Vietnam’s ministry of finance recently said the law on tax management warrants e-commerce businesses and digital-based businesses and other services provided by overseas suppliers without an entity in Vietnam to directly or authorise others to implement tax registration, declaration and payment in the country. The draft regulation is open for public comments.
Overseas suppliers on e-commerce and digital platforms were new tax subjects that required detailed regulations to collect taxes efficiently, the ministry was quoted as saying by Vietnamese media reports.Vietnam's ministry of finance recently said the law on tax management warrants e-commerce businesses and digital-based businesses and other services provided by overseas suppliers without an entity in Vietnam to directly or authorise others to implement tax registration, declaration and payment in the country.The draft regulation is open for public comments.#
Under the draft, overseas suppliers were asked to register for online tax transactions via the e-portal of the general department of taxation. Overseas suppliers can register several banking accounts to pay taxes online.
A number of new tax regulations will get effective this year and are expected to contribute to preventing tax avoidance, especially in e-commerce and digital-based businesses.
The Ministry of Industry and Trade’s report showed about 53 per cent of the population did online shopping made e-commerce to expand at 18 per cent in 2020 to reach a $11.8 billion market.
Fibre2Fashion News Desk (DS)
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