Updated at 06/02/2024 - 10:01 pm
Circular 12/2022/TT-NHNN on foreign exchange management for foreign borrowing and debt repayment by enterprises sets out a number of important regulations, especially on reporting on the implementation of foreign loans in the form of importing goods on deferred payment. Below are instructions on reporting foreign loans in the form of imported goods on deferred payment:
What is a self-borrowed, self-paid loan in the form of imported goods with deferred payment? #
Clause 1, Article 3, Circular 12/2022/TT-NHNN: “Foreign loan is a common phrase to refer to foreign loans that are not guaranteed by the Government (hereinafter referred to as self-borrowed and self-paid loans) and Foreign loans are guaranteed by the Government in all forms of foreign loans through loan contracts and deferred payment import contracts. Self-borrowed and self-paid loans in the form of imported goods with deferred payment are determined according to the provisions of Clause 1, Article 4 of Circular 12/2022/TT-NHNN:
"first. Foreign loans in the form of deferred payment of goods imports are goods imports with the first capital withdrawal date before the final payment date; in there:
a) The capital withdrawal date of the foreign loan in the form of goods import with deferred payment is:
The 90th day from the date of issuance of the transport document in case the account service provider requires the set of payment documents to have the transport document;
The 45th day from the date of completion of the inspection stated on the customs declaration has been cleared in case the bank providing account services does not require a set of payment documents to have a transport document;
b) The final payment date is determined as:
The last payment date of the contractual payment period;
The last actual payment date in case of non-performance according to the contract or the contract does not specify a payment term;
c) The term of a foreign loan in the form of imported goods with deferred payment is the term determined from the date of first capital withdrawal to the date of final payment.”
Report foreign loans in the form of imported goods with deferred payment #
Clause 1, Article 41 of Circular 12/2022/TT-NHNN: “On a monthly basis, no later than the 05th of the month following the reporting period, the borrower must report online on the implementation of short loans, medium and long term at the website"
Thus, self-borrowed and self-paid loans in the form of imported goods with deferred payment must be reported according to the provisions of Circular 12/2022/TT-NHNN dated September 30, 9 guiding on foreign exchange management. for enterprises' foreign borrowing and debt repayment.
Method of reporting foreign loans in the form of imported goods with deferred payment #
According to Clause 2, Article 5, Circular 12/2022/TT-NHNN "For reporting on the status of foreign loan implementation, the borrower must use the website to carry out the online reporting regime according to regulations." in this Circular”.
At the same time, Clause 1, Article 41 of Circular 12/2022/TT-NHNN states "In case the website has a technical error and cannot send a report, the borrower sends a written report according to the form in Appendix 05 promulgated together with this Circular”. So how can we prove that a technical error on the website is not the borrower's fault?
So:
Borrowers must make online reports on the implementation of short, medium and long-term loans on the website. For this, the Circular requires the use of electronic websites to implement the online reporting regime.
In case the website has a technical error and cannot send the report, the borrower can protect itself by making a written report according to the form in Appendix 05 of the Circular.
At the same time, if there is a technical error, businesses should take a screenshot of the error report and attach a written report for review and processing.
SUPPORT FROM EXPERTS #
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