E-invoices Generated by Cash Registers Launched

Finance Minister Ho Duc Phoc recently sent a letter to leaders of the Provincial/Municipal Party Committees and the Provincial/Municipal People’s Committees to launch electronic invoices generated by cash registers.

Carrying out the Law on Tax Administration 2019, Decree 123/2020/ND-CP and Circular 78/2021/TT-BTC, electronic invoices have been applied to companies and business households nationwide since July 1, 2022. Accordingly, all companies and business households, including taxpayers that have direct business contacts with consumers (like trade centers, supermarkets, retailers, hotels, pharmacies, entertainment and other services) have used electronic invoices.

These achievements are resulted from the care, assistance and coordination of the Provincial/Municipal Party Committees and Provincial/Municipal People’s Committees in tax collection management of the tax sector, including the implementation of electronic invoices, he said.

However, Minister Phoc said, common forms of e-invoices such as invoices with code and invoices without code applied in the past time have not yet perfectly satisfied some of business activities that directly relate to consumers, have regular and continuous operating time, have a lot of invoices but in small value such as dining business, restaurant, hotel, entertainment service and supermarket.

Therefore, in order to better meet the use of e-invoices by companies and business households that work directly with consumers, the tax sector has built solutions and officially operated the electronic invoice system generated by cash registers from December 15, 2022.

E-invoices created by cash registers can be issued immediately to customers irrespective of time because such invoices are connected with tax authorities. These are e-invoices with code granted by tax authorities. At the same time, it will be easier to correct errors and omissions because e-invoices created by cash registers are sent at the end of the day without having to send every invoice like invoices with normal code.

Besides, a sales location can install many cash registers at the same time to issue electronic invoices to customers quickly and smoothly.

E-invoices initialized by cash registers also better meet requirements of customers who need invoice information for lucky draw purposes because such invoices have additional information spaces for personal identification/citizen identification in case buyers do not have a tax code or do not remember their tax code.

In 2023, budget revenue is forecast to be harder to achieve as inflationary pressures heighten, geopolitical conflicts escalate and worse energy crises undermine other commodity markets. Budget revenue was estimated to rise nearly 17% in 2023 and e-invoice application is a central task of the financial industry in the digital transformation program. Therefore, Minister Ho Duc Phoc expressed his desire to receive more attention and direction of local authorities for effective deployment of e-invoices, including those generated by cash registers.

By Le Hien, Vietnam Business Forum