Tax revenue from e-commerce surpasses US$4.2 billion
Tax revenue from e-commerce surpasses US$4.2 billion
In the first 11 months of this year, cumulative tax contributions from organisations and individuals engaged in e-commerce totalled VNĐ108 trillion (US$4.25 billion), according to the General Department of Taxation.
A user shops on Lazada. — Photo vietnammoi.vn |
This figure increases by 22 per cent compared to the average tax revenue for the same period in 2023.
To date, 116 foreign service providers, including Google, Meta, Netflix and TikTok, have registered, declared and paid taxes via the electronic tax portal.
As of the end of November, tax contributions from foreign providers amounted to VNĐ19.7 trillion. Specifically, direct tax declarations through the portal reached VNĐ8.68 trillion this year, marking a 26 per cent increase year-on-year.
In December, the tax authority will intensify its management of e-commerce tax collection by launching an electronic tax portal designed for individuals engaged in e-commerce to facilitate tax declaration and payment.
Additionally, efforts will focus on reviewing foreign service providers' compliance with Vietnamese tax laws for cross-border business activities.
The tax authority will continue to collect data on organisations and individuals operating on digital platforms and conduct inspections when signs of tax violations are detected.
Tax revenue from e-commerce activities has steadily increased since 2016, except for 2020 when it declined due to the severe impact of the COVID-19 pandemic.
The sector's tax revenue skyrocketed in 2022, from VNĐ1.59 trillion in 2021 to VNĐ83 trillion. In 2023, e-commerce tax revenue continued its upward trajectory, reaching VNĐ97 trillion with a growth rate of 16.87 per cent.
