What are the storage and retention of e-invoices, electronic records and tax authority-ordered printed invoices in Vietnam?

What are the storage and retention of e-invoices, electronic records and tax authority-ordered printed invoices in Vietnam? - An (Hue, Vietnam)

What are the storage and retention of e-invoices, electronic records and tax authority-ordered printed invoices in Vietnam?

Pursuant to Article 6 of Decree 123/2020/ND-CP on storage and retention of invoices and records, the provisions are as follows:

Storage and retention of invoices and records
1. Invoices/records must be stored and retained to ensure:
a) Safety, security, integrity, completeness, avoidance of any change or deviation during the retention period;
b) They are stored and retained for a period prescribed in the Law on accounting.
2. E-invoices/electronic records shall be stored and retained by electronic instruments. Authorities, organizations and individuals are entitled to select and apply methods for storage and retention of e-invoices/electronic records in conformity with their specific operations and capacity to apply information technology. They must be printed out or search upon request.
3. Storage and retention of tax authority-ordered printed invoices, externally- or internally-printed records must meet the following requirements:
a) Invoices/records which are not yet issued must be stored and retained in accordance with regulations on storage and retention of valuable papers.
b) Invoices/records issued by accounting units shall be retained in accordance with regulations on storage and retention of accounting vouchers.
c) Invoices/records issued by organizations, households or individuals other than accounting units shall be stored and retained in the same manner as their assets.

Accordingly, first of all, invoices/records must be stored and retained to ensure:

- Safety, security, integrity, completeness, avoidance of any change or deviation during the retention period;

- They are stored and retained for a period prescribed in the Law on accounting.

In particular, e-invoices/electronic records shall be stored and retained by electronic instruments. Authorities, organizations and individuals are entitled to select and apply methods for storage and retention of e-invoices/electronic records in conformity with their specific operations and capacity to apply information technology. They must be printed out or search upon request.

Storage and retention of tax authority-ordered printed invoices, externally- or internally-printed records must meet the following requirements:

- Invoices/records which are not yet issued must be stored and retained in accordance with regulations on storage and retention of valuable papers.

- Invoices/records issued by accounting units shall be retained in accordance with regulations on storage and retention of accounting vouchers.

- Invoices/records issued by organizations, households or individuals other than accounting units shall be stored and retained in the same manner as their assets.

What are the storage and retention of e-invoices, electronic records and tax authority-ordered printed invoices in Vietnam?

Vietnam: How many types of invoices are there currently according to the law?

Pursuant to Article 8 of Decree 123/2020/ND-CP stipulates the following types of invoices:

Invoices prescribed herein are classified into the following types:

- Value-added tax (VAT) invoice is an invoice which may be used by organizations making VAT declaration by employing the credit-invoice method for the following activities:

+ Domestic sale of goods or provision of services;

+ Provision of international transport services;

+ Export of goods to free trade zones and other cases considered as export of goods;

+ Export of goods or provision of services in a foreign market.

- Sales invoice is an invoice which may be used by the following organizations and individuals:

+ Organizations or individuals that declare and calculate VAT by employing direct method for the following activities:

++ Domestic sale of goods or provision of services;

++ Provision of international transport services;

++ Export of goods to free trade zones and other cases considered as export of goods;

++ Export of goods or provision of services in a foreign market.

+ Organizations or individuals in free trade zones that sell goods or provide services to the domestic market, sell goods or provide services to other organizations/individuals in free trade zones, or sell goods or provide services to a foreign market. In such cases, invoices must bear the phrase “Dành cho tổ chức, cá nhân trong khu phi thuế quan” ("For organizations/individuals in free trade zones”).

- Public property electronic sales invoice is used when selling the following types of property:

+ Public property at authorities, organizations or units (including state owned houses);

+ Infrastructure property;

+ Public property that is managed by enterprises as assigned by the Government, excluding state capital invested in enterprises;

+ Property of state-funded projects;

+ Property under the established all-people ownership;

+ Public property appropriated under decisions issued by competent regulatory authorities or officials;

+ Raw materials and supplies obtained from the disposal of public property.

- Electronic sales invoice on national reserve goods is used when a state reserves agency or unit sells national reserve goods in accordance with regulations and laws.

- Other invoices

What are the regulations on conversion of e-invoices/electronic records into paper invoices/records in Vietnam?

Pursuant to Article 7 of Decree 123/2020/ND-CP regulating the conversion of e-invoices/electronic records into paper invoices/records as follows:

- Legal e-invoices/electronic records may be converted into paper invoices/records to meet the requirements of economic/financial transactions or at the request of tax authorities, audit, inspection or investigation authorities, and in accordance with regulations of laws on inspection and investigation.

- Contents of a paper invoice or record which is converted from an e-invoice or electronic record must correspond to those of the original e-invoice or electronic record.

- In case where an e-invoice or electronic record is converted into a paper invoice or record, this paper invoice or record shall be retained for bookkeeping and monitoring purposes only in accordance with regulations of the Laws on accounting and electronic transactions, and shall not be valid for use in transactions or payments, except for cases where invoices are generated from POS cash registers that are digitally connected to tax authorities in accordance with the provisions of Decree 123/2020/ND-CP.

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