Tax authorities to make e-invoicing a common practice
Vietnam’s tax authorities are working to make e-invoicing a common practice among business establishments nationwide as e-invoices generated from cash registers (ECR) make tax collection more efficient and manageable.
Hanoi (VNA) – Vietnam’s tax authorities are working tomake e-invoicing a common practice among business establishments nationwide as e-invoicesgenerated from cash registers (ECR) make tax collection more efficient andmanageable.
ECR is a solution to provide invoices connected to tax authoritiesto manage the seller's real revenue.
It will serve the taxman well by creating a fairer and moretransparent tax environment for taxpayers, said Nguyen Thi Lan Anh, Director ofthe Tax Administration Department on Small and Medium Enterprises and BusinessHouseholds, Individuals.
One convenience is that ECR can be generated at any time thanks tothe round-the-clock connection between cash registers and tax databases. Thefreedom from time constraints gives vendors more elbow room to correct errorsthat might arise in their invoices.
Between late 2022 and July 17, 2023, more than 27,433 companiesand individuals were registering as ECR issuers, with around 13.9 millione-invoices being issued. At the end of Q2/2023, 54 cities and provinces mettheir targets on ECR coverage whereas nine failed to hit the mark.
Assoc. Prof Le Xuan Truong, head of the Vietnam Academy ofFinance’s Tax and Customs Department, believed that expanding the use ofe-invoices from cash registers helps tax authorities better monitor thesupply of goods and services from businesses, contributing to more effectiveand fair tax management.
Thái Minh Giao, Deputy Director of the Tax Department of HCM City, said hisdepartment had set a target of 6,674 taxpayers registering as ECR issuers in2023. By July 17, around 3,500 had got in on the act.
He underlined several obstacles for the department to achieve itstarget. The first obstacle involves the absence of a regulation that makes ECRmandatory for vendors. The second obstacle centres around transition costs. Many vendorswere unwilling to take the plunge because ECR entails costs associated withsoftware installation and upgrades.
Accordingly, the General Departmentof Taxation asked tax departments to strive to reach 30%by the end of the second quarter, 50% by the end of the third quarter and 70%later this year. In Hanoi, Ho Chi Minh City, Hai Phong, and Quang Ninh, therate must reach 100% in dining and restaurant services./.
The Ministry of Industry and Trade (MoIT) has announced that its e-invoice solution system is allowed by the Ministry of Finance’s General Department of Taxation (GDT) to provide services at the address hoadonct.gov.vn.
The Ho Chi Minh City People's Committee has asked relevant departments and agencies to apply measures to accelerate the use of e-invoices generated from cash registers, towards ensuring the implementation of the set roadmap.
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Illustrative image (Source: vnexpress) 
