Every citizen has now been assigned a personal identification number. As stated in Article 35 of the Law on Tax Administration, once personal identification numbers are issued to all citizens, they will replace tax codes.
According to Clause 2, Article 38 of Circular No. 86/2024/TT-BTC, the tax codes issued by the tax authority to individuals, households, and business households will be valid until June 30, 2025.
From July 1, 2025, taxpayers, tax authorities, agencies, organizations, and individuals related to the use of tax codes as prescribed in Article 35 of the Law on Tax Administration shall use personal identification numbers instead of tax codes.
Regarding the use of personal identification numbers in place of tax codes, Clause 1, Point b, and Clause 5, Article 5 of Circular No. 86/2024/TT-BTC provide additional guidance:
– The tax code for households, business households, and individuals is the tax code issued by the tax authority and the personal identification number issued by the Ministry of Public Security in accordance with the law on personal identification.
– The personal identification number of Vietnamese citizens, which is a sequence of 12 natural numbers, shall be used instead of the tax code for taxpayers and their dependents.
– The personal identification number of the representative of a household, business household, or individual business shall also be used instead of the tax code for that household, business household, or individual business.
Electronic Invoicing: 5 High-Risk Tax Scenarios to Look Out For
The new regulations by the Ministry of Finance outline five additional criteria for identifying high-risk taxpayers in relation to electronic invoicing. These criteria are designed to target those who do not operate at their registered address, have a history of fraud, or are involved in the buying and selling of invoices based on tax authority data.
The Power of Personal Identification Numbers: Unlocking a Secure and Efficient Future
As of July 1st, the Personal Identification Number will replace the Tax Code. Should there be any discrepancies in tax registration information, or if an individual has two tax codes, it is imperative to contact the managing tax authority or the Local Tax Department of residence immediately.
“Unraveling the Complex World of Property Taxes”
“To ensure fairness and practicality in practice, experts advocate for the parallel maintenance of two tax calculation methods. This dual approach is believed to be the most equitable and feasible solution, catering to a diverse range of scenarios and taxpayers.”
Crackdown on Large Businesses: The Missing Link of Efficient Cash Registers
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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.
“Proposal for Delivery Companies to Share Customer Data with Tax Authorities”
The Vietnamese e-commerce market has been experiencing significant growth year on year. By 2024, this market is estimated to reach a whopping $25 billion. However, there is a significant gap in tax revenue, with only 17.4% of the total tax due being collected.
