Credit institutions to provide customer information to tax authorities

August, 15/2022 - 18:20
The State Bank of Việt Nam (SBV) has issued an official letter to credit institutions and foreign bank branches on information provision and coordination with tax administration agencies.
The State Bank of Việt Nam’s headquarter in Hà Nội. — Photo baochinhphu.vn

HÀ NỘI — The State Bank of Việt Nam (SBV) has issued an official letter to credit institutions and foreign bank branches on information provision and coordination with tax administration agencies.

SBV proposes credit institutions follow Government decrees on keeping secret and providing customer information of credit institutions, foreign bank branches and circulars and guiding documents of the Ministry of Finance on providing information and coordinating with tax administration agencies.

The letter lists several legal provisions:

The Law on Tax Administration 2019, Clause 2, Article 27 stipulates the duties and powers of commercial banks in providing information on account numbers according to taxpayers' tax identification numbers when opening an account.

Point a and Clause 2, and Article 98 provides for the responsibility of commercial banks in offering transaction information through taxpayers' accounts.

Article 129 provides for coercion and freezing of accounts to enforce administrative decisions on tax administration.

Decree 126/2020 details several articles of the Law on Tax Administration, information such as account transactions, balances and transaction data are provided by banks at the request of the head of the tax agency. This serves the purpose of inspection and determination of tax obligations to be paid.

Tax authorities are responsible for information confidentiality and are fully responsible for information safety.

Decree 126, Article 30 stipulates the tasks and powers of commercial banks and intermediary payment service providers. Clause 4, Article 31 stipulates the responsibilities of credit institutions where organisations and individuals are forced to open accounts.

Decree 117, Article 4 stipulates the principle of keeping secrets and providing customer information. Article 6, Article 7, Article 8, and Article 9 prescribe the form, time limit, order, procedures and dossiers of request for information provision.

Clause 9, Article 10 stipulates the authority to sign documents requesting customer information of units under the tax administration.

Point a Clause 1 and Article 11 stipulates cases in which customer information is provided. Clause 2, Article 14 prescribes the rights and responsibilities of credit institutions.

Article 15 stipulates the rights and responsibilities of State agencies, other organisations and individuals in requesting the provision of customer information of credit institutions.

Article 81 stipulates the responsibilities of organisations and individuals in Việt Nam involved in purchasing goods and services from overseas suppliers.

A General Department of Taxation official letter from this year requires and guides commercial banks and foreign bank branches to provide information on taxpayers' payment accounts. — VNS

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