Enterprises at High Tax Risk in Vietnam Must Use Invoices with Codes

Le Hai

00:03, 10/07/2024

Below is one of the prominent pieces of information mentioned in Official Dispatch 4178/TCT-CS of 2019 by the General Department of Taxation of Vietnam providing guidance on electronic invoices according to Circular 68/2019/TT-BTC.

The enterprises classified as high tax risk in Vietnam are those with equity capital below VND 15 billion and have one of the eight (08) indicators specified in Clause 3, Article 6 of Circular 68/2019/TT-BTC. These enterprises are required to use e-invoices with tax codes issued by the Tax Authorities for 12 months of continuous operation.

The directly managing Tax Authorities are responsible for notifying the enterprises and economic organizations to switch to using e-invoices with tax codes issued by the tax authorities.

**Lawyer Bui Tuong Vu, Chairman of the Board of Memebers of Lawnet emphasized: "Enterprises classified as high tax risk are those showing signs such as: no factories, warehouses; failing to submit tax declarations as required; involving suspicious banking transactions... These are the cases where enterprises must use invoices with tax codes issued by the tax authorities to be strictly controlled, ensuring the enterprise operates stably and effectively."

After the 12-month period, if the enterprises and economic organizations classified as high risk in Vietnam are reviewed and determined by the Tax Authorities to no longer be risky, and meet the conditions to use e-invoices without tax codes, they may apply for registration to use e-invoices without tax codes in accordance with regulations.

For further details, see Official Dispatch 4178/TCT-CS issued on October 15, 2019.

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