Vietnam postpones mandatory e-invoice implementation

Friday 30 October 2020 14:03 CET | News

Vietnam has postponed the implementation of electronic invoices until 1 July 2022, following Decree 123/2020/ND-CP (Decree 123) guiding the implementation of invoices.

Earlier the deadline for mandatory implementing the use of e-invoices was 1 November 2020. While the postponement gives some relief, businesses are encouraged to implement e-invoicing before the deadline to mitigate any compliance issues.

However, if firms receive a notification from the tax authorities, they will be required to switch to e-invoices as stipulated in the timeframe issued by the tax department.

If firms do not have the necessary infrastructure in place to implement the use of e-invoicing, they can use the current invoices but must submit information relating to invoices in Form 3 as per Decree 123, along with the submission of VAT returns.

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Keywords: Vietnam, e-invoices, Decree 123, SCF, supply chain finance, invoice finance, electronic invoicing
Categories: Payments & Commerce
Countries: Vietnam
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Payments & Commerce

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