ENTERPRISES CONDUCTING BUSINESS OF PRIZE-WINNING VIDEO GAMES FOR FOREIGNERS MUST KEEP BOOKS FOR MANAGING THEIR TOKENS
On June 24, 2022, the Ministry of Finance promulgates the Circular No. 39/2022/TT-BTC guiding a number of articles of the Government’s Decree No. 121/2021/ND-CP dated December 27, 2021, providing the business of prize-winning video games for foreigners.
This Circular guides contents of management of tokens; licensing fee; finance regimes; discount; and accounting and reporting regimes specified in Clause 2 Article 12, Article 27, Clause 2 Article 35, Clause 4 Article 36, Article 37 of the Government’s Decree No. 121/2021/ND-CP.
Specifically, enterprises shall keep books for monitoring and management of their tokens, which must contain the following basic details: form of tokens; quantity and type of tokens which the enterprise has purchased, re-exported or destroyed, classified by par value and foreign currency, date of purchase, re-export or destruction, name of manufacturer or supplier (if any); and other details according to management requirements of the enterprises.
Besides, enterprises may only exchange cash into tokens for players before they play and exchange tokens into cash for players at cashier’s counters and make out exchange bills. Enterprises shall prepare special-use trunks (bags) for containing cash and tokens. These trunks (bags) must be sealed up before being taken out of vaults and immediately after being taken out of prize-winning video game machines.
This Circular takes effect on August 08, 2022.
