Digital payments, tax transparency - Final article

In the process of promoting cashless payments, building a safe, convenient, and trustworthy payment system is considered a key condition.

People scan QR codes to pay at Pham Van Hai Market, Ho Chi Minh City. Photo: Huong Giang/TTXVN

Final lesson: Shaping digital payment behavior

According to financial and banking experts, the regulatory role of the State Bank of Vietnam is crucial in shaping the payment behavior of the economy .

According to Associate Professor Dr. Nguyen Huu Huan, to promote cashless payments, the State Bank of Vietnam needs to shift from management to partnership, avoiding creating pressure that would force businesses to revert to using cash. Dr. Huan believes that a phased transition roadmap is necessary, along with simplification of tax policies and accounting regulations suitable for small-scale businesses. Simultaneously, transaction transparency should be linked to specific benefits such as access to credit, reduced digital payment costs, and enhanced communication to protect users. "The core objective is to transform transparency into a driving force for sustainable development instead of a sudden compliance burden," Dr. Huan emphasized.

In reality, cash payments may offer a sense of speed and immediate convenience, but in the digital economy, true security and sustainability are only achieved when transactions are verified and tracked on a legitimate system. This not only protects the rights of all parties but also forms the basis for building a risk-free business environment.

At several recent forums on financial digital transformation, the State Bank of Vietnam stated that it is continuing to refine the legal framework and technical solutions to promote electronic payments in the economy.

According to Deputy Governor of the State Bank of Vietnam Pham Thanh Ha, the agency will continue to refine mechanisms and policies to create a comprehensive legal framework and favorable conditions for the development of cashless payments, while promoting digital banking and ensuring security and safety in payment operations.

The State Bank of Vietnam is also actively implementing projects, programs, and plans to expand electronic payments, while strengthening the supervision of key payment systems and the operation of payment intermediary services. The development of digital payment methods not only helps people conduct transactions more quickly and conveniently, but also contributes to promoting the national digital transformation process and the development of the digital economy.

Alongside refining the policy framework, the State Bank of Vietnam is also deploying various technological tools to prevent risks in electronic payment activities. One notable solution is the Security Information System for managing, monitoring, and preventing fraud risks in payment operations (SIMO).

This system allows credit institutions to report suspicious accounts and share information with other member units. Based on the centralized database from SIMO, banks can proactively block transactions or require additional verification before processing online transactions.

According to reports from system users, as of April 12th, SIMO had sent alerts to over 3.7 million customers. Of those, more than 1.2 million customers temporarily suspended or canceled transactions after receiving the alerts, with the total amount involved reaching approximately 4.17 trillion VND.

Experts believe that building such risk monitoring and warning systems is crucial in strengthening public confidence in electronic payment methods. When transactions are better protected against fraud or scams, the transition from cash to digital payments will also proceed more smoothly.

Meanwhile, from a financial and budgetary management perspective, the Ministry of Finance is also gradually improving legal tools to increase transparency in business operations. One notable solution is the regulation related to a payment threshold of 5 million VND for expenses that are included in tax obligations.

According to the guidelines in the implementation documents of the Value Added Tax Law and the Corporate Income Tax Law of 2025, expenses of 5 million VND or more must be paid using non-cash methods to be eligible for input VAT deduction and refund, and to be included as deductible expenses when determining taxable income. This regulation is considered a technical measure to limit the practice of splitting invoices into smaller amounts for cash payments while still claiming VAT deductions, refunds, and recording expenses in business operations.

In addition, the Ministry of Finance and tax authorities are coordinating with relevant agencies to strengthen inspection and supervision of compliance with regulations on invoices and documents in the buying and selling of goods and services as stipulated in the tax administration law, the Value Added Tax Law, the Corporate Income Tax Law, the Personal Income Tax Law, and guiding documents for their implementation.

According to current regulations, when selling goods or providing services, the seller is responsible for issuing invoices and fully declaring the revenue generated, regardless of the payment method. Intentionally restricting or refusing cashless payments to avoid recording actual revenue may lead to tax law violations and penalties.

In practice, current tax administration is also shifting strongly towards a data-driven management model. Instead of just examining each individual transaction, tax authorities use big data analytics systems and risk management methods to cross-reference information from various sources such as electronic invoices, payment data, business registration, and data related to the chain of goods and services transactions.

Associate Professor Dr. Le Xuan Truong, a financial and tax expert, argues that once the management system has shifted to a holistic data analysis approach, the use of cash in transactions does not necessarily mean that the flow of money can get out of control.

"In reality, tax authorities don't look at individual actions but assess a whole chain of behaviors such as requiring cash payments, not issuing invoices, not recording revenue, or understating tax obligations. When this chain of behaviors forms and causes revenue losses, the handling may not stop at just administrative penalties," Mr. Truong analyzed.

Experts also argue that in the context of an economy increasingly reliant on data, the transparency of money flows depends not only on regulatory oversight but also on the development of payment systems and user trust.

Promoting cashless payments is not the responsibility of any single industry. It requires a synergy between secure infrastructure, robust legal frameworks, and a commitment to compliance. When these links are synchronized and transparent, they become a crucial foundation for a modern business environment and sustainable development in the digital age.

Source: https://baotintuc.vn/kinh-te/thanh-toan-so-minh-bach-thue-bai-cuoi-20260429171744758.htm