Decree on declaration of assets is not only a legal matter, but also plays a pivotal role in preventing corruption, creating the environment for business healthy. Compliance with the provisions in the Decree to help businesses/individuals to build trustworthy image in the eyes of partners and governing body. This article Accnet will provide a comprehensive view of the Decree help you easily capture, to comply with the legal requirements.
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1. Decree on declaration of assets, what is?
Decree on declaration of assets is the text that the law was government issued in order to clear rules about objects, scope, and manner of implementation of the declaration of assets and income. This decree ensure transparency and accountability in the management of assets of individuals and organizations, especially those who are responsible for legal high.
Scope of application:
- Organizations and individuals are responsible for declaration of assets under management state.
- Businesses involved in the management and use of public property.
The meaning of the Decree:
- Lay the foundation for the monitoring and management of the property.
- Prevention of fraud or concealment of property.
- Enhance the transparency, accountability in financial management.
2. The main content of the Decree on declaration of assets
2.1. Applicable objects
As specified in Article 2 of Decree no. 130/2020/ND-CPobject mandatory declaration of assets include:
- Officers and servants: Those who hold authority in the agency, organization, unit fall under the purview of the state.
- Officer, professional soldier: Under the people's Army and people's police.
- The management of state enterprises: member Of Board members, the company's president, ceo, director, management titles other.
- The candidate, National assembly deputies, deputies councils: Before the
2.2. List of assets required declaration according to the Decree
Follow Article 35 of the Law on anti-corruption in 2018, a Decree on declaration of assets requires detailed the asset category are as follows:
- Real estate: land use, housing, construction work, other assets attached to land, housing, construction work.
- Estate value: Means of transportation (Cars, boats, planes), machinery, equipment, other assets worth 50 million or more.
- Financial assets: stocks, bonds, bank accounts. The investments into the business or investment funds.
- Other assets: property, financial account in a foreign country; total income between the two times declare.
Additional requirements: Update the value property at market value or the original purchase price. Specify the source form of ownership of property.
2.3. The deadline for the declaration of assets according to the Decree
According to Article 36 of the Law on anti-corruption year 2018, a Decree on declaration of assets specified time limit as follows:
- The declaration for the first time: Made when the individual first, hold the position subject to declaration.
- Declaration supplements: When there are fluctuations about the property, valuable income from 300 million or more.
- Annual declaration: Apply to a number of objects specified in clause 3, Article 36 of the Law on anti-corruption year 2018.
Note: The case does not make the declaration by the deadline will be subjected to administrative penalties, the forms handle other prescribed.
3. The regulations impose sanctions when not comply with the decree
3.1. Administrative penalties when not comply with the Decree on declaration of assets
The case of violation of regulations on declaration of assets will be dealt with according to Article 20 of Decree no. 130/2020/ND-CP:
- Late submission of declaration: punishable by administrative fines from 1,000,000 to 5,000,000 depending on the severity of the violation.
- Incomplete declaration: fined from 5,000,000 to 10,000,000, ask for additional information.
3.2. Liability
In case of the declaration fraudulent, or dishonest according to the Decree of declaration of assets, individuals/organizations may be faced with the following consequences:
- Prosecuted for criminal liability: When property fraud cause serious consequences related to corruption.
- Disciplined: public officials and violations can result in disciplinary institutions.
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4. Benefits of compliance with the Decree on declaration of assets
4.1. Benefits for businesses
Compliance with the Decree is not only liability but also bring many practical benefits for business:
Financial transparency:
- Expressed clearly in the asset management.
- Enhanced credibility for management agencies, partners, customers.
Minimize legal risks:
- Avoid fines, administrative prosecution due declaration flaws.
- Create favorable conditions for the join the project or the transaction has elements tightly controlled.
Advanced efficient asset management:
- To help businesses monitor, evaluate and value assets periodically.
- Decision support, financial investment, more accurate.
4.2. Benefits for individuals in compliance with the Decree on declaration of assets
Compliance with regulations on declaration of assets also bring the benefit to the individual, especially the leadership, the management of public property:
- Protecting legal rights: Provides clear evidence of the origin of property, protection of property in the case of legal disputes.
- Strengthen accountability: enhance personal responsibility in the management of the property.
- Limit the risks related to the law: Avoiding the violations, errors in the inspection process, for control of assets.
4.3. Contribute to the built environment sustainable business
The strict observance of the provisions in the Decree on declaration of assets will create conditions to promote an environment of fair business:
- Attracting investors: transparency in asset management to help businesses build trust with investors.
- Enhance healthy competition: The business comply with the law will have the advantage in business transactions.
5. Technology solutions for the process of declaration of assets
Technology plays an important role in supporting the business/individual process optimization declaration of assets. So, software, LV DX Asset is the most perfect choice for all businesses need to comply with the Decree on declaration of assets.
The advantages of software include:
- Features integrated declaration and send reports directly to the governing body.
- Automatic software recognition, asset classification, sample preparation declaration according to the regulation.
- Property data is hosted on the cloud platform technology with high security.
- Updates property value instant
- Automatic reminders ensure declare the correct term, right regulations.
- Friendly interface, easy to customize, suitable for all business needs.
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Decree on declaration of assets is a legal requirement, the opportunity to businesses/individuals demonstrating transparency, accountability in financial management, contribute to building an environmentally sustainable business. Application of modern solutions such as software, LV DX Asset is the right direction, to help optimize processes accounting assets. Please contact us for a free consultation!
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