Proposing heavy fines when using the Price Stabilization Fund in contravention of regulations and issuing false valuation certificates

The Ministry of Finance has just submitted to the Government the promulgation of a Decree regulating the handling of administrative violations in the field of price management.

USING THE PRICE STabilization Fund Wrong with Regulations is Subject to the SEVERE PENALTY

According to the Ministry of Finance, the actual implementation of Decree No. 109/2013/ND-CP dated September 24, 2013 regulating penalties for administrative violations in the field of management of prices, fees, charges, invoices and Decree No. 49/2016/ND-CP dated May 27, 2016 amending and supplementing a number of articles of Decree No. 109/2013/ND-CP, regulating the integration of three policy areas on handling administrative violations In the field of prices, fees, charges, and invoices, certain difficulties arise in searching and applying.

On the other hand, the regulations on sanctioning administrative violations in the field of prices need to be amended and completed according to the Price Law system accordingly, in which some acts need to adjust low fines to ensure effectiveness. deterrence.

In addition, Price Law No. 16/2023/QH15 stipulates that there are regulations assigning the Government to detail regulations on handling administrative violations in the field of prices, posting information that violates the law on prices, and appraisal. prices on mass media. This new regulation is added to strengthen the inspection and handling of legal violations in the field of pricing.

Therefore, the Ministry of Finance believes that the development of a decree is necessary in accordance with the reality arising in the field of prices and valuation.

The draft Decree includes 5 chapters and 30 articles. Pointing out the basic contents of the draft Decree, the Ministry of Finance said that on posting information about administrative violations on prices and price appraisal on mass media, this regulation is supplemented to regulate Details of Clause 3, Article 72 of Price Law 2023.

According to the Ministry of Finance, in reality, the handling of administrative violations in the field of pricing is related to many subjects in society, each administrative violation greatly affects the rights of the violated subjects. violation. Therefore, it is extremely necessary to publish violations and violators to the mass media to prevent violations and warn people in society.

Besides, regarding reviewing, amending and supplementing groups of behaviors that violate regulations on price regulation and management management and price appraisal, there are 20 groups of behaviors.

Notably, in the draft, the Ministry of Finance proposed a group of acts that would increase fines compared to current regulations.

The Ministry of Finance believes that the act of using the Price Stabilization Fund in contravention of the law is determined to be the act with the highest penalty due to the serious nature and extent of damage caused by the act. caused by bacteria.

Through review, the Ministry of Finance found that, for some violations of regulations on management and use of price stabilization funds, if higher fines or maximum fines are not applied, the deterrence cannot be guaranteed. , is not commensurate with the damage caused.

This leads to a situation that, although not common, with the benefits gained, organizations and individuals are willing to accept fines, so, in sync with the adjustment to increase the level of penalties for this behavior, are the regulations determination of remedial consequences and application of additional sanctions.

Recently, the situation of businesses taking advantage of legal loopholes and misappropriating the Petroleum Price Stabilization Fund has caused many concerns. Because this fund is the money people contribute when buying each liter of gasoline. However, many businesses only set aside a part, the remaining amount is appropriated for illegal spending that cannot be repaid, or is owed by the bank, such as: Transportation Trading Company Limited Xuyen Viet Oil transport and tourism, Thai Son Petroleum Joint Stock Company, Ministry of National Defense and Indochina Hoa Phu Joint Stock Company…

Accordingly, a fine of 120 – 150 million VND will be imposed for using the Price Stabilization Fund in contravention of the law. A fine of 50 – 70 million VND will be imposed for not disclosing the Price Stabilization Fund at the request of a competent state agency after 05 days or making false reports about the Price Stabilization Fund.

Remedial measures are also specified in detail for each act, ensuring deterrence and preventing repeat violations.

In addition, the Ministry of Finance also increased penalties for a group of violations of regulations on purchasing professional liability insurance and setting up professional risk provisions, including the act of not purchasing professional liability insurance for business activities. Valuation activities and at the same time setting up professional risk provisions are not appropriate to the prescribed level.

This act increases the penalty from a warning or fine of 500,000 VND to 1 million VND to a fine of 10 million VND to 15 million VND, which is dozens of times higher than the current regulations.

The act of not purchasing professional liability insurance for valuation activities and not making professional risk provisions according to regulations, increases the fine from 5 – 10 million VND to 15 – 20 million VND. The increase in fines is intended to ensure deterrence and prevent violations.

ADDITIONAL PENALTY FOR SPREADING NEWS THAT CAUSE MARKET INSTABILITY AND VIOLATIONS IN PRICE APPRAISAL

Also in the draft decree, a notable point is that the Ministry of Finance proposes a new group of additional acts. That is another group of violations in price management and regulation. Accordingly, the act of spreading or reporting untrue information about the market situation, prices of goods and services that causes social panic and market instability will result in a fine of 10 – 15 million VND.

The act of taking advantage of a state of emergency, incident, disaster, natural disaster, or epidemic to increase the selling price of goods and services inconsistent with the fluctuation of the overall cost compared to normal conditions to profiteer will be fined. 50 – 80 million VND…

Notably, a series of groups of violations of regulations in the field of valuation were also proposed to be supplemented by the Ministry of Finance.

Accordingly, a fine of 5 – 10 million will be imposed for failure to update the valuation certificate into the National Price Database in accordance with the provisions of the law on valuation.

The draft decree clearly states a fine of 30 – 40 million VND for the act of signing a valuation certificate or valuation report that is not in accordance with the field of expertise, or notification from a state agency on the permitted field. work; sign the valuation certificate, valuation report when not meeting the conditions for registration to practice valuation according to regulations… Additional sanction is the deprivation of the appraiser’s card for a period of 30 – 50 days on price or suspend for a period of 30 – 50 days the price appraisal service business from the effective date of the sanctioning decision.

Fine from 40 – 50 million VND for acts of preparing or issuing false valuation certificates, valuation reports, documents related to valuation activities according to the provisions of Vietnamese Valuation Standards Male or act of issuing valuation certificate, valuation report in case the valuation enterprise is suspended from providing valuation services; comes with additional penalties…

Also in this draft, the Ministry of Finance proposes to supplement and complete a number of other regulations on publicizing information on prices of goods and services determined by organizations and individuals themselves, and the act of making price plans. goods and services with deviations in the factors that form prices at the request of competent state agencies or setting up price plans that are not in accordance with prevailing prices on the market, acts of selling goods higher than the listed price of goods. , services are priced and declared by organizations and individuals…

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