Law amending 9 Laws (Securities, Accounting, Independent Audit, State Budget, Management and use of public assets, Tax administration, Personal income tax, National reserves, Handling of violations administrative) was approved on November 29, 2024, with notable new points:
I. About Accounting
1. Abolish mandatory content on accounting documents: From January 1, 2025, accounting documents do not need to record the name and address of the party receiving the document.
2. Translate accounting documents into Vietnamese when required: Accounting documents must only be translated into Vietnamese when requested by state agencies.
3. Accounting period adjustment: Allows merging the first or last year’s accounting period with the adjacent period, up to 15 months.
4. Method of confirming electronic documents: Additional authentication by other electronic means (OTP, biometrics…) in addition to electronic signature.
II. About Tax Administration
5. Tax regulations for foreign e-commerce platforms: Foreign suppliers doing business in Vietnam must register, declare and pay taxes.
6. E-commerce platforms pay taxes on behalf of business households and individuals: E-commerce platforms must deduct and pay taxes on behalf of business households from April 1, 2025.
7. Do not make additional declarations after inspection or inspection: Taxpayers are not allowed to make additional declarations when the tax authority has announced the inspection decision.
8. Adjusting the time to calculate late tax payment interest: The time to calculate late tax payment interest starts from the day after the tax payment deadline.
9. Abolish the regulation on paying interest on late tax refunds: Instead, taxpayers are compensated for damages according to the Law on State Compensation Liability.
10. Additional tax refund authority: Tax refund authority is extended to the Director of the Tax Department.
Effect:
Most of the content takes effect from January 1, 2025, except for regulations on paying taxes on behalf of businesses on e-commerce platforms (April 1, 2025).
The amended law aims to improve transparency and modernize financial management, taxation and accounting.
