The General Department of Taxation notes that, within 10 working days from the date of receiving the request, banks must provide transaction information via account, account balance, transaction for Directors of Departments of Taxation for the inspection and verification purposes to determine the payable tax obligation and take measures to enforce administrative decisions on tax administration. In case the banks fail to provide the information at the request of tax administration authorities, they shall be sanctioned for administrative violations according to the regulations at Article 19 of Decree No. 125/2020/ND-CP .
In addition, banks and payment intermediary service providers also have to declare, withhold and pay tax on behalf of overseas suppliers and monitor amounts of money transferred to the overseas suppliers in accordance with the regulations at Article 81 of Circular No. 80/2021/TT-BTC . In case the banks and payment intermediary service providers fail to implement, they shall be sanctioned according to the regulations at clause 1 Article 41 of the Law on Tax Administration No. 38/2019/QH14 .
In the course of implementation according to the aforesaid Article 81, if banks and payment intermediary service providers face difficulties in withholding, paying tax on behalf overseas suppliers, they shall report to the Large Taxpayers Department for obtaining guidelines .