Conversion of e-invoices/electronic records into paper invoices/records in Vietnam 2024

Conversion of e-invoices/electronic records into paper invoices/records in Vietnam 2024 (Image from the Internet)

1. What is an electronic record?

According to Clauses 4 and 5, Article 3 of Decree 123/2020/ND-CP, electronic records and documents are defined as follows:

- A document is a material used to record information about tax deductions, tax revenues, fees, and charges belonging to the state budget as regulated by the tax management law. Documents as defined in Decree 123/2020/ND-CP include personal income tax deduction documents, tax receipts, fees, and charges expressed in electronic form or printed by order, self-printed.

- electronic records include types of documents, receipts as per Clause 4, Article 3 of Decree 123/2020/ND-CP, which are presented in electronic data form provided by organizations or individuals responsible for tax deductions to taxpayers or by organizations collecting taxes, fees, and charges to taxpayers via electronic means per the legal provisions on fees, charges, and tax law.

2. Newest regulations on the electronic record format in Vietnam

According to Article 33 of Decree 123/2020/ND-CP, the format of electronic records is regulated as follows:

* Format of electronic receipts:

Types of receipts specified at Point b, Clause 1, Article 30 of Decree 123/2020/ND-CP must be in the following format:

- The format of electronic receipts must use XML (XML stands for "eXtensible Markup Language") language designed to share electronic data between IT systems;

- The format of electronic receipts includes two components: the component containing business data of the electronic receipt and the component containing digital signature data;

- The General Department of Taxation develops and publishes the components containing business data of electronic receipts, digital signature data, and provides tools to display the contents of electronic receipts as regulated in Decree 123/2020/ND-CP.

* Format of personal income tax deduction electronic records:

Organizations deducting personal income tax when using documents as regulated at Point a, Clause 1, Article 30 of Decree 123/2020/ND-CP electronically must develop their software systems to use electronic records ensuring mandatory contents as regulated in Clause 1, Article 32 of Decree 123/2020/ND-CP.

* electronic records and electronic receipts must be fully and accurately displayed, ensuring no misunderstanding, so users can read them electronically.

3. Conversion of e-invoices/electronic records into paper invoices/records 2024

- Legal electronic invoices and electronic records can be converted into paper invoices and paper documents when there are economic, financial business requirements or at the request of the tax management agency, auditing agency, inspection, investigation, and according to regulations on inspection, investigation laws.

- The Conversion of e-invoices/electronic records into paper invoices/records must ensure consistency between the content of electronic invoices, electronic records, and paper invoices, paper documents after the conversion.

- When electronic invoices and electronic records are converted into paper invoices and paper documents, the paper invoices and paper documents are valid for record-keeping, monitoring per the accounting law, electronic transaction law, and are not valid for transactions, payments, except for invoices created from cash registers connected to transfer electronic data to tax authorities as specified in Decree 123/2020/ND-CP.

(According to Article 7 of Decree 123/2020/ND-CP)

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