on the revenue of valuation services (revenue without value-added tax), which is accounted as the case of provisioning payable. Enterprises must develop and promulgate internal regulations on the management and use of occupational risk provision funds.
When the occupational risk provision fund has a balance at the end of the fiscal year equivalent to 10% of the valuation service revenue in the fiscal year, it no longer deducts the occupational risk provision fund. In case of the enterprise terminates the valuation activities, the balance of the occupational risk provision fund has been set up but not used up and accounted for in other incomes.
Notably, the circular states: Valuation enterprises develop a process and control the quality of their valuation activities according to the provisions of the Vietnam Standard System of Valuation and the guidance of the Ministry of Finance (if any).
Collected from source
Minh Anh