Banks must provide personal banking data to the tax authorities

Decree 126/2020 / ND-CP, effective from December 05, 12, requires commercial banks to provide detailed information on banking transactions of taxpayers' organizations and individuals according to regulations. 

Decree 126/2020 / ND-CP allows the tax industry to hold balance information and transaction details through the bank accounts of organizations and individuals - a tax management tool, especially tax collection for electricity commerce. death.

The tax industry holds the banking data of individuals

Banks are responsible for providing account information and transaction accounts to the tax administration

Commercial banks are responsible for providing information about taxpayers' payment accounts opened at banks to tax authorities as follows:

a) At the request of the tax authority, the commercial bank shall provide information about the payment account of each taxpayer, including: name of account holder, account number according to tax identification number issued by the authority. tax administration, account opening date, account closing date.

b) The provision of account information under Point a of this Clause shall be performed for the first time within 90 days from the effective date of this Decree. Account information is updated monthly for 10 days of the next month. The method of providing information is in the electronic form.

c) Commercial banks provide transaction information via account, account balance, transaction data at the request of heads of tax administration agencies to serve the purpose of inspection, examination and determination of payable tax obligations and implementation of coercive measures to enforce administrative decisions on tax administration according to regulations. tax laws.

Previously, the Director of Inspection and Inspection Department (General Department of Taxation) said that it had combined and requested 45 commercial banks to provide information for the industry to have tax management data. According to the data provided by banks, in Hanoi alone, there are more than 18.300 organizations and individuals engaged in online sales with a total income of 1.462 billion VND from Google, Facebook, and Youtube. guide organizations and individuals, tax declaration and payment and retrospective collection of nearly 14 billion VND.

Responsibility to keep account confidentiality of tax authorities

Tax administration agencies are responsible for keeping information confidential and fully responsible for the safety of information in accordance with the Law on Tax Administration and relevant laws.

Tax collection for overseas suppliers having e-commerce business, digital-based business with organizations and individuals in Vietnam

Banks also have to withhold and pay tax obligations of overseas suppliers with permanent establishments in Vietnam doing e-commerce business, on digital platforms with domestic organizations and individuals.

Specifically, after determining that the overseas supplier has not registered, declared and paid taxes, the General Department of Taxation will notify the commercial banks, the payment intermediary so that these units can identify the transaction accounts. and deduct, pay on behalf of tax obligations.

If individuals purchase goods and services by card or other forms of banks, payment intermediaries cannot deduct or pay on behalf of, these units are responsible for monitoring the amount transferred to overseas suppliers. sent to the General Department of Taxation monthly.

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