Foreign tech giants pay $157 million in taxes in H1

According to the Ministry of Finance, there are an additional 26 foreign service providers registered to pay taxes through the electronic portal in the first six months of 2024.

As of present, a total of 102 foreign service providers have registered, declared, and paid taxes through the electronic portal, from the United States, Netherlands, South Korea, Singapore, Hong Kong, Ireland, Switzerland, Australia, and the United Kingdom.

According to Circular No.80/2021/TT-BTC dated September 2021, foreign service providers are doing e-commerce, digital business, and other business in Vietnam without a permanent establishment. Foreign service providers like Google, Meta, Microsoft, Netflix, and Apple are on the list of those who have filed and paid taxes.

As of present, there have been 383 domestic and foreign e-commerce trading floor platforms providing information on the electronic portal, an increase of 22 compared to the end of 2023.

The General Department of Taxation (GDT) has taken several measures to improve tax management for domestic e-commerce activities. Accordingly, e-commerce activities have been divided into eight groups for easy management. These include e-commerce trading floor platforms; e-commerce website/application; social media platforms; transportation and delivery platforms; agent platforms; subscription platforms; advertising platforms; and application store platforms.

Additionally, taxpayers engaging in e-commerce activities are divided into two primary groups. One group consists of businesses and individuals who use social media and e-commerce platforms to offer domestic goods and services. Another group features foreign service providers providing cross-border products and services.

According to the GDT, revenue under tax management reached $146.28 billion, with taxes paid amounting to $3.82 billion in 2023.

Beer industry compelled to adjust to potential tax impact Following a stressful few years of slumping demand, the beer industry is taking on even more challenging times, including the potential impact of special consumption tax, which leaves it finding new ways to prosper.

Valuable lessons can direct sugary beverage rules Tax policy is an effective financial measure to control consumption of sugar-sweetened beverages (SSBs). The significant prevalence of obesity and diet-related non-communicable diseases (NCDs) driven by increasingly unhealthy dietary patterns is of global health concern. Significant attention has been given to curbing excess sugar intake and particularly SSB consumption.

Tax increases must be effective to support beverage groups The beverage manufacturing and trading sector has been making an important contribution to Vietnam’s socioeconomic development and meeting domestic and export consumption needs, ensuring market stability.