In Vietnam, mandatory e-invoicing is delayed, and the new effective date is July 1, 2022. All B2B transactions are in scope.
The e-invoices must be in Vietnamese, and XML is its legal format, and be stored securely for a period of 10 years.. That format consists of e-invoice and e-signature data. Different requirements about form number, serial number, and invoice number for e-invoices are specified. For example, the invoice number will have a maximum of 8 digits.
The use of e-invoices before July 1, 2022, is allowed. The e-invoice should be in XML format, and it should contain an e-signature and the GDT tax code. Companies need to register before issuing e-invoices (with or without tax codes), and receive GDT approval first. Such a registration applies to both verification and non-verification coded invoices. The verification code is issued by the tax authority using the information provided by taxpayers in the e-invoice. The code received must be added to the e-invoice before the invoice is sent to the customer.
Firms in the electricity, petroleum, telecommunication, credit financing, transportation, e-commerce, insurance, supermarkets, and trading sectors can use e-invoices without tax verification codes. Companies that have accounting e-invoice software are not required to use e-invoices with verification codes. Submission of e-invoice data to the tax authorities will in those cases be made directly to the tax authorities’ portal. Specific technical conditions for connection with the tax authorities’ portal must, however, be met.
For e-invoices that contain errors, there are three conditions for correction:
- If a mistake is made in the buyer’s name and address, but the other information is correct, the seller informs the buyer and sends a notice to the tax authorities. The e-invoice does not have to be reissued
- If the tax code, invoice amount, tax rate, tax amount, or the description of goods is incorrect, the seller needs to reissue a new e-invoice will need to be issued (the seller and buyers will need to prepare a document specifying the errors and send a notice to the tax authorities
- If the tax department discovers a mistake in the e-invoice, it will send a statement to the seller, and the seller will need to reissue the e-invoice in a specific time frame.
SAP add-on for e-invoicing via clearance model
KGT SAP add-ons for SAF-T, e-invoicing and MTD UK for VAT work as a standalone application within the SAP system and does not change existing customer SAP functionality or processes. It is fully configurable with custom namespace /KGT.
KGT partnered up with SAP regarding 'SAP Advanced Compliance Reporting for SAP HANA'. The 'Advanced Compliance Reporting' (ACR) service enables you to configure, generate, analyze, and electronically submit statutory reports that contain indirect taxes, such as value-added tax.
KGT provides also S/4 HANA transformation support.
