Vietnam: Information exchange in terms of collection and payment of State budget

According to Circular No. 84/2016/TT-BTC of the Ministry of Finance of Vietnam, tax authorities, State Treasury agencies, coordinating banks, collecting banks shall use the electronic transactions method in exchange of the shared lists, taxpayer’s data, tax’s data, sums of paid taxes. In the event of technical incidents leading impracticable to apply the electronic transaction method, the parties may temporarily exchange information about collection and payment by other methods to ensure that information and data are provided promptly for the management of collection and payment.

According to regulations, information about collection and payment in the form of electronic messages between the relevant parties must satisfy the following requirements:

- Meeting all criteria in accordance with this Circular and current law provisions.

- Bearing a digital signature and applying a security plan.

Besides, Circular No. 84/2016/TT-BTC also stipulates that a digital signature on an electronic message must be:

- Issued by a provider of authentication of digital signatures or a regulatory agency, certified by a regulatory agency; and valid in the period over which the parties exchange electronic information.

- Communicated in writing to relevant parties (tax authorities, State Treasury agencies, banks) for acceptance in electronic transactions in connection with collection and payment.

Notably, if there is any change to the digital signature, its holder must notify the relevant parties in writing of such change at least 15 days before the effective date of the new digital signature.

More details can be found in Circular No. 84/2016/TT-BTC of the Ministry of Finance of Vietnam, which takes effect from August 01, 2016.

-Thao Uyen-

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