Benefits of Cekindo’s
Accounting & Tax Outsourcing
E-Invoices –
What you need to know
E-invoicing is a system in which business-to-business invoices are prepared digitally in an e-invoicing format and verified by the Goods and Services Tax Network (GSTN). Using this approach, all companies submit invoices to the GST gateway using a standard online form and an e-signature.
Types of E-Invoices
in Vietnam
The new e-invoice system aims to combat invoice fraud while incentivizing businesses to participate in the country’s drive toward greater digitalization.
The government divided electronic invoices into two categories:
Vietnam E-Invoice without a Tax Code
Companies operating in sectors like the below are permitted to utilize electronic invoicing without a tax verification code:
- Electricity
- Petroleum
- Telecommunication
- Credit Financing
- Transportation
- E-commerce
- Insurance
- Supermarkets
- Trading sectors
Vietnam E-Invoice with a Tax Code
Benefits of Electronic Invoices
Enterprises get various advantages from the early adoption of e-invoicing systems, including reduced transportation costs, lower administrative costs, lessened risk of transaction fraud, increased transparency, and, most crucially, a significant decrease in overall operational costs.
Enterprises get various advantages from the early adoption of e-invoicing systems, including reduced transportation costs, lower administrative costs, lessened risk of transaction fraud, increased transparency, and, most crucially, a significant decrease in overall operational costs.
VND 1 trillion (US$ 43.9 million) yearly
with the issuance of 2.5 billion e-invoices.
Adopting
Vietnam’s E-Invoice System
must have it from you register for your taxes.
InCorp Vietnam (formerly Cekindo) offers an end-to-end service that includes gathering necessary documents, registration and use of an e-invoice system, the organization of training courses, and other consultation assistance for every business process throughout every stage of its implementation.
Regulation Update
