What is the bank opening schedule after the 2025 Tet holiday in Vietnam? Does the tax authority have the right to request banks to provide transaction information of taxpayers in Vietnam?

What is the bank opening schedule after the 2025 Tet holiday in Vietnam?

Based on Notice 6150/TB-BLDTBXH 2024 from the Ministry of Labor, Invalids and Social Affairs implementing the directives of the Prime Minister in Official Dispatch No. 8726/VPCP-KGVX 2024 from the Office of the Government of Vietnam, it is announced that the 2025 Tet holiday holiday schedule for officials and public employees will encompass a total of 9 days, from January 25, 2025 (26th of the lunar month) until February 2, 2025 (5th day of Lunar New Year).

For laborers at enterprises (including banks), the 2025 Tet holiday holiday can be chosen from one of the three options below:

- 1 day at the end of the Year of the Dragon and 4 days at the beginning of the Year of the Snake.

- 2 days at the end of the Year of the Dragon and 3 days at the beginning of the Year of the Snake.

- 3 days at the end of the Year of the Dragon and 2 days at the beginning of the Year of the Snake.

In practice, the 2025 Tet holiday holiday schedule for banks will depend on the internal regulations of each bank. However, it is customary that the banks' holiday schedule aligns with that of the officials and public employees, specifically from Saturday, January 25, 2025, until the end of Sunday, February 2, 2025, according to the Gregorian calendar.

Thus, following the above holiday schedule, banks will reopen after the 2025 Tet holiday on February 3, 2025 (6th day of Lunar New Year).

Below is the Bank Opening Schedule After the 2025 Tet holiday for some banks:

Note: The Bank Opening Schedule After Lunar New Year is for reference only! Citizens should contact the bank's branch in advance to confirm the exact timing.

What is the bank opening schedule after the 2025 Tet holiday in Vietnam? (Image from the Internet)

Does the tax authority have the right to request banks to provide transaction information of taxpayers in Vietnam?

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

Responsibility of organizations and individuals related to providing taxpayer information

...

2. The following agencies, organizations, and individuals are responsible for providing information upon request from tax authorities:

a) Commercial banks are required to provide content of transactions through accounts, account balances of taxpayers within 10 working days from the date of receiving the request from the tax authorities;

b) State management agencies for housing and land provide information on the current use of land and ownership of houses by organizations, households, business households, individuals, and business individuals;

c) The police department provides and exchanges information related to tax crime prevention, and provides information on entry and exit, and information on registration and management of means of transport;

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

e) State management agencies for commerce are responsible for providing information on the management policies of imported and exported goods transit of Vietnam and foreign countries; information on market management.

3. Related Ministries and sectors have the responsibility to provide taxpayer information to tax authorities through online network connections, daily electronic data exchange via the taxpayer information system, or through the national single-window portal.

4. Other agencies, organizations, individuals related to taxpayers are responsible for providing written or electronic data taxpayer information as requested by the tax authorities.

5. The Government of Vietnam stipulates in detail this Article.

Therefore, the tax authority has the right to request banks to provide transaction information of taxpayers.

Are bank loans subject to VAT in Vietnam?

According to the provisions of Clause 8, Article 4 of Circular 219/2013/TT-BTC (amended and supplemented by Clause 3, Article 1 of Circular 26/2015/TT-BTC) concerning objects not subject to VAT as follows:

Objects not subject to VAT

...

8. The following financial, banking, security trading services:

a) Credit granting services including the following forms:

- Loan;

- Discounting, rediscounting transferable instruments and other valuable papers;

- Bank guarantee;

- Financial leasing;

- Issuance of credit cards.

...

Thus, bank loan services are not subject to VAT.