Electronic invoicing system rolled out

On Nov.21, the Ministry of Finance held a virtual conference on annoucing the implementation of electronic invoicing system. Quang Ninh province was among the first six localities to pilot this project.

Prominent among those at the conference were Deputy Prime Minister Le Minh Khai, Minister of Finance Ho Duc Phoc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Pham Tan Cong. Attending at the Quang Ninh conference bridge were Chairman of the Provincial People's Committee Nguyen Tuong Van, and representatives of the tax sector.

Introduced in 2010, e-invoices have been well-received by the business community as they helped save time and expenses. They have also allowed the department to modernise its management system and to become more time-efficient. 

The Ministry of Finance issued a Circular guiding the implementation of e-invoices and decisions on implementing the e-invoice system in two phases.

The first phase started in November, 2021 in 6 localities including Hanoi, HCM City, Binh Dinh, Quang Ninh, Hai Phong and Phu Tho, and the second phase is scheduled to begin in April, 2022 in other 57 localities. It is expected that 100% of enterprises nationwide will have used e-invoices by June 30th, 2022.

Addressing the conference, Deputy Prime Minister Le Minh Khai applauded the finance and tax sectors for their efforts in all aspects of functioning, significantly contributing to the socio-economic development of the country in recent years.

The central government has urged all local government offices to make it a top priority to implement the system by working closely with the finance ministry and the department to ensure a smooth transition to the e-invoices. 

General Director of Taxation, Cao Anh Tuan, said this was a big step in building the country's digital tax database and improving accuracy, security and conformity in tax management nationwide. He pledged to make continued efforts and mobilize human resources of the entire tax sector to successfully carry out this important taks.

During the first day of activating the e-invoice system, the Quang Ninh provincial Tax Department reached a target that at least 5% of enterprises in the province registered to use e-invoices. On November 21, about 600 businesses registered to use new e-invoices as well.