The Tax sector: there are no cases related to bank information security

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Currently, 51 banks have signed agreements with the tax agencies on information sharing, of which 49 banks have implemented. Photo TL.

In this regard, the General Department of Taxation said that the draft Law on Tax Administration (revised) inherited the regulation that commercial banks are responsible for providing information on accounts and account transactions at the request of tax agencies.

The draft Law has completed this regulation in Clause 2 of Article 27, which stipulates that commercial banks are responsible for providing information on tax payer accounts opened at banks to tax agencies including, information on account opening, account number together with tax code of taxpayers.

According to Mr. Luu Duc Huy, Director of Policy Department, under the General Department of Taxation, according to the law, tax agencies ensure the information security of taxpayers (including information on bank accounts), which is in accordance with the regulations of Article 14 of the Law on Credit Institutions and the Law on internet information security.

"The regulation on providing information on the taxpayer's account number is to minimize procedures for taxpayers and to share information between the tax agencies and related parties automatically. Currently, 51 banks have signed agreements with the tax agencies on information sharing, of which 49 banks have implemented. At present, the tax agencies are managing a database of accounts of hundreds of thousands of enterprises, but there are no cases affecting the bank information security, " Mr. Huy confirmed.

In addition, the General Department of Taxation said that the policy refers to international experience such as from the Law on Tax Administration of the IMF (International Monetary Fund); Hungarian Law on Tax Administration and the OECD's report on improving access to bank information for tax purposes. Most countries require that banks and credit institutions are obliged to notify the tax agencies of taxpayers opening accounts and tax codes issued by tax authorities. Even some countries require an automatic report on accounts opening and closing, and account balance at the end of the year, as well as interest paid on the taxpayer's account.

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Thus, the contents stipulated in the draft Law on duties and responsibilities of commercial banks are in line with international practices, and at the same time ensure the information exchange with tax agencies in other countries," the representative of the General Department of Taxation noted.