On October 1, 2024, the Minister of Finance issued Circular 70/2024/TT-BTC, regulating the management and use of revenues from consulting and project management activities by investors and project management boards utilizing state budget capital.
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Photo 1: The annual revenue and expenditure estimates of the investor and the Project Management Board using state budget capital_Hotline: 0972118764
Annual revenue and expenditure estimates of the investor and the project management board:
Depending on the specific conditions of the project, the investor may decide to prepare and approve a single budget for both the investor and the project management board, or to create two separate budgets. If a joint budget is prepared, the expenses for the investor and the project management board must be clearly identified.
- Each year, the investor and the project management board will determine project management costs based on the duration of implementation, organizational management form, scale, and characteristics of the work. They will be responsible for this content. Revenues from project costs will be recognized in the project capital as decided by the competent authority.
- The investor and the project management board must ensure sufficient management costs to carry out management work until the project is approved for final settlement as per regulations.
- The annual revenue and expenditure estimate will be prepared according to Form No. 03/DT-QLDA attached to Circular 70/2024/TT-BTC.
Basis for preparing the annual revenue and expenditure estimate:
The legal basis for establishing the annual revenue and expenditure estimate currently relies on:
- Decision to establish the project management board according to legal regulations.
- Decision to approve the investment policy and project.
- Estimated costs for investment preparation work.
- Revenue sources specified in Articles 2 and 6 of Circular 70/2024/TT-BTC; if specific revenue sources are not identified, the investor and the project management board must estimate based on actual conditions.
- Current regulations on expenses.
- Salary tables for each staff member involved in project management according to Form No. 02/DT-QLDA.
- Current financial regulations for investors and project management boards.
- Internal expenditure regulations of the unit.
- Other project bases (if any).
In conclusion, investors and project management boards need to ensure management of annual revenue and expenditure estimates according to the new legal regulations.
Circular 70/2024/TT-BTC will take effect from November 15, 2024.
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