100,000 businesses can continue to buy ‘red’ invoices

A regulation requiring all firms to print their own invoices may have taken effect January 1, but around 100,000 businesses, or a third of the entire number in Vietnam, can continue to buy them from the government this year.

All businesses that employ less than 10 people or are based in rural, poor, or disadvantaged places can buy the “red” invoices from the Ministry of Finance, Vu Thi Mai, Deputy Director of the General Department of Taxation, said.

The rest have to print them themselves but many have yet to place printing orders or been unable to do since printing companies are overwhelmed with orders.

However, from 2012, all enterprises, small and big, must make arrangements for their own invoices, Mai added.

The new rule is expected to both ease the government’s workload and ensure firms do not have to grapple with the red tape involved in buying the invoices from the government.

tuoitrenews, nguoi lao dong

>   Banks continue to breach deposit-rate cap (11/01/2011)

>   No more opportunities for small banks? (10/01/2011)

>   Experts call on raising the threshold for PIT taxation (10/01/2011)

>   Weekly information on banking activities (Dec 25–31, 2010) (07/01/2011)

>   Income tax too high, too ridiculous: Taxpayers (07/01/2011)

>   Tax cut by up to 6% on 1,000 imports (06/01/2011)

>   Vietnam gov't sees $8.45 bln in remittances in 2011 (07/01/2011)

>   Remittances make suprising surge in 2010 (05/01/2011)

>   The most outstanding events in banking sector in 2010 (05/01/2011)

>   Vietnam banks beat 2010 profit targets (04/01/2011)