1. Results of Implementing Electronic Invoice Usage
Since the policy regarding the establishment of online businesses came into effect, the illegal use of invoices for purchasing and transactions has gradually increased and become more sophisticated. With the issuance of Decree 123/2020/ND-CP, which states that “… Traditional invoices and vouchers can only be used until 30 June 2022”… businesses and organizations began transitioning to electronic invoices starting from 1 July 2022.
Since the implementation of Electronic Invoices , all data has been stored at the Tax authorities. Concurrently, the General Department of Taxation has also deployed an Electronic Invoice (EIs) application system and developed automated tools to cross-check companies using illegal invoices, synchronize invoice verification solutions, conduct inspections, and audit invoices.
Thanks to these efforts, many cases of illegal invoice trading, invoice fraud, tax rebate embezzlement, etc., have been detected through the EIs application system. Based on these violations, the tax authorities have actively conducted audits and inspections of businesses. Additionally, businesses themselves have used the system to identify errors, proactively correct them, and comply with tax regulations, contributing to the state budget.
The implementation of EIs has indeed brought about tangible results, such as:
- Tax recovery results in 2022 amounted to 543.5 billion Vietnamese dong.
- In 2023, as of 14 June 2023, the amount of tax recovered is 506.7 billion Vietnamese dong.
2. Leveraging Artificial Intelligence for Tax Management
Currently, the EIs application system has been fully operational at the General Department of Taxation. Tax authorities utilize automated audit tools to promptly identify violations and, based on risk analysis results, identify suspicious businesses. This provides a basis for conducting tax audits and inspections on these businesses. In addition, tax authorities enhance the cross-referencing of information initiated and sent by businesses through the system. This allows them to compile a list of businesses with discrepancies between their records and data for further processing.
This is the application of artificial intelligence in EIs management. This technology sends alerts to taxpayers about anomalies in their business operations right when they issue invoices. It is done on a daily basis to prevent and warn about potentially risky invoice issuance by businesses.
(Reference: Investment Newspaper, 21 June 2023)
About our company:
HMLF is a Law Firm licensed to provide legal services to Enterprises. With over 70 years of experience in:
– Finance, Accounting, Tax.
– Industry: Manufacturing, Service, Aviation, Transport, Technology, Finance.
– Helping Customers control transactions from internal legal to international trade. Become the best legal defender for Businesses.
– Try to offer optimal solutions to bring customers satisfaction.
HMLF is always available to offer assistance in understanding the procedures with authorities.
Harley Miller Law Firm “HMLF”
Head office: 14th floor, HM Town building, 412 Nguyen Thi Minh Khai, Ward 05, District 3, Ho Chi Minh City.
Phone number: +84 937215585
Website: hmlf.vn Email: miller@hmlf.vn
