VCN – In the draft Decree No. 38/2019/QH14 stipulating several articles of the Law on Tax Management, the information publicity and provision of taxpayers and duty, jurisdiction of commercial banks are regulated specifically.
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| Commercial banks are responsible for providing information on bank accounts of taxpayers to the General Department of Taxation via online methods |
According to the Ministry of Finance, to provide and publicise information of taxpayers in accordance with regulation of Law on Tax Management, the draft decree stipulated a chapter (Chapter VI) on the responsibility on information provision, publicise information of taxpayer, jurisdiction of commercial banks, of that, draft decree stipulated that commercial banks are responsible for providing information on bank accounts of taxpayers to the General Department of Taxation via online methods (including the account holder’s name, account number, tax code, bank where the taxpayer opens account, type of account, account opening date and account closing date).
The first provision on January 1, 2021 for taxpayers’ bank accounts is in effect until December 31, 2020, monthly provided (no later than the 10th of every month) for new registered accounts, change information or close accounts.
Besides that, commercial banks must provide information related to deductions and tax payment substitutes for overseas suppliers in accordance with tax regulations for each product or service that purchased in Vietnam must be paid to foreign suppliers based on each transaction Vietnamese buyers pay to foreign suppliers related to e-commerce and digital platform-based business as guided by the Ministry of Finance.
The draft decree also stipulated commercial banks must deduct money for tax payment from taxpayers’ accounts, blocked accounts of taxpayers subject to coercive measure and responsibility in the performance of guarantee for taxpayers’ tax money. At the same time, implementing tax payment substitutes for taxpayers for imported goods eligible for tax exemption to be used as collateral to borrow money from banks when commercial banks auction these assets and apply tax policies for imported goods when the commercial bank declares and pays taxes to customs authorities.
Source: customsnews