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19-Mar-2022 Intellasia |
VIR |
5:02 AM
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At the National Assembly Standing Committee on March 16, minister of Finance Ho Duc Phoc said that the ministry has been proactive in collecting and managing the tax revenue associated with cross-border e-commerce and multinational tech giants.
The Ministry of Finance (MoF) has amassed approximately $217 million from business conducted online in 2021.
“Data compiled by the MoF shows that many significant multinational companies have paid taxes, including around $74 million from Meta, $70 million from Google, and $25 million from Microsoft,” the minister said.
Furthermore, the MoF has mandated that cross-border tax declarations will soon be available online via an automated gateway built by the general Department of Taxation (GDT).
On March 21, the GDT will launch this gateway so that overseas enterprises can immediately file a report and meet their tax obligations when conducting any cross-border transactions.
Additionally, the MoF has developed criteria and legal corridors for tax payment through online transactions. It is in the process of building an app that will automatically compute deductions and payments.
https://vir.com.vn/vietnam-collects-217 million-in-tax-from-cross-border-business-and-foreign-tech-giants-92009.html
Category: Business, Vietnam
Article source: https://www.intellasia.net/vietnam-collects-217-million-in-tax-from-cross-border-business-and-foreign-tech-giants-1030612
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