The department of taxation of large enterprises under the General Department of Taxation (GDT) has recently announced that four foreign suppliers conducting business in Vietnam through e-commerce digital platforms have not yet complied with regulations on tax registration through the GDT’s e-portal.
As many as 92,080 business establishments had registered to use e-invoices generated via cash registers by the end of 2024, rising 2.3-fold from the previous year, heard a recent conference reviewing finance and state budget affairs.
A total of 120 foreign suppliers have registered, declared, and paid taxes worth more than 8.68 trillion VND (341 million USD) through the General Department of Taxation (GDT)’s e-portal this year, up by 26% year-on-year and 74% compared to the annual target.
The General Department of Taxation on November 7 reported that the total state budget collection of the sector in January – October was estimated at over 1.4 quadrillion VND (55.18 billion USD), or 94.8% of the annual projection and up 16.3% against the same time last year.
A total of 115 foreign suppliers have registered and paid taxes through the electronic portal, contributing over 18 trillion VND (711.88 million USD) to the state budget, according to the Ministry of Finance’s General Department of Taxation (GDT).
The General Department of Taxation has asked local tax authorities to review and make lists of retailers selling through livestreaming on platforms such as YouTube, Facebook and Tiktok to carry out risk-based inspections.
The General Department of Taxation on June 5 reported that the total State budget collection of the tax sector in the first five months of this year was estimated at 767.41 trillion VND (30.19 billion USD), equivalent to 51.6% of the yearly projection and representing a year-on-year rise of 14.9%.
The rapid development of e-commerce in recent times has posed significant challenges to the tax management in Vietnam. The tax sector is coordinating with relevant ministries and branches to seek suitable solutions to development requirements and practices serving tax management and preventing tax loss.
Revenue from e-commerce for domestic organisations and individuals reached 536.5 billion VND (over 22 million USD) this year, reported the General Department of Taxation (GDT).
Saigon Beer-Alcohol-Beverage Joint Stock Corporation (SABECO) was honoured for its efforts to overcome difficulties and make great contributions to the State budget during the 2020-2022 period.
Foreign service providers paid more than 9 trillion VND (367.15 million USD) in tax through the online portal serving taxpayers engaging in e-commerce and business activities in the first nine months of this year, according to the General Department of Taxation.
The tax sector collected more than 1,048 trillion VND (nearly 43 billion USD) for the State budget in the first nine months of 2023, equivalent to 76.3% of the estimate for the whole year and 94.9% compared to the figure in the same period last year, the General Department of Taxation reported on October 4.
The General Department of Taxation (GDT) has said that it guaranteed to reduce and simplify at least 20% of regulations and cut at least 20% of compliance costs related to business activities and eliminate unnecessary regulations by 2025.
As of the end of July, the tax sector collected a total of 25.608 trillion VND (1.06 billion USD) in tax arrears, reported the General Department of Taxation.
The General Department of Taxation under the Ministry of Finance said it will work harder to better its tax management over foreign service providers to avert losses to the State budget.
The taxation sector’s total state budget revenue in the first seven months of 2023 was estimated at 868.6 trillion VND (36.6 billion USD), equal to 63.3% of the estimate, and 94.5% compared with that of the same period last year, the General Department of Taxation released on August 4.
Foreign suppliers, such as Google, Apple, Meta (Facebook), Microsoft, Netflix and TikTok, paid 3.94 trillion VND (169 million USD) in taxes in the first half of 2023, according to the General Department of Taxation (GDT).
