When is the invoicing time for retailing of oil and gas in Vietnam?

When is the invoicing time for retailing of oil and gas in Vietnam?

Based on point i, clause 4, Article 9 of Decree 123/2020/ND-CP stipulates:

The invoicing time

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4. The invoicing time for certain specific cases is as follows:

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h) For the sale of electricity by power generation companies on the electricity market, the timing of e-invoice issuance is determined based on the time of account reconciliation of payment data between the system operation unit and the electricity market, the power generation unit, and the electricity purchasing unit according to regulations of the Ministry of Industry and Trade or the power purchase agreement guided and approved by the Ministry of Industry and Trade but no later than the last day of the tax declaration and payment period for the month incurring tax obligations in accordance with tax laws. For activities of electricity sale by power generation companies with guarantees from the Government of Vietnam concerning payment timing, the e-invoice issuance timing is based on the guarantee of the Government of Vietnam, guidance, and approval of the Ministry of Industry and Trade, and the power purchase contracts signed between the electricity buyer and seller.

i) The timing of issuing e-invoices for retailing of oil and gas at retail stores to customers is the completion time of each fuel sale. The seller must ensure full storage of e-invoices for cases of retailing of oil and gas to non-business individuals, business individuals, and ensure retrievability when requested by competent authorities.

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The invoicing time for retailing of oil and gas for customers is the completion time of each sale.

Sellers are required to ensure complete storage of e-invoices for sales to non-business individuals, business individuals, and ensure retrievability when requested by competent authorities.

When is the invoicing time for retailing of oil and gas in Vietnam? (Image from the Internet)

Principles for issuing, managing, using e-invoices in Vietnam

The principles for issuing, managing, and using e-invoices are stipulated in Article 90 of the Law on Tax Administration 2019 as follows:

- When selling goods or providing services, the seller must issue e-invoices to the buyer in standard data format and must include all required information as prescribed by tax laws and accounting laws, regardless of the value of each sale or service provision.

- In cases where the seller uses a cash register, the seller registers to use e-invoices created from the cash register that connects to send e-data to the tax authority.

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

- The tax authority's code on e-invoices is based on information from enterprises, economic organizations, other organizations, business households, and business individuals recorded on the invoice. Enterprises, economic organizations, other organizations, business households, and business individuals are responsible for the accuracy of the information on the invoice.

Regulations on applying e-invoices for retailing of oil and gas in Vietnam

Pursuant to Article 91 of the Law on Tax Administration 2019 as follows:

Application of e-Invoices When Selling Goods, Providing Services

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

2. Enterprises operating in sectors such as electricity, fuel, telecommunications, clean water, financial credit, insurance, health, e-commerce, supermarket trade, commerce, air transport, road, rail, sea, and waterway transport, and enterprises, economic organizations that have transacted or will transact with tax authorities by e-means, have IT infrastructure, accounting software, e-invoice software capable of creating, retrieving e-invoices, storing e-invoice data as required and ensure the transmission of e-invoice data to buyers and tax authorities, may use e-invoices without the tax authority's code when selling goods or providing services regardless of the value of each sale or service provision, except for high tax risk cases as prescribed by the Minister of Finance and cases registered for use of e-invoices with the tax authority's code.

3. Business households and individuals specified in clause 5 Article 51 of this Law and cases where revenue can be determined when selling goods, services use e-invoices with the tax authority's code when selling goods or providing services.

4. Business households and individuals that do not meet the conditions for using e-invoices with the tax authority's code as specified in clause 1 and clause 3 of this Article but need invoices for customers or enterprises, economic organizations, and other organizations approved by the tax authority to grant e-invoices for customers will be issued e-invoices with a code by the tax authority upon each occurrence and must declare tax and pay taxes before the tax authority issues e-invoices for each occurrence.

Enterprises in the fuel trading business that have transacted or will transact with tax authorities by e-means, have developed IT infrastructure, accounting software, and e-invoice software capable of creating, retrieving e-invoices, storing e-invoice data as per regulations, and ensure the transmission of e-invoice data to buyers and tax authorities may use e-invoices without the tax authority's code when selling goods or providing services regardless of the value of each sale or service provision, except for high tax risk cases as prescribed by the Minister of Finance and cases registered for use of e-invoices with the tax authority's code.