The wave of "stopping bank transfers" and "only accepting cash" originated from the effective date of Decree 70/2025/ND-CP on June 1st; amending and supplementing several articles of Decree 123/2020/ND-CP regulating invoices and documents... Accordingly, Decree 70 requires business households with annual revenue of 1 billion VND or more to use electronic invoices generated from point-of-sale systems connected to the tax authorities.
This regulation aims to enhance transparency, combat tax evasion, and create a fair, modern, and sustainable business environment. Economic experts believe that including household businesses in the roadmap for using electronic invoices and point-of-sale systems is an inevitable trend. Household businesses cannot be left out of the national digital transformation process. This is also a way for them to improve their management capabilities, standardize data, and gradually adopt modern management practices; they cannot continue to operate in the old way.
This is not only a management measure, but also a step forward in ensuring accurate and complete revenue calculation; preventing and combating counterfeit goods and commercial fraud. However, some small traders, in an attempt to evade taxes and conceal the dubious origin of the products or services they provide, resort to splitting accounts, requiring customers to provide vague transfer details, or demanding cash payments only. According to the law, these are tax violations, and even criminal offenses. From an ethical and social perspective, this is an attitude of evading social responsibility, harming consumers ("self-serving, harming others"), and aiding the trade of counterfeit goods.
Decree 70, effective from June 1st, is seen as a "light" shining directly into the gray areas and "underground" issues that still exist; opening the way to transparency; and forcing all businesses to operate responsibly. It's time for everyone involved in business to change their perspective on social responsibility. The law doesn't prohibit using cash or receiving transfers, but rather aims for a level playing field between different payment methods and all businesses. Don't try to evade or avoid your tax obligations to the State and your obligations to society. Consider this an opportunity to conduct business honestly, confidently and transparently disclose revenue, avoid unnecessary misunderstandings, and develop sustainable businesses.
Decree 70 is one of the legal foundations for building a modern, fair, and law-abiding business environment. Instead of avoiding it, equip yourself with the right knowledge, software, and equipment to comply with the regulations, so that your business becomes stronger, more transparent, and mutually beneficial.
Source: https://baophapluat.vn/dep-bo-tam-ly-tim-cach-tron-thue-post551075.html
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