4 Accounting Activities/Achievements/Plans Accounting Worked with external audit (Ernst & Young) on the half-year financial reports (both Vietnamese and Chinese GAAP standard) Launched on the budget performance system. A short training had been conducted to all departments to introduce this system. Plans To finalize the company payment guideline and to arrange a presentation to all departments at mid of August, 2009. To kick-off the 2010 budget, starting at mid of August, 2009
5 Finance Activities/Achievements/Plans Finance Produced the monthly report of VAT, PIT, Withholding tax and Profit & Loss’s tax report of the 2 nd quarter operation. Worked with Tax Department on buying the service invoice and providing of Certificate of income tax withhold. PIT updated : Letter 40/TCT-VP dated 29 June, 2009 - Extend submitting the registration of dependent and relevant documents to 31 Dec, 2009
6 Finance (Cont.) Activities/Achievements/Plans Finance (Cont.) Agent PIT updated : Official Correspondence 2965/TCT dated 20 July, 2009 – Insurance agents must register tax code in 2009.Insurance agents must register tax code in 2009. The Certificate of income tax withhold will be issued one time a year at year end. In case of agent resignation, the income tax information would be declared for their working period.The Certificate of income tax withhold will be issued one time a year at year end. In case of agent resignation, the income tax information would be declared for their working period. Company must deliver this certificate as agent’s request. It is used for personal tax return or tax refund purpose only.Company must deliver this certificate as agent’s request. It is used for personal tax return or tax refund purpose only.
7 Investment Activities/Achievements/Plans Investment Following up international and domestic bond market, including economic indicators and bond trading activities. Gathered fund management company (FMC)-related information and reported to headquarter. Completed all the procedures of switching custodian bank from HSBC to IVB.
8 Investment (Cont.) Activities/Achievements/Plans Investment (Cont.) Plans Keep following the macro economy and bond market. Assess all kinds of investment instruments for coupon re-investment in August, 2009. Prepare investment cash inflow projection chart to avoid cash flow mismatch.
15 Introduction of Budget performance system An ongoing budgetary control instrument, to provide information on expenditure transactions through monthly reports and daily online access. Produce expense analyses and budgetary data to individual department at anytime. Show any variance (over or under) between the amounts budgeted and expended. Support departmental budget controller in ensuring that over-expenditures is not going to occur.
21 Introduction of Budget performance system Departmental budget controller is able to track down the actual expenses for verifying from the system. The commentaries on variance of actual against budget and the departmental suggestions must be reverted to Accounting on 15 th at the latest. Quarterly, Accounting to highlight the key variances of the last quarter to BOD.