On 3/6, the Tax Department announced that the latest draft decree detailing the Tax Administration Law mandates banks, payment intermediaries, and international card organizations to provide information on taxpayer payment accounts. These entities are also required to cooperate with tax authorities when unusual transactions needing inspection are detected.

The Tax Department affirmed that the draft decree retains the responsibility of credit institutions to provide information. These regulations are maintained to ensure compliance with Tax Administration Law No. 108/2025.

The information banks, card organizations, and payment intermediaries must provide includes: the account holder's name, date of birth, address, tax identification number, country of residence, account number, and account opening and closing dates.

Banks must also provide details such as the quantity, value, and content of transactions, sender and receiver information, account balances, and income generated from accounts. Beyond the account holder, this scope extends to authorized persons, co-account holders, beneficiaries, and other related parties.

Additionally, banks must report unusual or suspicious transactions in accordance with anti-money laundering regulations. However, the current draft does not specify the frequency of information provision or the scope of taxpayers banks must report on.

Transactions at a commercial bank. Photo: Giang Huy

The Tax Department emphasizes that mandating credit institutions to cooperate and provide information boosts tax management efficiency. This measure also ensures fairness in fulfilling tax obligations, helping prevent fraud and reduce state budget losses.

Quynh Trang