From July 1, banks must provide customer account balances to tax authorities

‼️ Fellow frequent P2P traders, take note
From July 1, under Decree 252 guiding the Tax Administration Law, banks, credit institutions, payment service providers, payment intermediaries, and international card organizations are responsible for providing taxpayer account information to tax authorities.
Not only including account holder name, account number, place of opening, opening date and closing date, these entities must also provide more detailed data such as transaction quantity and value, transaction content, sender and receiver information, domestic and international transactions, account balance, end-of-period balance, as well as income generated from the account.
In addition, information about co-owners, authorized persons, beneficiaries, and unusual or suspicious transactions under anti-money laundering regulations also falls within the scope of provision.
Some data will be sent periodically every month by electronic means, no later than the 10th day of the following month. Other information will be provided according to connectivity agreements or upon request by tax authorities.
The new regulation significantly expands the scope of information compared to before, aiming to help tax authorities manage based on cash flow analysis, detect tax evasion, prevent budget revenue loss, and increase the transparency of the economy.
In addition, press agencies are also responsible for providing information related to business activities or signs of tax law violations when requested by tax authorities.