The State Bank requires credit institutions to provide information to tax authorities

DNHN - The State Bank of Vietnam (SBV) has Official Letter No. 5454/NHNN-TTGSNH sent to credit institutions (CIs), and foreign bank branches on information provision and coordination with tax administration agencies.

The State Bank proposes credit institutions base themselves on the provisions of the Law on Tax Administration 2019; Decree No. 126/2020/ND-CP dated October 19, 2020, detailing several articles of the Law on Tax Administration (Decree 126); Decree 117/2018/ND-CP of the Government on keeping secret and providing customer information of credit institutions, foreign bank branches and Circulars and guiding documents of the Ministry of Finance (General Department of Taxation) on providing information to provide information and coordinate with tax administration agencies by regulations.

Photo: The State Bank requires credit institutions to provide information to tax authorities.

Specifically, the State Bank has listed relevant legal provisions on information provision and coordination including the Law on Tax Administration 2019.

Accordingly, Clause 2, Article 27 stipulates the duties and powers of commercial banks in providing information about account numbers according to taxpayers' tax identification numbers when opening accounts; Point a Clause 2, Article 98 provides for the responsibility of commercial banks in providing transaction information through taxpayers' accounts; Article 129 provides for coercion and freezing of accounts for enforcement of administrative decisions on tax administration.

According to Decree 126/2020/ND-CP, Article 30 stipulates the duties and powers of commercial banks and payment intermediary service providers; Clause 4, Article 31 stipulates the responsibilities of credit institutions where organizations and individuals are forced to open accounts. In addition, Decree 117/2018/ND-CP, Article 4 stipulates the principle of keeping secret and providing customer information; Article 6, Article 7, Article 8, and Article 9 prescribe the form, time limit, order, procedures and dossier of request for information provision; Clause 9, Article 10 stipulates the authority to sign documents requesting the provision of customer information of units under the Tax Administration; Point a Clause 1, 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 organizations and individuals in requesting the provision of customer information of credit institutions.

At the same time, Circular 80/2021/TT-BTC guiding the Law on Tax Administration and Decree 126/2020/ND-CP guiding the Law on Tax Administration issued by the Minister of Finance and Official Letter 1305/TCT-KK dated April 26, 2022, of the General Department of Taxation on the provision of information about taxpayers' accounts according to the provisions of Decree 126, which requires and guides commercial banks, bank branches foreign countries provide information on the taxpayer's payment account.

Regarding the provision of taxpayer's payment account information to tax authorities, the General Department of Taxation has previously piloted the provision of taxpayer payment account information to tax authorities with five banks. Commercial banks include Vietinbank, Vietcombank, BIDV, Agribank and MB.

PV