According to the new circular 156/2013 on tax administration, taxpayers are required to provide details of all of their bank accounts to the tax authorities.If all bank accounts have already been notified in the tax code registration form, no action is required.

If there have been changes in bank accounts compared with those declared in the tax code registration form, taxpayers are required to submit form 08-MST to notify the new bank accounts to the tax authorities by 31 December 2013.

In future, if there are changes in bank accounts, taxpayers are required to notify the new bank accounts to the tax authorities within 10 (ten) days from the date the change is effected. This requirement in fact conflicts with the guidance in the Decree 83/2013, whereby the changes are required to be notified to the tax authorities together with quarterly CIT return submission.

Failure to notify a bank account is subject to administrative penalty from VND 700,000 to VND 2,000,000.

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