This new policy is part of the revised Tax Management Law adopted by the National Assembly on November 29.
This fresh policy targets to ensure tax fairness, prevent tax evasion, simplify tax collection and protect consumer rights in Viet Nam. E-commerce platforms need to provide necessary information and cooperate with tax authorities to ensure taxes are paid in accordance with regulations.
The policy will help simplify tax procedures for individual and organizational sellers and allows tax authorities to better monitor transactions in the online environment, said the Ministry of Finance.
Statistics showed that Viet Nam is home to around 412 e-commerce platforms in which 191,000 organizations and individuals are doing business with a total transactional value of VND72 trillion (US$2.87 billion).
Around 102 foreign service providers, such as Meta (Facebook), Google, TikTok, and Netflix, have registered and paid taxes through the electronic portal of the tax authorities in Viet Nam.
Since the portal for foreign providers started operating in March 2022, foreign businesses have contributed over VND18.6 trillion in taxes.
Viet Nam, along with Thailand, are the two fastest growing e-commerce markets in Southeast Asia. Vietnamese e-commerce has grown continuously with an average growth rate of 16-30 percent per year in the past four years, the highest growth rate in the world./.
