Business

Foreign suppliers pay nearly 8.7 trillion VND in taxes this year

A total of 120 foreign suppliers have registered, declared, and paid taxes worth more than 8.68 trillion VND (341 million USD) through the General Department of Taxation (GDT)’s e-portal this year, up by 26% year-on-year and 74% compared to the annual target.

Activities at the Hanoi Department of Taxation (Photo: VNA)
Activities at the Hanoi Department of Taxation (Photo: VNA)

Hanoi (VNA) – A total of 120 foreign suppliers have registered, declared, and paid taxes worth more than 8.68 trillion VND (341 million USD) through the General Department of Taxation (GDT)’s e-portal this year, up by 26% year-on-year and 74% compared to the annual target.

According to the GDT, the collection of foreign withholding tax from companies offering cross-border digital services fluctuated over the 2019 - 2021 period, with revenues recorded at close to 1.17 trillion VND in 2019, over 1.14 trillion VND in 2020, and more than 1.59 trillion VND in 2021.

The general department acknowledged ongoing challenges to managing taxes on cross-border e-commerce. Transactions in this sector are conducted entirely online and reach end consumers directly, making it difficult to comprehensively track revenue. Additionally, some foreign suppliers without a permanent establishment in Vietnam can easily evade their tax obligations.

To address these issues, the GDT has been implementing various measures, including improving the legal framework, applying technology, enhancing the database, and boosting communications.

Efforts have focused on building a Big Data repository using information from banks, e-wallets, online payment service providers, and international card organisations. The department is also exploring the application of advanced technologies such as artificial intelligence (AI) to identify and monitor cross-border e-commerce payments./.

VNA
#General Department of Taxation #foreign suppliers #taxes #cross-border digital services #e-commerce
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