Post by : Shakul

Vietnam’s Ministry of Finance Vietnam has proposed a major reform in the management of electronic tax stamps for alcohol and tobacco products. The draft circular outlines a phased transition that will allow businesses, organizations, and individuals to print their own electronic tax stamps.

Under current regulations, the printing, issuance, and management of electronic tax stamps are governed by existing circulars issued by the Ministry of Finance. These rules are expected to remain largely unchanged in terms of stamp design and usage requirements, ensuring continuity in the system.

The key change in the proposal is the introduction of a roadmap for transferring the responsibility of printing tax stamps from government authorities to businesses. At present, the Customs Department handles stamps for imported goods, while the Tax Department manages stamps for domestically produced alcohol and tobacco.

According to the draft, starting January 1, 2027, businesses and authorized entities will be permitted to independently print electronic tax stamps for their products. This marks a significant shift toward decentralization and greater operational responsibility for producers and importers.

The transition will be fully implemented from January 1, 2028, when businesses will be required to print their own stamps. From that point onward, government agencies will stop printing and issuing these electronic tax stamps.

Authorities have emphasized that businesses must strictly follow prescribed formats and maintain detailed printing contracts. They will also be responsible for managing stamp usage and transmitting relevant data to regulatory agencies to ensure transparency and compliance.

The proposed reform aims to improve efficiency, reduce administrative burdens, and enhance accountability within the system. At the same time, strict rules remain in place to prevent misuse, including prohibitions on unauthorized trading, transfer, or damage of electronic stamps.

#Asia News #Economy #Policy #Taxation #policy statement