information sharing on custom bank accounts of taxpayers with tax authorities shall come into effect from next month. 

Tougher fines of penalties for administrative violations in journalistic activities

Decree No. 119/2020/ND-CP, dated October 7, 2020 on the provisions on sanctioning of administrative violations in press activities and publishing activities shall take effect from December 1, 2020.

The decree also stipulates the level of fines and the authority to sanction. In which, the maximum fine for each administrative violation in journalism and publishing activities is VND 200,000,000 for organizations and VND 100,000,000 for individuals.  

A fine from VND 15,000,000 to VND 30,000,000 shall be imposed to action of foreign press, foreign representative body, foreign organization in Viet Nam which carry out press or press-related activities without approval of the competent authority of Viet Nam and foreign media organization which sets up its resident office in Viet Nam without the written consent of the competent regulatory agency. 

New rules on breaches of tax and invoicing regulations

Decree 125/2020/ND-CP, dated October 19, 2020 on penalties for administrative customs offences shall take effect from December 5, 2020. Especially, a fine from VND 2,000,000-5,00,000 shall be imposed for the act of transmitting e-invoice data to the tax agency beyond the prescribed period from one working day to five working days. A fine from VND 10 – 20 million shall be imposed for the act of transmitting e-invoice data to the tax agency beyond the prescribed period for 11 working days or more, or failing to transmit e-invoice data to the tax agency within the time limit as specified. 

Commercial banks to share information on customer bank accounts with tax authorities

Under Decree 126/2020/ND-CP on the implementation a number of articles of the Law on Tax Administration 2019, from December 5, commercial banks shall be responsible for providing account transaction information, account balances, and transaction figures in accordance with proposals of tax authorities within 90 days from the effective date of this Decree.

Bank Account information shall be updated on a monthly basis for ten days of the following month. The method of providing information is in the electronic means.  VGP

Kim Loan

Fresh policies come into effect from November

A string of fresh policies on early childhood education development policies, financial support for pedagogy students, sanctions on administrative violations in health sector shall come into effect from November.