Banks provide regular information on customer accounts to the tax authorities | Finance – Business

Consequently, commercial banks are responsible for providing information on taxpayers’ payment accounts opened at banks to tax authorities. Specifically, at the request of the tax authorities, commercial banks provide information about the payment account of each taxpayer, including the name of the account holder, the account number in accordance with the tax code issued by the authority. tax administration, account opening date, account closing date. The provision of account information is provided for the first time within 90 days from the effective date of this Decree. Account information is updated monthly for 10 days of the following month. The method of providing information is in electronic form.

Commercial banks provide transaction information through the account, account balance, transaction data at the request of the Head of the tax administration agency to fulfill the purpose of inspection, examination and determination of tax obligations. must pay and apply coercive measures to enforce administrative decisions on the tax administration in accordance with the tax law. Tax administration agencies are responsible for keeping information confidential and fully responsible for the security of information in accordance with the Tax Administration Law and relevant laws.

Furthermore, Decree 126 also stipulates that commercial banks can withhold and pay taxes on behalf of a foreign supplier who does not have a permanent establishment in Vietnam that operates e-commerce. do business digitally with organizations and individuals in Vietnam (hereinafter foreign suppliers) in accordance with the provisions of Clause 3, Article 27 of the Tax Administration Law. Specifically, if the foreign supplier has not registered, declared and paid taxes, the commercial bank, the intermediary payment service provider will deduct and pay the tax obligations on behalf of the tax law for each product, merchandise or service that an individual buyer in Vietnam you make a payment to a foreign supplier related to e-commerce business, digital based business The General Tax Department will coordinate with the relevant agencies to identify and publish the names and website addresses of foreign suppliers that have not yet registered, declare and pay taxes that buyers of goods or services have made. agreement. On that basis, the General Tax Department will notify the name and website address of the foreign provider to the commercial bank, the intermediary payment service provider so that these units can determine their transaction accounts. suppliers in foreign countries and make the deduction and payment on behalf of tax obligations for transactions of buyers who are natural persons in Vietnam making payments to transaction accounts of suppliers abroad.

In the event that a person purchases goods or services from a foreign supplier and makes payment by card or by other means that a commercial bank or intermediary payment service provider cannot deduct, To pay on behalf of a commercial bank, the The payment intermediary service provider will control the amount transferred to the foreign provider and will send it monthly to the General Tax Department in accordance with the form established by the Minister. Financing issued.