Taxation authorities propose delaying e-invoices till July 2019
Nguyen Dai Tri, GDT Deputy General Director, announced this at a press conference on e-tax services, held in Hanoi late last week.
Specifically, except firms that are already using e-bills and are small or micro-scale, GDT proposes that all other companies will have to use e-invoices from July 1, 2019, instead of January 1, 2018, as stated under the Ministry of Finance’s draft.
Previously, the Ministry of Finance announced that it was drafting regulations on e-invoices and would ask the Government to set a deadline of January 1, 2018, for businesses to switch over from paper, which is the current method.
While admitting huge benefits of e-invoices, many enterprises said they were finding it difficult to meet the proposed deadline.
The Government is seeking to promote e-invoices because GDT’s statistics showed that while paper invoices cost a total of VND4 trillion (US$177.8 million) per year, universal e-invoice use would cost only VND1 trillion. E-invoices also make it more difficult for businesses to evade taxes while ensuring they receive the tax refunds to which they are entitled.
“The application of e-invoices could create transparency for all transactions. When the use of e-invoice becomes popular, transactions of even less than VND200,000 will result in a tax refund. This could bring huge profits to companies,” Dau Anh Tuan, Director of the Vietnam Chamber of Commerce and Industry’s Legal Department, said.
The number of businesses using e-invoices has increased steadily. By the end of June, there were some 2,700 firms using roughly 400 million e-invoices, up from 800 firms at the end of last year. Nearly 2,400 businesses used e-invoices verified by tax agencies during the pilot implementation in 2014.
However, Tuan expressed doubt about the implementation timeline proposed, as the department has received many complaints from firms about the short duration in which they are required to replace paper bills.
Related News
Urging issuance of e-invoices in petroleum retail
15:16 | 18/03/2024 Finance
General Department of Taxation holds an online conference to support tax finalization in 2023
10:22 | 14/03/2024 Finance
3 recommendations of seafood businesses were promptly answered by the Ministry of Finance
09:46 | 29/02/2024 Import-Export
Bulgaria Announces Merger of Customs and Revenue Agencies
17:43 | 21/02/2024 World Customs
Latest News
Old loans must endure higher interest rates temporarily: central bank
15:44 | 19/04/2024 Finance
State-owned enterprises flourished
14:15 | 19/04/2024 Finance
Forum discusses support for women-owned firms to join supply chains
17:41 | 18/04/2024 Finance
Ensure savings and prevent losses in disbursement of public investment
10:24 | 18/04/2024 Finance
More News
Implementing unprecedented fiscal policies to actively support people and businesses
16:25 | 17/04/2024 Finance
Foreign investors net sell in Vietnamese market, banking sector attracts interest
16:13 | 17/04/2024 Finance
Banks record positive business indicators in Q1 2024
14:20 | 16/04/2024 Finance
The finance sector focuses on perfecting institutions, ensuring financial discipline, and budgetary rigor
10:00 | 16/04/2024 Finance
IASB recommends Vietnam prepare infrastructure to apply IFRS
09:57 | 16/04/2024 Finance
Strong decentralization for ministries, branches and localities to manage and use electricity projects
10:50 | 15/04/2024 Finance
The Tax sector’s revenue collection reached 33% of current appropriation
10:50 | 15/04/2024 Finance
Savings interest rates begin rising amid slowing bank deposits
17:58 | 14/04/2024 Finance
Ministry of Finance conducts general verification of public assets
17:07 | 14/04/2024 Finance
Your care
Old loans must endure higher interest rates temporarily: central bank
15:44 | 19/04/2024 Finance
State-owned enterprises flourished
14:15 | 19/04/2024 Finance
Forum discusses support for women-owned firms to join supply chains
17:41 | 18/04/2024 Finance
Ensure savings and prevent losses in disbursement of public investment
10:24 | 18/04/2024 Finance
Implementing unprecedented fiscal policies to actively support people and businesses
16:25 | 17/04/2024 Finance