Expecting contribution of Finance sector to innovation and development of country Deputy Prime Minister Le Minh Khai

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0055 5337 7AA88C34 3199 4134 AC1D 6F1C2838AF99 - Expecting contribution of Finance sector to innovation and development of country Deputy Prime Minister Le Minh Khai
Deputy Prime Minister Le Minh Khai delivered a speech at the conference

Aiming for 100% of businesses using e-invoices

At the conference, Deputy Prime Minister Le Minh Khai said the National Online Conference to launch the Electronic Invoice System was an important event, affirming the efforts and initial results of Governmental agencies and local agencies, especially the Ministry of Finance and the Tax sector, in strengthening the management of state budget revenue, facilitating people and businesses in tax declaration and payment and creating a favorable, public and transparent business market; and contributing to strongly promoting national digital transformation, developing the digital economy and digital society.

He said electronic invoices play a particularly important role in modern tax management. This is a central task to promote the digital transformation of the economy, changing management methods and working processes of tax authorities as well as businesses and taxpayers; saving administrative costs and building a big database, not only for tax authorities but also for the business and the economy.

“Along with the successful completion of the central political task of management of state budget revenues, the conference is the result of a long process with great determination and efforts of the Ministry of Finance, General Department of Taxation, the whole tax sector and the close coordination, support and companionship of all levels, branches, localities, people and the business community,” said the Deputy Prime Minister.

The Deputy Prime Minister asked the Finance and Tax sectors to continue promoting reform and modernization of state budget-financial management, tax administration in a transparent manner to facilitate and reduce time and costs for taxpayers and management agencies.

“The conference is just the initial stage, we still have a lot of work to do achieve the target that 100% of businesses use e-invoices nationwide by June 30, 2022,” said the Deputy Prime Minister.

The Deputy Prime Minister requested the tax sector to continue to develop and further improve the electronic invoice system, ensuring that information and data are accurate, transparent, consistent, secure and safe, meeting management requirements and facilitate taxpayers; catching up with the tax of countries in the region and the world.

Moreover, the tax sector must also strengthen information about e-invoices to people and the business community and expand interactive channels to effectively support people and businesses regarding e-invoices.

He also suggested that the tax sector should clearly define the implementation of the electronic invoice system as a key solution to promote national digital transformation, development of the digital economy and digital society. Therefore, the tax sector should review and perfect regulations on information and digital data systems with high connectivity and interoperability; not only for tax administration but also other operations.

Notably, the tax sector should closely coordinate with ministries, agencies and local authorities to develop specific plans and solutions to succeed in the e-invoice system, especially working with the banking sector for electronic payments, creating financial transparency and convenience for users. Local leaders must provide close coordination and effective implementation in their areas.

In particular, the tax agency should further strengthen inspection, supervision, and close coordination with local authorities in the management of e-invoices, especially in the fields of services, restaurants, hotels, and e-commerce and cross-border transactions and promptly detect and strictly handle violations.

Succeeding in general tasks of the finance sector

The finance sector plays a particularly important role as the lifeblood of the economy. Amid the Covid-19 pandemic, the finance and tax sectors have had more significance to socio-economic recovery and development in association with disease safety in accordance with the conclusions of the Central Committee and the Resolution of the National Assembly, Mr. Le Minh Khai said.

Besides the implementation of e-invoices, the Deputy Prime Minister also assigned important tasks to Minister Ho Duc Phuc, leaders of the Ministry of Finance and the General Department of Taxation.

Firstly, the finance sector must closely work with the Ministry of Planning and Investment, relevant ministries and agencies to review, finalize and submit to competent authorities a draft socio-economic recovery and development program associated with the master strategy on pandemic prevention and control. This is a key task which will help the country overcome difficulties and catch up with the strong recovery trend of the world economy.

Secondly, the finance sector must effectively implement current fiscal support policies such as extending the payment deadline, exempting and reducing some taxes, fees and charges, to support people and employees and employers. At the same time, the finance sector should focus on performing the state management function in finance – state budget, contributing to stabilizing the macro-economy, controlling inflation, ensuring the major balances of the economy to promote the country’s rapid and sustainable development.

Third, the finance sector should focus on reviewing and perfecting institutions, mechanisms and policies on finance – state budget, especially in the following aspects: Perfecting the tax policy system and strengthening tax administration; strengthen state budget management; strengthen the decentralization of the state budget in the direction of ensuring the leading role of the central budget and promoting the initiative of the local budget; closely and effectively managing public debt and public assets; improving the efficiency and sustainable development of the financial market and the stock market which become an important medium and long-term capital mobilization channel for the economy.

Fourth, the finance sector should focus on performing the Party’s work, ensuring high solidarity in the unit; promoting decentralization, and specifying individual responsibilities, associated with strengthening inspection, supervision and control of power; encouraging and protecting those who dare to think, dare to do, dare to take responsibility for the public benefit and give encouragement and strict discipline.

Fifth, the finance sector should further restructure the organization and apparatus, streamline the staffing associated with training and improving the quality of human resources in the finance and tax sectors; strengthen administrative discipline, create favorable conditions for officers to maximize their capacity and intelligence, to better serve people and businesses.

Sixth, the finance sector should further improve the efficiency of international cooperation in finance, tax, and customs, focusing on cooperation, technical assistance and staff training to serve the strategic objectives and tasks of the sector.

The construction of the system is just the initial stage. The effective operation and use of the e-invoice system is really the hope of the Party, the State, the Government and the expectation of the whole society, people and businesses for the finance and tax sectors.

“I believe that, with the great efforts and determination of the cadres, civil servants, public employees in the sectors and the close coordination, support and companionship of ministries, governmental agencies and local agencies and people across the country, the Finance sector and the Tax sector will achieve more and more success, contributing to the innovation, integration and development of the country in the future,” said Deputy Prime Minister Le Minh Khai.

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