With the aim of creating favorable condition for enterprises, organizations, etc. to improve technological infrastructure in accordance with the regulations on electronic invoices, the Government has promulgated Decree 123/2020/ND-CP to replace Decree 119/2018/ND-CP providing for electronic invoices in goods transaction and service provision. Simultaneously, in order to enhance efficiency in tax administration management, the Government has promulgated Decree 125/2020/ND-CP providing for sanctions against administrative violations of taxes and invoices. Some noteworthy contents of these 2 (two) documents:
(i) Decree 123/2020/ND-CP repeals the regulations on compulsory use of e-invoices from November 01, 2020 of Decree 119/2018/ND-CP;
(ii) The penalty for violations of tax registration deadline and tax dossier submission deadline increases significantly as stipulated in Decree 125/2020/ND-CP.