Minister Ho Duc Phoc: E-invoices bring benefits to taxpayers and state agencies

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Leaders and delegates in a cerecomny launching E-invoice system nationwide

Speaking at the ceremony to launch the national e-invoice system, Minister of Finance Ho Duc Phoc said that following the national digital transformation strategy chaired by the Prime Minister, the Ministry of Finance has drastically implemented the strategy and considered this an important breakthrough to modernize the financial industry, striving for digital finance as soon as possible to most effectively implement national financial management.

E-invoices are a major breakthrough, an important foundation that brings benefits to businesses, taxpayers and State agencies.

Accordingly, for businesses and taxpayers, the use of e-invoices will help reduce printing, transportation, storage and preservation costs. Buyers can easily check and compare data, avoiding fake invoices. In addition, it also reduces administrative procedures, reduces direct contact between taxpayers with the seller and the tax office; reduces the time of delivery, receipt and preservation of invoices; and there is no worry about losing your bill.

As for management agencies, the application of e-invoices will help digital transformation, reform administrative procedures, facilitate verification of authentication, interconnection with population data, and business registration, investment licensing, land data, notarization, bank payment, strict tax management; prevent fake invoices, avoid profiteering in value-added tax invoices.

The e-invoice also helps build invoice data, and taxpayer data to apply AI to automated big data analysis. At the same time, e-invoices help improve modern business processes, manage resources, prevent tax evasion, verify taxpayers, prevent incorrect invoices; promote e-commerce and protect the environment in line with global trends.

According to the Minister, the first phase of implementation in six provinces and centrally-run cities has achieved impressive results in a short time and run smoothly. This is thanks to the close support and direction of the Prime Minister, close coordination with ministries, government agencies and local agencies, and the active efforts of the tax sector.

"Therefore, in phase 2 of implementation in 57 provinces and cities, the Ministry of Finance is looking forward to receiving the attention and direction of the Secretary, the Chairmen of the Provincial People's Committees, so that the second phase can complete more than three billion e-invoices. The Ministry of Finance is proposing senior leaders allow a lottery according to the invoice code, which is an initiative to change the customer’s habits of not taking invoices, which causes a loss of state budget revenue and does not create transparency in production and business of enterprises, abetting tax evasion," said Minister Ho Duc Phoc.

Striving to reach 100% of taxpayers using e-invoices before June 30

At the ceremony, the Minister said that by July 1, 2022, businesses, business households and individuals nationwide will implement e-invoices. Then, the Ministry of Finance will build artificial intelligence (AI) technology to analyze and manage risk and improve tax management efficiency.