E-invoices - solution to ensure transparent gold market: insiders
Generation of e-invoices for all gold transaction will ensure transparency for the gold market, which has gone volatile over the past time, according to experts.
Gold firms are ordered to generate e-invoices for all transactions. (Photo: VNA)
Hanoi (VNA) – Generation of e-invoices for all gold transaction will ensure transparency for the gold market, which has gone volatile over the past time, according to experts.
Gold price at one time reached an all-time high of 92.4 million VND (over 3,600 USD) per tael (about 37.5 grams), while the gap between local and global prices reached 20 million VND per tael, posing high risk of smuggling.
Prime Minister Pham Minh Chinh has recently ordered gold firms to implement e-invoices before June 15 or else their business licences will be revoked.
According to financial specialist Nguyen Tri Hieu, without e-invoices, it could be hard for management agencies to control the number of traded gold bars, resulting in tax evasion, smuggling and speculation.
The General Department of Taxation said the e-invoice system has been carried out since July 1, 2022, with all of the gold business tapping on the platform.
As e-invoices generated from cash registers (ECR) make tax collection more efficient and manageable, the tax authority has made it a common practice among retailers and service providers from December 15, 2022. After one year of implementation, 5,835 gold businesses registered as ECR issuers, with more than 1 million e-bills generated.
The department suggested close coordination between localities, banks and competent agencies and branches to better control gold transactions. It also suggested the State Bank of Vietnam study and propose regulations on making non-cash payments compulsory for gold transactions together with a control mechanism to improve transparency of the market.
Meanwhile, the People’s Committees of provinces and cities must direct organisations, branches, sectors and localities to examine the maintenance of the ECR implementation at gold businesses, and mete out punishment on any that do not generate invoices for buyers, it said./.
The State Bank of Vietnam (SBV) on May 17 issued a decision to inspect the compliance with policies and laws in gold trading activities of credit institutions and gold trading enterprises.
Eleven bidders bought a total of 12,300 out of the 16,800 taels of SJC-branded gold bullion that the State Bank of Vietnam (SBV) offered for sale at an auction held on May 16.
The State Bank of Vietnam (SBV) said that it has directed its branches in provinces and cities to closely monitor the developments of the local gold market, and at gold trading locations, and report to the central bank any case where people queue to buy gold.
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