Law on web and electronic invoices for corporations and individuals in Vietnam
Vietnam recently issued "Decree 119" regarding the use of web and electronic invoices for the sale of goods and services. By Decree 119, which came into effect on November 1, 2018, the government aims to have 90% of businesses use web invoices by 2020.
Types of web and electronic invoices
There are two types of web invoices. One has a tax authority verification code, the other does not. An electronic invoice with a confirmation code can be used for tax filing.
Companies running electricity, oil, telecommunications, transportation, e-commerce, insurance, and supermarkets can use web invoices without an authorization code.
Individuals and companies involved in agriculture, forestry, fisheries, industry, construction that employ more than 10 workers and have annual income of more than VND 3 billion in the previous year must use the electronic invoice with the verification code. In the trade and service sector, individuals and companies with annual income of VND10 billion or more in the previous year must use web invoices with an authentication code.
Registration for use of web and electronic invoices
Before using a web invoice (with or without a tax code), companies must obtain approval from the tax authorities through the Tax Department website and register for web invoice use.
Businesses and individuals who provide goods or services must issue web invoices (with or without tax codes) in a standard format prescribed by tax authorities. You must provide all the required information, regardless of the amount you charge.
The web invoice can be printed out on paper for the purpose of keeping a book, but it cannot be used as a valid invoice at the time of transaction.
Transition period to web and electronic invoices
Companies that self-printed invoices or received invoices issued by the tax authorities before November 1, 2018, are issued by Decree No. 51/2010 / ND-CP and Decree No. 04/2014 / ND. -Can be used until October 31, 2020 according to CP.
When switching to a web invoice, the invoice data must be sent to the tax office by November 1, 2018. The tax office will post the data for these invoices on the tax authority's information portal.
Public institutions that use receipts at medical institutions, schools, etc. can continue to use receipts, but will need to gradually switch to web invoices according to the Ministry of Finance roadmap.
Benefits of web and electronic invoices
Web invoices not only save time and money, but also reduce the administrative burden and the risk of fraud, which helps in fair and transparent transactions. According to the government's estimate, if 2.5 billion invoices are used per year, a savings of VND1 trillion can be saved.
Vietnam electronic payment transactions
In Vietnam, web invoices are becoming popular, but at the same time, electronic payments will be widely used. Recently, Vietnam Electronic Commerce Association and Vietnam Bankers Association have requested to remove the transaction limit for electronic payments set by Vietnam National Bank.
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A licensed real estate agent (with Bookkeeping Level 1 and HSK Level 5 certifications) based in Ho Chi Minh City for over 7 years. Representative of Suzuki Real Estate Vietnam. He has a proven track record of brokering over 1,000 rental properties and over 200 sales properties, primarily for Japanese clients. He specializes in brokering serviced apartments, condominiums, and office spaces, and provides real estate contract support for foreigners, offering services in Japanese, English, and Chinese.
