CIRCULAR NO. 78/2021/TT-BTC AND DECREE NO. 123/2020/ND-CP

To implement the Law on Tax Administration No. 38/2019/QH14, on October 19, 2020, the Government issued Decree No. 123/2020/ND-CP (“Decree 123”) prescribing invoices and records. The most important new point of this Decree is the regulation on the management and usage of E-invoices: from July 1, 2022, all enterprises, economic organizations, household business and individual business shall implement E-invoices (except for some regulated cases). In order to strengthen the implementation of E-invoices, on September 17, 2021, the Ministry of Finance issued Circular 78/2021/TT-BTC (“Circular 78”) providing guidance on the implementation of a number of articles of the tax administration law No. 38 /2019/QH14, Decree No. 123/2020/ND-CP

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