General Department of Taxation to direct on providing account transaction information for tax inspection in Vietnam

To direct on providing account transaction information for tax inspection in Vietnam

Regarding the provision of information on transactions via accounts, account balances, and transaction data, the General Department of Taxation recommends:

- Commercial banks and other credit institutions provide information on account transactions, account balances and transaction data at the request of the Director of the Tax Department to serve the following purposes within 10 working days from the date of receipt of a written request from the tax authority:

+ Inspect, examine, and determine payable tax obligations.

+ Take measures to coerce the implementation of administrative decisions on tax administration according to the provisions of tax law.

In case commercial banks and other credit institutions fail to provide data at the request of the Tax Administration, they will be administratively sanctioned according to the provisions of Article 19 of Decree 125/2020/ND-CP dated October 19, 2020.

- Departments of Taxation, upon request for information, shall send documents to the Head offices of commercial banks and other credit institutions for implementation. The requested content needs to be complete and detailed with identification information and content for commercial banks and other credit institutions to implement.

For complicated and important matters, it is possible to organize a meeting between the Tax Department and commercial banks and other credit institutions; or coordinate and work with the Tax Department to directly manage such commercial banks and other credit institutions in accordance with law.

Departments of Taxation that directly manage commercial banks and other credit institutions are responsible for coordinating with Departments of Taxation upon request.

- Departments of Taxation are responsible for keeping information confidential, using information for the right purposes, and taking full responsibility for the safety of information in accordance with the Law on Tax Administration and relevant laws.

More details can be found in Official Dispatch 2535/TCT-TTKT in 2023.

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