Gold trading units without electronic invoices will have their licenses revoked.

The government is determined to strictly enforce regulations on electronic invoices in the business of buying and selling gold. By June 15, 2024, any entity that fails to implement electronic invoices connected to the tax authorities in gold trading will have its license revoked. This is a directive from Prime Minister Pham Minh Chinh at a meeting on monetary and fiscal policies aimed at achieving macroeconomic stability, controlling inflation, and promoting growth.

By June 15, 2024, any entity that fails to implement electronic invoices connected to the tax authorities in gold trading will have its license revoked.

We insist on having electronic invoices in all gold buying and selling transactions.

On April 11, 2024, the Government Office issued Notice No. 160/TB-VPCP summarizing the Prime Minister's conclusions at a meeting on solutions for managing the gold market in the coming period. The Prime Minister requested the State Bank of Vietnam to take the lead and coordinate with relevant agencies to strengthen the application of information technology and digital transformation in the supervision, management, and operation of the gold market, especially by resolutely requiring electronic invoices for gold buying and selling transactions to enhance transparency, improve the efficiency of supervision and operation, and ensure the gold market operates safely, efficiently, openly, and transparently; and to immediately revoke operating licenses for businesses that do not strictly comply with the law.

Continuing the directives regarding electronic invoices in gold transactions, at the monetary and fiscal policy meeting on the afternoon of May 16th, the Prime Minister requested that by June 15th, businesses that do not implement electronic invoices connected to the tax authorities will have their licenses revoked. The requirement for electronic invoices has been repeatedly issued by the Government, given that transactions involving the buying and selling of precious metals are often small-scale, lacking sufficient invoices and documentation, and lacking transparency.

According to the Tax Administration Law, businesses and household businesses must issue electronic invoices from July 1, 2022. However, in reality, many businesses in various localities sell jewelry without invoices, and customers pay in cash directly. Many gold trading businesses pay taxes on a lump-sum basis. This situation is widespread, causing tax revenue losses.

Promoting the implementation of electronic invoices.

Recently, the tax authorities have implemented numerous solutions to promote the Prime Minister's directive on controlling the issuance of electronic invoices in gold trading transactions. The General Department of Taxation has also issued a document requesting the People's Committees of provinces and cities to direct relevant agencies and localities to conduct thematic reviews and address violations by gold businesses that fail to issue invoices promptly to buyers, and to monitor and inspect the maintenance and compliance of gold businesses that have adopted electronic invoices generated from cash registers.

VNPT Thanh Hoa is implementing various solutions to support organizations and individuals in deploying electronic invoices.

In collaboration with various levels and sectors in implementing electronic invoices, VNPT, as one of the first electronic invoice providers in Vietnam, has deployed electronic invoice solutions for numerous customers across its entire system in all 63 provinces and cities nationwide. VNPT's electronic invoice service (VNPT Invoice) not only fully complies with the regulations of the Ministry of Finance and the General Department of Taxation but is also intelligent, flexible, and highly effective for all types of businesses, from small to large. Along with benefits such as cost savings and the digitization of corporate finance, VNPT Invoice also boasts high flexibility, scalability to accommodate various specialized invoice types, and integration with diverse accounting, sales, and management software, allowing businesses to quickly compile statistics, generate reports, and export data to tax declaration programs.

To promptly support gold trading businesses in Thanh Hoa province in ensuring the availability of electronic invoices for gold buying and selling transactions, VNPT Thanh Hoa is currently introducing suitable electronic invoice implementation solutions for each gold trading business in the province. With quick and convenient registration procedures, businesses can immediately use the VNPT Invoice electronic invoice software, aiming to improve management efficiency, combat tax evasion, protect consumer rights, and contribute to the transparency of the gold market.

Nguyen Luong

Source: https://baothanhhoa.vn/don-vi-kinh-doanh-vang-khong-co-hoa-don-dien-tu-se-bi-rut-giay-phep-214440.htm