Recently, the General Department of Taxation issued a document requesting commercial banks and branches of foreign banks to provide information on taxpayers' accounts. This is in accordance with Decree 126/2020/ND-CP guiding the 2019 Law on Tax Administration.
Bank account information that needs to be provided to the tax authorities.
Following a pilot program with five banks (BIDV, Vietinbank, Vietcombank, MB, and Agribank) providing taxpayers' payment account information, the General Department of Taxation requests that branches of foreign banks and commercial banks (hereinafter referred to as commercial banks) provide the following information to tax authorities via the General Department of Taxation's electronic portal:
- Account name
- Account number
- Account opening date (date of commencement of activity)
- Account closing date
The tax authorities are responsible for accessing, storing, transmitting, and completely securing taxpayers' account information.
Procedure for providing account information to the General Department of Taxation
First, the General Department of Taxation provides the taxpayer's tax identification number to commercial banks. The banks are responsible for maintaining confidentiality and using the information provided by the General Department of Taxation only for the purpose of exchanging information with the General Department of Taxation.
- If the customer already has a tax identification number, the commercial bank will verify the information and provide the payment account details based on that tax identification number.
- If the customer does not yet have a tax identification number, the commercial bank will cross-reference it with the type of document number corresponding to the taxpayer's tax identification number provided by the General Department of Taxation.
Within a maximum of 90 days, commercial banks must prepare and send a list of taxpayers' initial payment accounts to the General Department of Taxation. The list includes all valid payment accounts of the taxpayer in the month immediately preceding the month in which the information is provided.
On a monthly basis, no later than the 10th of the following month, commercial banks are required to provide information on the account numbers of accounts opened and accounts closed during the period.
