Handling of confiscated items resulting from administrative violations.

(Baonghean) - On December 10, 2012, the Minister of Finance issued Circular No. 215/2012/TT-BTC guiding the implementation of some contents on the management and handling of confiscated goods and means seized and transferred to the state budget due to administrative violations.

The circular stipulates that, for confiscated items in Vietnamese currency, the State Treasury shall deposit them into the state budget in accordance with the law on the state budget; for confiscated items in foreign currency, the State Treasury shall deposit them into the centralized foreign currency fund (in the original currency), and simultaneously convert them into Vietnamese currency at the exchange rate announced by the State Bank of Vietnam at the time of accounting to record revenue in the state budget in accordance with the law on the state budget; for confiscated items in gold, silver, precious stones, precious metals (not relics, antiques, or national treasures), and valuable certificates, they shall be transferred to the Asset Auction Service Center or the District-level Asset Auction Council for auction in accordance with regulations; for gold, silver, precious stones, and precious metals that are relics, antiques, or national treasures, they shall be transferred to the specialized state management agency for management and handling.

Regarding the determination of the starting price for auction, the Circular stipulates three cases where a Council must be established to determine or re-determine the starting price, including: The value of confiscated items and means of administrative violations transferred for auction has not yet been determined; The planned auction date is more than 60 days after the date of determining the value of confiscated items and means of administrative violations in the Valuation Report; The value of confiscated items and means determined in the Valuation Report differs by 10% or more from the price of similar items according to the price announcement of the Department of Finance at the time of transfer for auction.

This Circular takes effect from January 25, 2013 and repeals the provisions of Clause 2, Article 14 of Circular No. 137/2010/TT-BTC.

NT (Compilation)