HCMC – Vietnam is looking to launch a nationwide electronic invoicing (e-invoicing) system before July 1, 2022, the Ministry of Finance announced at a conference on application of e-invoicing in six cities and provinces on November 21.
At the conference, the ministry’s General Department of Taxation introduced the e-invoicing system, which will be implemented in two phases.
In the first phase, HCMC, Hanoi, Haiphong, Quang Ninh, Binh Dinh and Phu Tho are the first six localities to allow businesses to move from paper to e-invoices. According to the department, businesses in these localities account for 60% of the total operating enterprises and 70% of invoices nationwide.
The Ministry of Finance expects that at least 70% of businesses in the six localities will switch to e-invoicing by December 31, 2021.
As for business households and individuals, the ministry expects that at least 70% of them will shift from paper to e-invoices by March 31, 2022.
In the second phase, e-invoicing will be applied nationwide. The Ministry of Finance targets that 100% of businesses, organizations and individuals nationwide will use e-invoices by June 30, 2022.
Addressing the conference, Minister of Finance Ho Duc Phoc said e-invoicing would help speed up invoice processing and payment time.
They are also expected to enable the General Department of Taxation to modernize its management system and become more time-efficient.
The e-invoicing system can handle a large number of transactions in just a short time. According to the General Department of Taxation, the system can process 6.4 billion e-invoices a year.
“The deployment of the e-invoicing system plays an important role in building big data, contributing to developing the e-Government and reforming State management,” Phoc said.
By the end of October this year, some 849,000 businesses signed up for electronic tax filings. The General Department of Taxation has processed more than 16 million files in 2021 alone.
Over 837,300 businesses, representing 99% of all operational businesses across the country, have used the department’s electronic system to file for taxes.
The Government’s electronic tax return scheme, since its implementation in 2017, has made payments to over 8,000 entities among 8,200 eligible firms.
