The Tax Department proposes not to remove banks’ responsibility for providing taxpayer information

On June 3, the Tax Department said that according to the latest draft of the Decree detailing the Law on Tax Administration, banks, payment intermediaries and international card organizations must provide information about the payer’s payment account. These units also coordinate with tax authorities when detecting unusual transactions that need to be inspected.

“The draft decree does not remove credit institutions’ responsibility to provide information. These regulations continue to be maintained to ensure implementation of Tax Administration Law No. 108/2025,” the Tax Department said.

The content was released by the tax authority before the information that the Ministry of Finance abandoned the proposal that banks must provide taxpayer account information.

According to the draft, the information banks, card organizations, and payment intermediaries need to provide include account holder name, date of birth, address, tax code, country of residence, account number, account opening and closing date.

The bank must also provide the quantity, value and content of the transaction, information about the transferor – recipient, balance, income arising from the account… In addition to the account owner, information about the authorized person, account co-owners, beneficiaries and related parties is also within the scope of provision.

In addition, banks must report unusual or suspicious transactions according to regulations on anti-money laundering. However, the draft currently does not specify the frequency of providing information or the range of taxpayers that banks must report to.

The Tax Department also believes that regulating the responsibility for coordination and information provision of credit institutions aims to increase tax management efficiency. This also ensures fairness in the implementation of tax obligations, contributes to preventing fraud and limiting state budget revenue loss