The Ministry of Finance in Vietnam recently presented a draft decree to the Prime Minister for ratification, indicating that the go-live date for mandatory e-invoicing in the country will be delayed from 1 November 2020 to 1 July 2022. This proposed delay is in response to difficulties encountered by local companies to implement a compliant e-invoice solution to meet the shorter deadline.
The new timeline proposed in the draft decree is in line with the original date of implementation of the rules concerning the e-invoicing system envisaged in the Law on Tax Administration (Law No. 38/2019 / QH14). Interestingly enough, a later decree also issued in 2019 introduced a shorter timeline until go-live (namely November 2020), and the inconsistencies between the two frameworks made the private sector call for further clarifications on when this new obligation would indeed enter into force. The draft decree now awaiting ratification confirms the original plan of the go-live: July 2022.
Despite the formal extension of the deadline to adopt e-invoicing in Vietnam, agencies, organizations, and individuals are still encouraged to – voluntarily – apply the regulations on electronic invoices before 1 July 2022. In order to support voluntary adoption, the General Department of Taxation still needs to provide the required technical specifications for taxpayers in Vietnam to be able to successfully adopt an e-invoice system for their businesses as soon as possible.
Source: SOVOS
