Are gold trading enterprises required to issue e-invoices in Vietnam?

Are gold trading enterprises required to issue e-invoices in Vietnam?

Pursuant to Article 12 of Decree 24/2012/ND-CP regarding the responsibilities of enterprises and credit institutions engaged in trading and buying or selling gold bars as follows:

Responsibilities of Enterprises and Credit Institutions in Trading and Buying or Selling Gold Bars

Enterprises and credit institutions engaged in trading and buying or selling gold bars have the responsibility to:

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3. Comply with the legal provisions on accounting policies, prepare and use invoices and documents.

4. Publicly list buying and selling prices of gold bars at the transaction location.

5. Ensure safety in business activities through appropriate measures and equipment.

6. Adhere to the regulations of this Decree and other related legal provisions.

In addition, Clause 7, Article 6 of the Law on Tax Administration 2019 stipulates the prohibited acts in tax administration, including:

Acts Prohibited in Tax Administration

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7. Selling goods, providing services without issuing invoices as prescribed by law, using illegal invoices, and using invoices illegally.

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According to the provision in Article 91 of the Law on Tax Administration 2019 on the application of e-invoices when selling goods as follows:

Application of e-invoices When Selling Goods and Providing Services

1. Enterprises and economic organizations must use e-invoices with a tax authority code when selling goods or providing services, regardless of the value of each sale or provision of services, except for the cases specified in Clauses 2 and 4 of this Article.

2. Business enterprises in fields such as electricity, petroleum, postal and telecommunications, clean water, financial credit, insurance, healthcare, e-commerce, supermarket business, commerce, air transport, road, railway, marine, and waterway transport, and enterprises or economic organizations that have implemented or will implement e-transactions with tax authorities, built IT infrastructure, and have accounting software and e-invoice software that complies with laws and ensures the transmission of e-invoice data to buyers and the tax authority may use e-invoices without a tax authority code, regardless of the value of each sale or provision of services, except in cases of high tax risk as stipulated by the Minister of Finance and in cases of registering to use e-invoices with a tax authority code.

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From the above provisions, it can be seen that gold trading enterprises are required to issue e-invoices.

Are gold trading enterprises required to issue e-invoices in Vietnam? (Image from the Internet)

What is the format of e-invoices in Vietnam?

Pursuant to Article 1 of Decree 123/2020/ND-CP regarding the format of e-invoices as follows:

- The format of an e-invoice is a technical standard prescribing the data type and data length of information fields serving the transmission, storage, and display of e-invoices. The format of e-invoices uses XML syntax (XML stands for "eXtensible Markup Language" created for the purpose of sharing e-data between IT systems).

- The format of an e-invoice includes two components: a component containing the e-invoice business data and a component containing the digital signature data. For e-invoices with a tax authority code, there will be an additional component containing the data related to the tax authority code.

- The General Department of Taxation develops and publishes the component containing the e-invoice business data, the digital signature data, and provides a tool for displaying the contents of e-invoices according to this Decree.

- Organizations and enterprises selling goods or providing services when transferring e-invoice data to tax authorities via direct sending must meet the following requirements:

+ Connect with the General Department of Taxation through a dedicated leased line or MPLS VPN Layer 3 channel, including 1 primary channel and 1 backup channel. Each channel must have a minimum bandwidth of 5 Mbps.

+ Use Web Service or Message Queue (MQ) with encryption as the method of connection.

+ Use the SOAP protocol to package and transmit data.

- e-invoices must fully and accurately display the contents of the invoice to ensure no misunderstanding results, allowing the buyer to read it on e-means.

What are the principles for preparing, managing, and using e-invoices in Vietnam?

According to Article 90 of the Law on Tax Administration 2019, the principles for preparing, managing, and using e-invoices are as follows:

- When selling goods or providing services, the seller must prepare e-invoices to deliver to the buyer in the standard data format and must fill in all content as stipulated by the law on tax, the law on accounting, regardless of the value of each sale or provision of services.

- Should the seller use a cash register, they must register to use e-invoices generated from cash registers with a connection to transfer e-data to tax authorities.

- The registration, management, and use of e-invoices in transactions of selling goods or providing services must comply with the provisions of the law on e-transactions, the law on accounting, and the law on tax.

- The issuance of tax authority codes on e-invoices is based on information from enterprises, economic organizations, other organizations, business households, and individual businesses created on invoices. Enterprises, economic organizations, other organizations, business households, and individual businesses are responsible for the accuracy of the information on the invoice.