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Firms given more time to print invoices
Roughly 100,000 small firms or 30 per cent of the country's total businesses will be given an extra year to comply with new regulations regarding the printing of invoices.
According to new regulations which took effect on January 1, businesses were required to print their own invoice books rather than acquiring them from tax agencies as before.
However, a number of enterprises, including those with less than 10 employees and those situated in remote or disadvantaged areas, could not afford to have their own invoices printed, said Deputy Director of the General Department of Taxation Vu Thi Mai.
Mai said to help the enterprises, the Government had approved a Ministry of Finance proposal to allow the enterprises to continue to buy their invoices from tax agencies until the end of 2011.
The extension is aimed at helping the enterprises make the necessary preparations to have their own invoice books printed. Tax authorities will work with these companies to make new printing arrangements starting in the second and third quarters of this year.
The Government has also extended the deadline until March 31 for larger firms, due to overloaded printing houses.
Last month, it was reported that local printing houses had become overwhelmed with orders for invoice books.
Because the cost of printing invoice books is higher than buying them from tax agencies, many companies waited until the end of last year to place orders, leading to additional work for printers.
Nguyen Hai Minh, director of the Finance Printing Company's HCM City branch, said his branch received roughly 1,000 calls a day from businesses looking to place orders for invoice books last month.
Director of the General Department of Taxation's Tax Policy Division Cao Anh Tuan also admitted that tax agencies were still selling invoices to enterprises because printers could not meet the demand. Many enterprises that placed orders with printers for invoice books would not receive them until February or March, Tuan said.
However, Mai urged enterprises to place orders before the March 31 deadline, warning that if they did not have their invoice books on time, their business operations would be suspended.
vietnamnews
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