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From December 5, commercial banks shall have to share information on customer bank accounts of taxpayers with tax authorities.

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The regulation is stipulated in Point 2, Article 30 of Decree 126/2020/ND-CP on the implementation a number of articles of the Law on Tax Administration 2019.

Specifically, commercial banks will be responsible for providing account transaction information, account balances, and transaction figures in accordance with proposals of tax authorities within 90 days from the effective date of this Decree.

Bank Account information shall be updated on a monthly basis for ten days of the following month. The method of providing information is in the electronic means.

The move aims to serve for inspection, verification and determination of payable tax obligations, and organizing the implementation of suitable tax administration measures in accordance with the tax law./.

(Source:VGP)