Tax Department in Vietnam asks banks to provide transaction information

The purpose of this request is to facilitate tax inspection and examination activities, determine tax liabilities, and enforce administrative decisions regarding tax management.

According to tax legislation, the deadline for submitting the requested information is 10 working days from the date of receiving the written request from the tax authority.

In case commercial banks and other credit institutions fail to provide the required data as requested by the tax management authority, they will be subject to administrative penalties as stipulated by the government.

Furthermore, the guideline instructs tax departments to send documents to the main headquarters of commercial banks and other credit institutions. The request should include complete and detailed information regarding identification and content for the banks and credit institutions.

For complex or significant matters, it is possible to organise meetings between the tax departments and commercial banks, as well as other credit institutions, or coordinate and work directly with the tax departments, as prescribed by the law.

The tax departments directly managing commercial banks and other credit institutions are responsible for coordinating when requested.

They need to ensure the confidentiality of information, use it for its intended purpose, and take full responsibility for its security, as stipulated by the Tax Management Law and related legislation.

In addition, commercial banks, other credit institutions, and intermediary payment service providers need to declare, deduct, substitute, and monitor the amount transferred to foreign suppliers in accordance with the regulations from the Ministry of Finance.

Failure by commercial banks, other credit institutions, or intermediary payment service providers to comply will be dealt with according to the provisions of the Tax Management Law.

Based on this, the Large Enterprise Tax Department is responsible for notifying the name and website address of foreign suppliers who have not registered, declared, or paid taxes to the main headquarters of commercial banks, other credit institutions, and intermediary payment service providers.

During the implementation process, commercial banks, other credit institutions, and intermediary payment service providers may encounter difficulties in deducting and substituting tax obligations for foreign suppliers in Vietnam. In such cases, they should report to the Large Enterprise Tax Department for consideration and resolution.

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