With a majority of votes in favour, the National Assembly passed a law that amends nine existing laws related to the financial sector.
The amended laws cover various aspects of finance, including tax policies, public investment, banking, and securities. The changes aim to improve the legal framework for managing public finance, ensuring that it supports economic development while promoting transparency and accountability in financial management.
Notably, the amended Tax Management Law regulates e-commerce activities, digital platform-based businesses, and other services conducted by foreign suppliers. It stipulates that foreign suppliers are responsible for fulfilling their tax obligations in Vietnam, including tax registration, tax declaration, and tax payment, according to the regulations set by the Minister of Finance.
This policy aims to ensure tax fairness, prevent tax evasion, simplify tax collection and protect consumer rights in Vietnam. 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.
So far, approximately 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 Vietnam. Since the portal for foreign providers started operating in March 2022, foreign businesses have contributed over VND18.6 trillion in taxes.
