Foreign big tech firms pay US$160 million in taxes over 5 months

Jun 8th at 20:08
08-06-2024 20:08:46+07:00

Foreign big tech firms pay US$160 million in taxes over 5 months

To date, 96 foreign providers have registered for taxes through the electronic information portal, including Google, Meta (Facebook), Microsoft, TikTok, Netflix, and Apple, among others.

Foreign service providers such as Google, Facebook, and TikTok have paid over VND4 trillion (US$160 million) in taxes during the first five months of the year, data from the General Department of Taxation revealed.

Foreign service providers have paid taxes via the electronic information portal since March 2022. Photo: Hoang Giang/The Hanoi Times

So far, 96 foreign providers have registered for taxes through the electronic information portal, an increase of two from the previous month. The list includes Google, Meta (Facebook), Microsoft, TikTok, Netflix, and Apple.

As of May 15, these companies had paid over VND4 trillion ($160 million). Since the launch of the electronic information portal for foreign providers in March 2022, a total of VND15.6 trillion ($650 million) has been collected from these companies.

The tax authorities plan to review foreign providers that have not yet registered, filed returns, or paid taxes through the portal. The agency will also upgrade the system to facilitate tax declaration and payment. Another measure involves the tax authorities working with various ministries to share data to prevent revenue loss and ensure monetary security.

To date, the finance sector has recorded over 663,000 hits to the Ministry of Public Security’s citizen database. They have also shared information with the Ministry of Industry and Trade on 929 e-commerce platforms and have cross-referenced data from 361 platforms.

Regarding the banking sector, the Ministry of Finance has information on 144 million payment accounts, an increase of over 20 million since the end of April. This includes about 10 million organizational accounts and 134 million individual accounts in 96 banks.

It’s common for individuals and organizations to have multiple payment accounts at different banks for convenience.

In 2023, tax revenue from e-commerce was VND3,500 trillion ($146 billion), with VND97 trillion ($4 billion) in taxes paid, a 14% increase from the previous year. In the first five months of this year alone, over VND50 trillion ($2.1 billion) in taxes were collected from this sector.

Hanoi Times


Digital assets should be taxed like lottery winnings in Vietnam: experts

In 2023, the flow of cryptocurrencies into Vietnam amounted to US$120 billion.

VinaCapital chief investment officer passes away at 52

VinaCapital has announced that Andy Ho, 52, Chief Investment Officer, unexpectedly passed away on June 6 morning at his home in HCM City.

Settlement of weak banks remains tough

The settlement of weak banks has faced difficulties as the work mainly depends on the voluntary participation of well-performed banks, the State Bank of Vietnam...

Legal framework on virtual assets must cover management of financial risks and new technologies: experts

It is necessary for Việt Nam to develop a legal framework on virtual assets (VA) which can manage traditional financial risks in combination with new technology...

Vietnam collects US$2 billion in taxes from e-commerce platforms

The finance ministry now manages 144 million e-commerce accounts, including 10 million for organizations and 134 million for individuals

VAT reduction of 2% for some goods and services expected to continue

The Ministry of Justice held a meeting to appraise the draft resolution of the National Assembly on VAT reduction, chaired by Deputy Minister Trần Tiến Dũng.

​Big discounts offered for online payments to back Cashless Day in Vietnam

Customers have enjoyed huge discounts at several stores in the shopping mall Vincom Dong Khoi in downtown Ho Chi Minh City after making online payments as a way to...

Việt Nam's State budget collection up nearly 15 per cent in five months

The total state budget collection in the first five months of this year was estimated to reach VNĐ898.4 trillion (US$35.2 billion), equivalent to 52.8 per cent of...

Bank savings of individual customers recover while institutional savings decline

Deposits of individual customers at banks have increased again since February this year, after declining in January, latest statistics from the State Bank of...

SeABank completes capital increase to VNĐ24.5 trillion

The State Bank of Vietnam has issued Decision No. 970/QĐ-NHNN, approving the adjustment of SeABank's operating licence to increase its charter capital from more...

Bank stocks

Insurance stocks


Back To Top