According to the latest regulations in Vietnam, is it mandatory to print out e-invoices?

According to the latest regulations in Vietnam, is it mandatory to print out e-invoices?

Pursuant to Clause 2 Article 6 of the Decree 123/2020/NĐ-CP stipulating storage and retention of invoices and records in Vietnam as follows:

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.

Pursuant to Article 7 of the Decree 123/2020/NĐ-CP stipulating conversion of e-invoices/electronic records into paper invoices/records in Vietnam as follows:

1. 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.

2. 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.

3. 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 herein.

As regulations above, it is not mandatory to print out e-invoices. However, e-invoices shall be printed out or search upon request of tax authorities, audit, inspection or investigation authorities, and in accordance with regulations of laws on inspection and investigation in Vietnam.

Is it compulsory to have the buyer’s signature on the e-invoices in Vietnam?

Pursuant to Clause 14 Article 10 of the Decree 123/2020/NĐ-CP stipulating exemptions in contents of invoices in Vietnam as follows:

14. Exceptions:

a) An electronic invoice does not necessarily have the buyer’s electronic signature, even if goods/services are sold overseas. In case the buyer is a business establishment and both the buyer and the seller agrees to use digital or electronic signatures on the e-invoice issued by the seller, the invoice shall bear the buyer’s and the seller’s digital or electronic signatures as agreed.

b) E-invoices separately issued by tax authorities do not necessarily bear the buyer’s and the seller’s digital signatures.

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As regulations above, an e-invoice does not necessarily have the buyer’s electronic signature. In case the buyer is a business establishment and both the buyer and the seller agrees to use digital or electronic signatures on the e-invoice issued by the seller, the invoice shall bear the buyer’s and the seller’s digital or electronic signatures as agreed.

What are the fines for transferring e-invoice data to tax authorities 30 days after expiry of the regulated time limit in Vietnam?

Pursuant to Article 30 of the Decree 125/2020/NĐ-CP stipulating penalties for violations against regulations on the transfer of e-invoice data in Vietnam as follows:

1. Fines ranging from VND 2,000,000 to VND 5,000,000 shall be imposed for the act of transferring e-invoice data to tax authorities from 01 to 05 working days after expiry of the regulated time limit.

2. Fines ranging from VND 5,000,000 to VND 8,000,000 shall be imposed for one of the following violations:

a) Transferring electronic invoice data to tax authorities from 06 to 10 working days after expiry of the regulated time limit;

b) Transferring general charts of electronic invoice data containing the inadequate number of invoices issued within invoicing periods.

3. Fines ranging from VND 10,000,000 to VND 20,000,000 shall be imposed for one of the following violations:

a) Transferring electronic invoice data to tax authorities at least 11 working days after expiry of the regulated time limit;

b) Failing to transfer electronic invoice data to tax authorities within the regulated time limit.

4. Remedies: Compelling the transfer of e-invoice data to tax authorities with respect to the acts specified in point b of clause 2, and point b of clause 3 of this Article.

Pursuant to Clause 4.a Article 7 of the Decree 125/2020/NĐ-CP stipulating principles of imposition of fines for tax or invoice-related administrative violations in Vietnam as follows:

a) The fine amounts specified in Article 10, 11, 12, 13, 14 and 15; clause 1 and 2 of Article 19; and Chapter III herein, shall be those applied to violating entities.

Taxpayers that are family households or sole proprietorship households shall be fined the same as violating persons.

As regulations above, the act of transferring electronic invoice data to tax authorities 30 days after expiry of the regulated time limit shall be fined from VND 10,000,000 to VND 20,000,000. In addition, all of those data are forced to transfer to the tax authorities.

Best regards!