Business

Finance Ministry to pilot e-invoices on 200 enterprises

The Ministry of Finance has announced a pilot scheme to allow 200 firms in Hanoi and Ho Chi Minh City to use electronic invoices late this year, the Saigon Times Daily reported.
The Ministry of Finance has announced a pilot scheme to allow 200 firmsin Hanoi and Ho Chi Minh City to use electronic invoices late this year,the Saigon Times Daily reported.

According to the newspaper, the electronic bill will be provided with authentication code and number by the taxman.

Theauthentication code and number are character strings which are encodedand provided by an authentication system based on billing information ofgoods or services.

Besides, a QR code will be added in the upperright corner of the invoice. Users can scan this two-dimensionalbarcode to read and check the information by electronic devicesinstalled with QR code reader software such as a smartphone.

Thefinance ministry highly evaluated this new type of invoice for itssecurity and economy. The electronic bill will reduce expenses forprinting and storing, as well as the inconvenience for businesses andtax authorities.

The service also has the advantage of beingavailable around the clock, including holidays. Therefore, businessescan issue invoices continuously to ensure smooth operation.

Thenewspaper said that a representative of the finance ministry affirmedelectronic bills authenticated by tax authorities have full legalvalidity as other legal ones. However, enterprises must use specificsoftware to issue and authenticate invoices.

Businesses can issueinvoice by the free software ICA offered by the General Department ofTaxation, their own LHD which allows users to issue and print outinvoices, or the invoice processing software VAN which includes theissuing function.

After issuing an invoice by one of the threeabove-mentioned ways, representatives of companies will sign and sendthe invoices to VAN of the taxman for processing. VAN will exchange theinformation with the authentication software ICC and take back theauthenticated invoices.

In addition, businesses and tax authorities can look up and check for authenticated invoices with ICE software.-VNA
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