The passing of the amended Law on tax management in the seventh meeting of Vietnam’s National Assembly on June 13-14 is likely to improve the taxation on e-commerce activities. The law will come into effect on July 1, 2020. The State Bank of Vietnam (SBV) will develop an e-payment system for e-commerce platforms and strengthen supervision over cross-border trade.
Under the new rule, the ministry of industry and trade will work with the finance ministry to provide data and relevant information on organisations and individuals engaged in e-commerce activities, according to Vietnamese media reports.The passing of the amended Law on tax management in the seventh meeting of Vietnam's National Assembly on June 13-14 is likely to improve the taxation on e-commerce activities. The law will come into effect on July 1, 2020. The State Bank of Vietnam will develop an e-payment system for e-commerce platforms and strengthen supervision over cross-border trade.#
Commercial banks are bound to deduct tax for overseas organisations and individuals that make incomes from conducting e-commerce activities in Vietnam.
Banks would have to change their data management to provide required information for tax agencies. The use of electronic bills would be the way to enhance the tax management system, an official said.(DS)
Fibre2Fashion News Desk – India
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