Appraisal and Approval of Revenue and Expenditure Estimates for Managing Projects Using Foreign Capital

Circular 72 stipulates that the investor shall appraise and approve the revenue and expenditure estimates for project management.

The dossier submitted for appraisal of revenue and expenditure estimates for project management includes:

- Proposal documents for approval; investment decisions; decisions on approving project cost estimates; decisions on the establishment of the Project Management Unit;- Revenue calculation table from project management activities;- Revenue estimates for project management.- Annual salary calculation table;- Decisions on assignment of officials and public employees working on a part-time basis, determining the corresponding proportion of working time at the Project Management Unit.- Annual expenditure estimates for project management.

At the same time, Circular 72 also specifically regulates the content of appraising revenue and expenditure estimates for project management as follows:

- Appraising the contents of the work, the calculation methods, suitability in allocating funding sources for the years in the Revenue Calculation Table from project management activities;- Appraising the suitability in the annual Revenue Estimates for project management;- Appraising the appropriateness of the expenditure contents in the estimates with the current standards, norms, and financial policies of the State.

The deadline for appraising and approving the revenue and expenditure estimates for project management is within 14 working days from the date the investor receives the complete dossier for appraising the revenue and expenditure estimates for project management as stipulated, ensuring legality and validity.

The decision to approve the annual revenue and expenditure estimates for project management is sent to the Project Management Unit, the payment agency, and related units for implementation.

Note, during use, the investor is proactive in adjusting and responsible for adjusting the expenditures within the approved annual estimate range. In case of exceeding the estimate, it must be appraised and approved for adjustment and supplementation.

See details Circular 72/2017/TT-BTC effective from September 15, 2017

-Thao Uyen-

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE