ISSUANCE OF INVOICES FOR EACH SALE - MULTIFACETED BENEFITS
- phanhoainamba
- Apr 19
- 3 min read
(TBTCO) - In an interview with TBTCVN reporters, Lawyer, Dr. Phan Hoai Nam – a member of the Association of Chartered Certified Accountants (ACCA) and the Chartered Institute of Taxation (CIOT) of the United Kingdom – affirmed that issuing electronic invoices ("e-invoices") to customers after each retail sale of petroleum products brings many benefits to both customers and businesses, especially to petroleum trading enterprises.
Dr. Phan Hoai Nam: I believe that the Prime Minister's decision to send a commendation letter to the Ministry of Finance, the General Department of Taxation, and local tax authorities for the successful implementation of e-invoices at petrol retail stations demonstrates the significance of this effort in improving the tax system and managing the State budget. At the same time, it also reflects the solidarity of businesses and citizens with the Government in the process of administrative reform and compliance with the law.
I highly appreciate the efforts and achievements that the Tax sector and the Ministry of Finance have accomplished. The successful implementation of e-invoices is not only an important step towards the modernization and transparency of business operations but also a solid foundation for strengthening tax administration and preventing fraud and tax evasion in the petroleum trading sector.
From this, we can clearly see that consensus and cooperative efforts between governmental agencies and businesses play a crucial role in accelerating administrative reform, enhancing management efficiency, and increasing transparency in business activities.
Reporter: In your opinion, what benefits does issuing an e-invoice after each sale bring to the people and businesses, including petroleum trading enterprises?
Dr. Phan Hoai Nam: Issuing e-invoices to customers after each sale of goods brings significant benefits to both the public and businesses, particularly to petroleum trading enterprises in this context.
For citizens, receiving an e-invoice after each purchase serves as evidence of each transaction, helping to increase transparency and boost consumer confidence during the purchasing process. E-invoices provide detailed information about the products, quantities, prices, and the selling store. This enables consumers to easily verify and cross-check the information, thereby preventing fraud and protecting consumer rights.
For businesses, e-invoices help improve the accuracy and transparency of accounting management. Through e-invoices, businesses can automatically record and store transaction information accurately and efficiently, facilitating better management and control of fuel costs.
Specifically for petroleum trading enterprises, promoting the issuance of e-invoices after each fuel sale enhances legal compliance and adherence to tax regulations.
Reporter: What is the significance of publicizing the issuance of e-invoices for each sale at petrol stations to the tax authorities in controlling invoice issuance, preventing fraud in petroleum trading, and minimizing State budget losses, in your view?
Dr. Phan Hoai Nam: First, we must remember that issuing invoices for each petroleum sale has been clearly regulated in the legal normative documents.
Regarding the principles for making, managing, and using petroleum e-invoices, according to Clause 1, Article 90 of the Law on Tax Administration 2019, sellers must prepare e-invoices following the standard data format and fully record the contents as required by tax laws and accounting laws, regardless of the value of each sale.
Regarding the timing for issuing petroleum e-invoices, according to Point i, Clause 4, Article 9 of Decree No. 123/2020/ND-CP, the timing for issuing petroleum e-invoices at retail petrol stations for customers is the time of completion of each fuel sale.
The public issuance of e-invoices for each sale at petrol stations holds great significance in enhancing the tax authority’s ability to control and prevent fraud in petroleum trading, thus reducing State budget losses.
Therefore, public issuance of e-invoices enables tax authorities to closely monitor and inspect sales transactions. Through e-invoices, sales transaction data is transparently and accurately recorded and reported. This allows tax authorities to cross-check information and detect suspicious signs, thereby taking appropriate inspection and enforcement actions against violations.
Reporter: Thank you very much!
For more details, contact us:
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