Tax revenue from e-commerce surpasses 4.2 billion USD
Cumulative tax contributions from organisations and individuals engaged in e-commerce totalled 108 trillion VND (4.25 billion USD) in the first 11 months of this year, according to the General Department of Taxation.
Hanoi (VNS/VNA) - Cumulative tax contributions from organisations and individuals engaged in e-commerce totalled 108 trillion VND (4.25 billion USD) in the first 11 months of this year, according to the General Department of Taxation.
This figure increases by 22% 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 19.7 trillion VND. Specifically, direct tax declarations through the portal reached 8.68 trillion VND this year, marking a 26% 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 1.59 trillion VND in 2021 to 83 trillion VND. In 2023, e-commerce tax revenue continued its upward trajectory, reaching 97 trillion VND with a growth rate of 16.87%./.
Total State budget collection in the first four months of this year was estimated at 640.29 trillion VND (25.20 billion USD), equivalent to 43% of the yearly projection, representing a year-on-year rise of 10.7%, according to the General Department of Taxation.
The tax sector’s total state budget revenue in the first quarter of 2024 was estimated at 490.2 trillion VND (19.64 billion USD), equal to 33% of the estimate for the year, and 10.9% higher than the figure of the same period last year, the General Department of Taxation announced on April 9.
The tax sector collected an estimated 462.92 trillion VND (19.71 billion USD) for the State budget in the first quarter of 2023, equivalent to 31.1% of the yearly estimate, the General Department of Taxation reported on April 3.
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