The Viet Nam Chamber of Commerce and Industry (VCCI) proposed the Ministry of Finance finalise a draft circular on tax.

The circular would amend and supplement Circular 40/2021/TT-BTC on value-added tax, income tax and tax management for business households and individuals; in which, there are parts on information security provided by enterprises.

Currently, data is considered one of the most valuable assets for businesses; especially those that do business on the basis of the digital economy such as e-commerce platforms.

The security of information and data is very important to businesses. Leaking information will cause great losses to e-commerce platforms, especially if competitors can capture this data.

When participating in e-commerce or declaring taxes, businesses are required to provide information, which causes concerns over information security mechanisms against hackers; or internal data management mechanisms to avoid information being stolen.

VCCI recommends tax authorities take measures to upgrade the security of information systems to ensure safety against cyber attacks.

At the same time, the Ministry of Finance considers supplementing regulations on error identification mechanisms when detecting cases of data leakage.

In fact, all businesses have internal mechanisms and processes for data management. Similarly, the agency drafts additional regulations for the tax authority to supplement internal regulations on information and data management and requires decentralisation of the information system; in which, there are regulations on information access authorisation, requiring logins and a database of login times. — VNS