The benefits of using e-invoices

The Ministry of Finance issued Decree 123/2020/ND-CP and Circular 78/2021/TT-BTC with many new regulations causing many businesses to face some difficulties when implementing, especially e-invoices, which is important to understand. This article will help customers understand the benefits of using electronic invoices.

✴️ Pursuant to Decision 2016/QD-BTC, deploying the application of e-invoices to enterprises, economic organizations, business households and business individuals nationwide from April 2022. The following are the benefits of e-invoices:

1. For businesses and individuals buying and selling goods and services:

️⛳ Save costs on printing and issuing invoices: If with paper invoices, businesses often have to spend a lot of time and costs on ordering invoice printing, transportation, storage, writing invoices ... while with e-invoices, businesses only pay a fee for e-invoice software. Thus, it is estimated that the cost of electronic invoices is many times lower than that of paper invoices.

️⛳ Significantly reduce time for invoice delivery and receipt: Issuing paper invoices is now quite complicated, accountants have to put carbon paper on copies 2 and 3 when writing, accurately writing customer information and send invoices to customers by post. Usually, it takes a few days for a customer to receive an invoice. Meanwhile, with e-invoices, with just a few clicks, buyers can instantly receive invoices wherever they are with an internet connection.

️⛳ No worries about losing invoices: E-invoices are created on a computer and will also be delivered to customers via the Internet, while paper invoices must be sent by post or other shipping units. Lost paper invoices are easy to spread and cause a lot of trouble for both suppliers and customers. According to Circular 176/2016/TT-BTC, the case of losing the invoice already made (transferred to the customer) can be fined from 4 million VND to 8 million VND.

️⛳  High security and accuracy: An electronic invoice is an invoice with an authentication code of the tax authority. Therefore, this is the type of invoice that cannot be faked. Notably, e-invoices have very high accuracy, while writing paper invoices often make mistakes such as:  writing wrong buyer's name, wrong address, wrong tax code, wrong unit price... and the Error handling in these cases is often very complicated and time consuming.

️⛳  Not required to report the use of invoices: According to the provisions of Circular 39/2014/TT-BTC, enterprises using paper invoices must report the use of invoices quarterly; The deadline for reporting the use of invoices in the first quarter is April 30, the second quarter is July 30, the third quarter is October 30, and the fourth quarter is January 30 of the following year. However, when using e-invoices, businesses do not need to make a report on the use of invoices because all information is stored by the General Department of Taxation through the software system. Corporate accountants reduce one work item per quarter.

️⛳  Easy to look up and compare: Make it easy for buyers to look up and compare e-invoices provided by the seller.

2. For society:

✔ Contributing to transforming the way of serving people, management and organization of the tax authorities in the direction of automation in order to reform administrative procedures, create facilitation, reduce costs, and increase operational productivity of the business

✔ The correct implementation of regulations on invoices and vouchers of organizations and individuals helps to create a healthy and equal business environment among tax paying organizations and individuals, thereby helping production activities of the enterprise's is favorable.

✔ Promote the development of e-commerce and business on digital platforms in line with the general development trend of the world

✔ Deploying e-invoices is one of the important contents to promote digital transformation at businesses, digital transformation for financial agencies as well as in other state agencies.

✔ Bringing many common benefits to society, such as: saving costs, resources, and protecting the environment.

3. For management agencies:

3.1. For tax authorities:

⚡ Replacing the position of paper invoices in goods and service transactions, the management of tax authorities based on data digitization on the basis of application of information technology to collect, synthesize, report data from electronic invoices.

⚡ The use of e-invoices also helps the tax sector to build a database of invoices; supporting and serving the inspection, examination, tax refund, risk analysis of enterprises and business individuals.

⚡ Help the Tax agency promptly prevent invoices of businesses running away or go missing, overcome the situation of counterfeiting invoices, create a healthy business environment for businesses, promote e-commerce development.

3.2. For Customs:

⚡ Save time to compare invoices, help Customs authorities at border gates and airports quickly have information for tax refund.

⇒ If you have any questions, please register here for TASCO's earliest advice or contact hotline: 0975480868 (Zalo)

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