VATupdate

Implementation of E-Invoicing as of July 1, 2022

Effective from July 1, 2022

Circular 78 takes effect from July 1, 2022 for organizations and individuals in localities that meet the conditions of modern information technology infrastructure , especially in some cases that do not meet the conditions under According to regulations, the tax authority’s paper invoices shall be used for a maximum period of 12 months, the tax authorities shall have a solution to gradually convert to electronic invoices.
Background
The Ministry of Finance recently issued Circular No. 78/2021 guiding the implementation of a number of articles of the Law on Tax Administration dated June 13, 2019; Decree No. 123/2020 of the Government on invoices and vouchers. The content of Circular No. 78 stipulates a number of new contents about e-invoices, of which a completely new content is an e-invoice with a tax authority’s code generated from a cash register connected to data transfer. electronic data with tax authorities and ensure that there is no duplicate invoice number to participate in the prize.
Although Circular 78 will take effect from next year, the financial sector is now aggressively implementing it. The Ministry of Finance has directed the General Department of Taxation to plan the implementation in two phases: phase 1 from November 1, 2021 in 6 provinces and cities: Hanoi, Ho Chi Minh City, Hai Phong, Phu Tho, Quang Ninh and Binh Dinh. ; to July 1, 2022, deployed nationwide.
Source Thanhnien

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