According to the Official Dispatch, the General Department of Taxation of Vietnam requests commercial banks and other credit institutions to provide information on transactions via accounts, account balance, and transaction data as requested by Directors of Tax Departments for inspection and determination of tax payable and implementation of measures to enforce administrative decisions on tax administration according to laws on tax administration within 10 working days after receiving written requests of tax authorities.
If commercial banks and other credit institutions fail to provide data as requested by tax administration authorities, they shall face administrative penalties as prescribed by Article 19 of Decree No. 125/2020/ND-CP .
Tax Departments shall send written requests for provision of information to the headquarters of commercial banks and other credit institutions.
The written requests must be detailed and adequate regarding information on identification and contents for commercial banks and other credit institutions to implement.
Regarding complicated and important contents, Tax Departments may hold meetings with commercial banks and credit institutions or work and cooperate with their supervisory tax authorities as prescribed by laws.
Supervisory tax authorities of commercial banks and other credit institutions shall cooperate with Tax Departments when requested.
Tax Departments shall ensure the confidentiality of information, use the provided information for intended purposes, and take responsibility for the safety of such information according to the Law on Tax Administration and relevant laws.
Official Dispatch No. 2535/TCT-TTKT of the General Department of Taxation of Vietnam was promulgated on June 21, 2023.
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