The Tax Department, under the Ministry of Finance, has recently issued a document to regional tax offices introducing new regulations outlined in Circulars 31 and 32 by the Ministry of Finance.
Circular 32 introduces five additional criteria to identify high-risk taxpayers when registering for e-invoicing:
Firstly, taxpayers with owners or legal representatives, business household representatives, individual business owners, or private enterprise owners who have been concluded by authorized state management agencies to have engaged in invoice fraud or trading based on tax authority data will be considered high-risk.
Individual business owners or private enterprise owners concluded by authorized state agencies as engaging in invoice fraud will be considered high-risk for e-invoicing registration. Illustrative image.
Secondly, taxpayers with owners or legal representatives, business household representatives, individual business owners, or private enterprise owners who are on the list of suspicious transaction activities as stipulated by the Law on Anti-Money Laundering will be flagged.
Thirdly, taxpayers who register their head office address without a specific administrative location or in residential areas (excluding residential areas permitted for business purposes under the law), or have business locations outside the province/city where the enterprise’s head office/branch is located, will be considered high-risk.
The fourth criterion identifies taxpayers whose legal representatives or owners are simultaneously the legal representatives or owners of other taxpayers in the status of “Taxpayers ceasing operations but not completing tax code termination procedures” or “Taxpayers not operating at the registered address,” and those who violate tax, invoice, and voucher regulations as guided by the Minister of Finance.
Lastly, taxpayers exhibiting other risk factors determined by the tax authority and communicated to the taxpayer for explanation will be included in this category.
This month, the tax authority plans to visit business households to support the transition to e-invoicing from cash registers, ensuring the best conditions for implementation.
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The State Bank Inspectorate has concluded that Saigon Jewelry Company Limited (SJC) violated regulations related to invoices, accounting documents, and tax, with signs of criminal offenses. At SJC, the buying and selling prices of gold were solely decided and directed by the general director. The State Bank has handed over the company’s violation dossier to the police for further investigation and handling.
Crackdown on Large Businesses: The Missing Link of Efficient Cash Registers
Are you satisfied with the output, or do you want me to tweak it further?
The new regulation regarding electronic invoicing will significantly impact businesses. From now on, businesses with a revenue of 1 billion VND or more are required to issue e-invoices generated from a cash register system connected to the tax authority’s data. Failure to comply, including not registering or issuing invoices for sales, may result in a fine of up to 10 million VND. This emphasizes the importance of staying informed and adapting to the evolving landscape of regulations to avoid penalties and ensure smooth business operations.
How Much Tax Arrears Will Result in a Departure Postponement?
The proposed threshold debt amount that would trigger a travel ban for individuals and legal representatives of businesses has sparked a flurry of diverse opinions. This controversial topic has led to a heated debate, with strong arguments being presented from all sides. As the discussion unfolds, the implementation of this policy is temporarily put on hold, allowing room for further consideration and refinement.
The Long Wait for Income Tax Refunds: What’s the Hold Up?
The tax authority is yet to process numerous personal income tax returns submitted by taxpayers over the past few months. What does the General Department of Taxation have to say about this?
Add a Channel to Notify of Delayed Exit for Unpaid Taxes
The tax delinquent, regardless of the amount owed, will be temporarily barred from exiting the country, according to the leader of the General Department of Taxation. They have established multiple channels to forewarn these individuals, ensuring they are aware that they cannot leave the country until their tax obligations are fulfilled.
