What are 02 methods to withdraw cash from a business account in Vietnam? What is the current cash withdrawal fee at the State Bank of Vietnam?

What are 02 methods to withdraw cash from a business account in Vietnam?

Withdrawing cash from a business account is a crucial activity that requires compliance with legal regulations and banking procedures. Currently, there are two main methods for a business to withdraw cash from a business account: using a check or withdrawal slip.

(1) Cash Withdrawal by Check

A check is a common payment instrument in commercial transactions, which helps businesses manage cash withdrawals safely and effectively. To withdraw cash by check, the business needs to follow these steps:

Step 1: Contact the bank for guidance on the check cash withdrawal procedures.

Step 2: Fill out the forms provided by the bank completely, including the amount to be withdrawn, the name, and the bank account number, along with other relevant information (if any).

Step 3: Complete the document as required by the bank. The check beneficiary goes to the transaction counter to withdraw cash and complete the transaction.

Note: The cash withdrawal check must have the full signature of the business's legal representative or authorized person, the organization's seal, and beneficiary information.

(2) Cash Withdrawal by Withdrawal Slip

This method requires the business to follow these steps:

Step 1: Notify the bank in advance of the amount to be withdrawn (especially for large sums) so the bank can prepare.

Step 2: The business's authorized person goes to the nearest bank branch to carry out the withdrawal procedures.

Step 3: Notify the teller of the cash withdrawal request, fill in the withdrawal slip completely according to instructions, including the amount to be withdrawn and personal information of the authorized person.

Step 4: Present identity documents, the company's verification documents, and power of attorney to confirm information.

Step 5: The teller will check and confirm the validity of the request before proceeding with the cash withdrawal transaction.

Note: Each bank may have different forms and procedural requirements when withdrawing cash using a withdrawal slip. Therefore, businesses should contact the bank directly for detailed guidance on the process and specific requirements.

Choosing the appropriate cash withdrawal method will help businesses manage finances effectively and comply with current regulations.

What are 02 methods to withdraw cash from a business account in Vietnam? (Image from the Internet)

What is the current cash withdrawal fee at the State Bank of Vietnam?

According to Article 3 of Circular 35/2014/TT-NHNN (amended by Clause 1, Article 1 of Circular 27/2019/TT-NHNN), the cash withdrawal fee at the State Bank of Vietnam is stipulated as follows:

- Credit institutions, foreign bank branches are exempt from cash withdrawal fees in the month when the value of cash withdrawn through the payment account is equal to or less than the value of non-circulable cash deposited back to the State Bank of Vietnam at the same place of account opening.

- Credit institutions, foreign bank branches are subject to a 0.005% fee on the positive difference in the month between the value of cash withdrawn through the payment account minus the value of non-circulable cash deposited back to the State Bank of Vietnam at the same place of account opening.

Is the bank responsible for providing the taxpayer information to the tax authority in Vietnam?

Based on Clause 2, Article 98 of the Law on Tax Administration 2019, agencies, organizations, and individuals listed below are responsible for providing information to tax authorities upon request:

Responsibility of organizations and individuals related to providing taxpayer information

...

2. The following agencies, organizations, and individuals have the responsibility to provide information upon the request of the tax administration authority:

a) Commercial banks provide transaction details via accounts, account balances of taxpayers within 10 business days from the date of receiving the request from the tax administration authority;

b) State agencies managing land and houses provide information on land use status, house ownership of organizations, families, business households, and individuals;

c) Police agencies provide and exchange information related to taxation crime prevention and control; provide information on entry and exit, and information on the registration and management of vehicles;

d) Organizations and individuals paying income are responsible for providing information on income payment and deducted tax amounts of taxpayers as requested by the tax administration authority;

e) State agencies managing commerce are responsible for providing information on the management policies of import, export, and transit goods of Vietnam and foreign countries; information about market management.

3. Relevant ministries and sectors are responsible for providing taxpayer information to the tax administration authority through online network connections, daily electronic data exchanges via the taxpayer information system, or through the national one-door information portal.

4. Other agencies, organizations, and individuals related to taxpayers are responsible for providing written or electronic data of taxpayer information upon the request of the tax administration authority.

5. the Government of Vietnam details this Article.

Therefore, the bank is responsible for providing the taxpayer's information to the tax authority within 10 business days from the date of receiving the tax authority's request.