Vietnam start using e-invoices on July 1 nationwide
Vietnam start using e-invoices on July 1 nationwide
The taxation authority estimated that once the whole population turns to e-invoices, the total number would be 6.5-7 billion invoices per year or 400-500 million per month.
All businesses and people are expected to start using e-invoices on July 1, set to be generated via QR codes on smartphones.
Using e-invoices would help businesses save operational costs. Photo: Tran Dung |
Deputy Director of the General Department of Taxation Dang Ngoc Minh informed the move at a press conference held on June 1, adding that 92.6% of businesses so far have used e-invoices.
As of May 24, the total number of e-invoices being processed by the authorities was over 318 million.
According to Minh, the people should ask for invoices for every economic transaction, as service providers are required by the law to produce the invoice, or risk being penalized if they do not invoice the clients.
“Invoices are the legal evidence to identify the value and origin of goods or services and the base to settle legal disputes,” Minh said.
“More importantly, all data are stored on the system, so the risk for tax fraud is minimized,” he continued.
The taxmen would hold a lottery event to further promote people asking for invoices, with the pilot phase taking place in late 2021 and the first quarter of 2022.
Those who want to join the event would need to keep the invoice, as information from sellers and buyers is recorded in the tax system.
Every invoice is eligible to join for one time and the taxation authority would choose a random number on the system to find the winner.
Nguyen Thi Lan Anh, head of the Tax Management Department for micro-businesses, households, and individuals, said receipts generated by cashiers at supermarkets, restaurants, and retailers are qualified for the lottery drawing.
Under the Law on Tax Administration and the national digital transformation program until 2030, the Ministry of Finance since November 21, 2021, has carried out the first phase of the e-invoice program in six provinces/cities of Hanoi, Ho Chi Minh City, Haiphong, Phu Tho, Quang Ninh, and Ninh Binh, home to 60% of national enterprises and 70% of the e-invoices.
As of March 31, 100% of businesses and organizations in six provinces/cities of the first phase have shifted to e-invoices.
