Vietnam collects $146M from online platforms such as Facebook, Google
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Forty-two foreign suppliers, including Facebook, Google and TikTok, have paid VND3.44 trillion ($146.40 million) in taxes to Vietnam this year, according to the new portal of the General Department of Taxation.
The portal was established in March to make it easier for cross-border giants to pay their taxes in Vietnam, the department said in a report released Thursday.
Vietnam is forecast to collect VND1,460 trillion in taxes and fees this year, exceeding its earlier estimate by 24.3%. This is an 8.5% increase from 2021.
Sixteen out of 19 tax areas recorded growth for the year, such as state-owned companies (up 8.7% year-on-year), foreign direct investment (2.5%), and the private economy (1.4%).
Hanoi and Ho Chi Minh City each collected over VND300 trillion in taxes and fees for the year.
Questions & Answers
Q.Which foreign suppliers have contributed to Vietnam's tax collection?
Which foreign suppliers have contributed to Vietnam's tax collection?
Forty-two foreign suppliers, including Facebook, Google, and TikTok, have paid taxes to Vietnam this year. These cross-border giants contributed VND3.44 trillion, equivalent to $146.40 million, to the nation's tax revenue.
Q.Why was the new tax portal established?
Why was the new tax portal established?
The new portal of the General Department of Taxation was established in March to simplify the tax payment process for large cross-border companies operating in Vietnam. This initiative aims to make it easier for them to fulfil their tax obligations.
Q.How do this year's total tax collections compare to previous estimates and last year's figures?
How do this year's total tax collections compare to previous estimates and last year's figures?
Vietnam is predicted to collect VND1,460 trillion in taxes and fees this year, surpassing its initial estimate by 24.3%. This represents an 8.5% increase in total tax revenue compared to 2021.
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