Proposal for Business Households to Declare All Accounts Used for Production and Business Activities
One notable new point is the requirement for business households to declare all bank accounts related to their production and business activities.
Under the current regulations of the 2019 Tax Administration Law, business households are only required to notify the bank account used for electronic tax payments. However, the new draft regulation in Article 9 mandates that business households and individual business owners must report all accounts used for business activities to the tax authorities, not just the tax payment account.
The Ministry of Finance believes this regulation will enhance control over cash flow and revenue of business households, thereby reducing tax losses. In addition to account declaration requirements, Article 9 of the draft Decree also outlines other rights and responsibilities of business households and individual business owners.
Specifically, taxpayers have the right to request guidance and clarification from tax authorities regarding tax declaration, calculation, and payment.
Business households and individual business owners must accurately declare all generated revenue to determine their tax obligations as prescribed. They are also responsible for maintaining proper accounting records and invoices, as well as providing books, invoices, sales management software, and other relevant documents upon request by tax authorities for inspection.
For e-commerce activities, resident households and individuals must declare and pay various taxes such as special consumption tax, environmental protection tax, resource tax, environmental protection fees, and other revenues managed by tax authorities.
Furthermore, business entities operating on digital platforms must provide complete and accurate identification information, including tax codes or personal identification numbers for Vietnamese citizens, and passport numbers or foreign-issued identification information for foreign individuals. They must also supply documents for determining tax obligations and other mandatory information to e-commerce platform operators as required by law.
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