Clarifying the information provision process of credit institutions.

VTV.vn - The Tax Department (Ministry of Finance) has clarified information to avoid misunderstandings regarding the draft content and the responsibilities of credit institutions in tax management.

The regulation of the responsibilities for coordination and information provision by credit institutions aims to enhance the effectiveness of tax management, ensure fairness in fulfilling tax obligations, and contribute to preventing fraud and limiting revenue losses for the state budget in accordance with the law.

Recently, there have been reports suggesting that the Ministry of Finance has "dropped the proposal requiring banks to provide taxpayer account information" in the draft Decree detailing the Law on Tax Administration. In response to these reports, the Tax Department (Ministry of Finance) has clarified the information to avoid misunderstandings regarding the draft and the responsibilities of credit institutions in tax administration.

The Tax Department stated that the draft Decree detailing the Law on Tax Administration is currently undergoing review by the Ministry of Justice . The current draft Decree does not remove the provision regarding the responsibility of credit institutions to provide information, as some reports have suggested, but continues to inherit and ensure compliance with the provisions of the Law on Tax Administration. According to the Tax Department, the regulation on the responsibility of credit institutions to cooperate and provide information aims to enhance the effectiveness of tax management, ensure fairness in fulfilling tax obligations, and contribute to preventing fraud and revenue losses in accordance with the law.

Currently, the draft Decree is awaiting review by the Ministry of Justice, with Clauses 3 and 7 of Article 61 stipulating:

Article 61. Duties and powers of credit institutions, branches of foreign banks, payment service providers, payment intermediary service providers, online payment service providers, and international card organizations.

…3. Credit institutions, branches of foreign banks, payment service providers, payment intermediary service providers, online payment service providers, and international card organizations are responsible for providing information on taxpayers' payment accounts opened at banks to the tax authorities and cooperating with the tax authorities when detecting cases of unusual transactions requiring tax compliance checks."

7. Content, form, method, and time limit for providing information to tax authorities by credit institutions, branches of foreign banks, payment service providers, and payment intermediary service providers:

a) Content of the information provided:

a.1) Information as prescribed in point b, clause 2, Article 40 of the Law on Tax Administration includes: account holder's name, date of birth, place of account opening, tax code, address, country of residence, and other legally identifiable information of the account holder; account number; account opening date, account closing date;

a.2) Information and data related to the taxpayer's transactions include the quantity and value of transactions, transaction details, information on the sender and receiver of the transaction, information on domestic and international transactions of the taxpayer; account balances, ending balances, income generated from accounts, and other relevant information serving tax management purposes;

a.3) Information and data about the beneficial owner, authorized persons, co-account holders, beneficiaries, and related parties;

a.4) Information on unusual or suspicious transactions as defined by anti-money laundering laws;

a.5) Information in accordance with the reporting standards for financial account information of non-resident taxpayers in Vietnam and other reports consistent with the standards of the Global Forum as prescribed in Article 63 of this Decree.

Source: https://vtv.vn/lam-ro-viec-cung-cap-thong-tin-cua-to-chuc-tin-dung-100260603230353904.htm