Vietnam Overhauls Sales Invoice Regulations
Jun. 17 – Vietnam is radically changing sales invoice regulations for service providers in the country beginning January 1, 2011.
Decree No. 51/2010/ND-CP was released in May as part of government efforts to reform its administrative processes. The major changes covered by the decree include:
- If the total value of sales of goods or services is less than VND200,000 then the seller does not need to issue an invoice, unless required by the buyer
- Companies can use several kinds of invoices at the same time: customized invoices, electronic invoices or ready-made invoices. The Vietnamese government encourages the use of electronic invoices
- The regulation allows companies to print their own invoices starting from the time they obtain their company tax codes instead of buying invoices from the tax department. This will be allowed in companies which have charter capital as stipulated by the Ministry of Finance; companies established in industrial parks, economic zones, export-processing zones, high-tech zones and state-owned companies. Other companies and organizations can only be allowed to print invoices if they have the following requirements: a company tax code; revenue; no government penalty one year prior to issuing their own invoices; having proper invoice machine and equipment; and sales software in sync to its accounting software
- Companies with a tax code, but not meeting requirements to print their own invoices or use electronic invoices must use ready-made invoices
A copy of the new decree in Vietnamese can be downloaded here.