Tax collections from Meta, Google, TikTok soar
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Sixty-seven cross-border digital platforms, including Meta, Google, TikTok, and Microsoft have paid taxes of VND5.8 trillion (US$241.7 million) so far this year compared with VND3.5 trillion for 2022.
The General Department of Taxation said it would urge other foreign service providers who have yet to declare and pay taxes to do so, and upgrade its electronic information portal to facilitate online payment.
As of Sept. 18 some 350 e-commerce platforms had provided tax authorities with information about 191,000 organizations and individuals that did a total of VND44.5 trillion worth of business through them.
Tax collections in the first nine months stood at VND1,050 trillion, down 5% from the same period last year, according to the department.
Taxes on crude oil were down 20% at VND46 trillion.
Questions & Answers
Q.What is the total amount of tax collected from cross-border digital platforms this year?
What is the total amount of tax collected from cross-border digital platforms this year?
Cross-border digital platforms, including major tech companies, have paid VND5.8 trillion (US$241.7 million) in taxes so far this year. This figure represents an increase compared to the VND3.5 trillion collected in 2022.
Q.How much business did the e-commerce platforms report to tax authorities?
How much business did the e-commerce platforms report to tax authorities?
As of September 18, 350 e-commerce platforms provided tax authorities with information about 191,000 organisations and individuals. These entities conducted a total of VND44.5 trillion worth of business through the platforms.
Q.What is the overall trend for tax collections in the first nine months of this year?
What is the overall trend for tax collections in the first nine months of this year?
Overall tax collections for the first nine months of the year stood at VND1,050 trillion. This amount is 5% lower than the collections recorded during the same period last year, indicating a decline in total tax revenue.
Q.What actions will the General Department of Taxation take regarding other foreign service providers?
What actions will the General Department of Taxation take regarding other foreign service providers?
The General Department of Taxation plans to urge other foreign service providers that have not yet declared and paid taxes to do so. It will also upgrade its electronic information portal to make online payments easier for these entities.
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