Vietnam: Organizations and entities may not transfer, sell, borrow or lend stamps

Specifically, according to Clause 2 Article 6 of Circular No. 15/2020/TT-BTC of the Ministry of Finance of Vietnam, organizations and entities may not transfer, sell (excluding tax authorities), borrow or lend stamps, concurrently, they must comply with the following regulations:

- Stamps for domestic alcohol shall only be sold to holders of effective alcohol production licenses.

- The General Department of Taxation shall provide domestic alcohol stamps for Departments of Taxation. Departments of Taxation shall sell these stamps to holders of alcohol production license (including license to produce commercial alcohol manually and license for mass production of alcohol), who shall affix these stamps by themselves as regulated.

- Tax authorities shall keep written records of opening stock, amounts of stamps received, sold, lost or damaged within the accounting period and closing stock, and submit quarterly and annual reports on settlement of stamp payments to supervisory tax authorities.

Besides, notification of stamp issuance must comply with the following regulations:

- The General Department of Taxation shall notify issuance of domestic alcohol stamps to Departments of Taxation before the stamps are on sale. If there is any change to the size, contents or design of a current stamp specimen, the General Department of Taxation must issue a new notification of stamp issuance.

- The notification must include the design, contents, size and characteristics of each stamp specimen.

- Every notification of issuance of domestic alcohol stamps must be posted on the website of the General Department of Taxation for 15 working days starting from the date on which the notification comes into force.

View details at Circular No. 15/2020/TT-BTC of the Ministry of Finance of Vietnam, effective from May 07, 2020.

Le Hai

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