Deploying e-invoices: Impressions of the financial industry in 2021

VCN - In 2021, the implementation of e-invoices is one of the 10 most impressive events of the finance industry. It is not by chance that this work was "honored" in the past year of the whole industry. At the heart of all tax officials, the e-invoice "coverage" plan has achieved unexpected results in a short time.
Promoting the application of AI in tax management Promoting the application of AI in tax management
Nearly 9,000 business households and individuals in Hanoi to use electronic invoices Nearly 9,000 business households and individuals in Hanoi to use electronic invoices
Over 99.5% of businesses in Ha Noi register to use e-invoices Over 99.5% of businesses in Ha Noi register to use e-invoices
Deploying e-invoices: Impressions of the financial industry in 2021
Deputy Prime Minister Le Minh Khai together with leaders of the Ministry of Finance, General Department of Taxation and delegates pressed the button to deploy the Electronic Invoice System, on November 21, 2021.

The key to digital transformation

Over the years, the Ministry of Finance and the Tax sector have focused and promoted the application of information technology in management; focusing on implementing many digital transformation solutions, forming a strong and modern digital finance in Vietnam.

In particular, the modernization of the tax system and the application of e-invoices is one of the key tasks in 2021, because of its great benefits to the business community, people and society.

On November 21, the e-invoice system was officially activated with the implementation of phase 1 in six provinces and cities including Hanoi, Ho Chi Minh City, Hai Phong, Quang Ninh, Phu Tho and Binh Dinh.

Putting the e-invoice system into operation has an important and pivotal meaning in digital transformation not only for tax authorities but also for businesses and the economy. It helps to build a large database of invoices quickly and conveniently, thereby streamlining the invoice reconciliation process, contributing to preventing the unauthorized use of invoices of the absconding or missing businesses, and at the same time overcome the situation of counterfeiting and fraudulent invoices affecting the reputation of genuine businesses.

In particular, thanks to the determination and enthusiasm in the implementation of all tax officials and employees, the six pioneering Tax Departments have exceeded expectations. Exactly a month after the system was officially activated, by December 21, 2021, the number of taxpayers who have registered to use e-invoices is up to 263,182, accounting for 71% of the total number of businesses and economic organizations in these six provinces and cities.

The "coverage" of e-invoices has also received the consensus of areas with many difficulties. For example, in Thanh Son and Tan Son districts (Phu Tho), these are two difficult districts of this mountainous midland province.

However, according to Bui The Hung, Deputy Director of Tax Department, Thanh Son - Tan Son Area Tax Branch, as of December 31, 2021, there were 386 businesses using e-invoices, accounting for 95% of the total number of businesses operating in the area, although initially, the implementation faced many obstacles.

"Because it is a mountainous area with mainly small businesses, the support work of the Sub-Department is more difficult than in other areas. In addition to online support through many forms such as calling, sending e-mail, Zalo, there are still businesses that we have to go to for direct support because they are small businesses and have limited accounting qualifications. However, we have closely connected with service providers, looking for those that are offering free or reasonably priced programs to reduce costs for businesses. That's why, after that, we received a high consensus from the business," shared Bui The Hung.

Currently, in Thanh Son and Tan Son districts, there are only 21 micro-enterprises that have not been converted. The Regional Tax Department sets a target in the first quarter of 2022 to mobilize and support these businesses to soon complete the set plan.

At Hai Phong Tax Department, since its official implementation, every day, the E-Invoice Operations Center of the Tax Department receives thousands of requests for support from businesses through different channels.

After just over a month (as of December 22, 2021), the tax office has accepted the registration requests from more than 16,000 businesses, reaching more than 102% of the target by the end of December 31, 2021. According to information from Hai Phong Tax Department, after more than a month of implementation, the e-invoice system operates stably, without data loss and with high security.

Continue to "raise the level" of e-learning activities

Compared to paper invoices, e-invoices are superior. Not only are they easy to create, export and manage, but the e-invoice form also helps users save a lot of time and costs. Therefore, e-invoices are increasingly receiving the support of businesses.

In fact, when e-invoices were introduced, many businesses were still stockpiling a large number of paper invoices, they did not want to waste the number of printed paper invoices, so they did not want to use e-invoices, but there were also many businesses that stocked a lot of electronic invoices. Many switched to using e-invoices because they realize the cost and time benefits.

Le Do Duy Triet, a representative of CMA Vietnam Joint Stock Company, said that using e-invoices is a good step forward, saving money and time, while paper invoices are difficult to deliver to customers and waste a lot of time. The e-invoice only needs to notify by a message or email to the customer.

The General Department of Taxation is continuing to deploy information technology solutions, ensuring requirements such as e-invoices are protected by the seller's digital signature, when erased (changed data), the invoice will not guarantee the integrity of the digital signature; when there is a fake situation, the tax authorities rely on the information technology system to detect it and immediately handle it according to regulations; provide timely invoice information so that purchasers, third parties and relevant state management agencies can compare, check and ensure the validity and legality of invoices; all e-invoice data is gathered at the General Department of Taxation to provide services for sellers, buyers can look up and compare invoice data with data managed at tax authorities.

By Nhat Minh/ Huu Tuc

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