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VIETNAM: Government Moves to Maximise Migration to E-invoicing

As of 2018, companies will no longer be entitled to print their own invoices. Instead, they will have the option of either sourcing printed invoices directly from the tax authorities or adopting the existing paperless e-invoice system, which is expected to be in use by 90% of the country’s businesses by 2020.

The ban on self-printed invoices is intended to both counter the problem of fraudulent invoicing, while also accelerating the level of sign-ups to the national e-invoice system. In a further move, it will be compulsory for all companies with a chartered capital in excess of VND 15 billion (US$653,105) to use e-invoicing from 2018. From early 2019, e-invoicing will also become mandatory for any businesses with an annual revenue of VND 3 billion or more.

Content provided by Picture: HKTDC Research
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