Vietnamplus

Member countries of the Association of Southeast Asian Nations (ASEAN) are preparing for the ASEAN Online Sale Day 2021, which is slated for August 8-10.

Deputy Prime Minister Truong Hoa Binh has assigned the State Bank of Vietnam (SBV) to devise measures to control illegal financial transactions and tax evasion via illicit international payment gateways.

Cross-border transactions are in the crosshairs as Decree 126/2020/ND-CP - the latest regulation on tax administration - is to come into effect on December 5, said senior tax officials in a recent press conference.

The State Bank of Vietnam (SBV) has ordered financial institutions and other organisations providing payment brokerage services not to conduct cross-border transactions in cryptocurrency for fear of money laundering, terrorism sponsoring, tax evasion and fraud.

The Ministry of Finance has proposed amendments to the Law on Tax Management, aiming to enhance efficiency of tax collection from multinational companies, cross-border transactions and online businesses.

Vietnam's State Capital Investment Corporation (SCIC) and Russian VTB Group signed a Memorandum of Understanding (MoU), which will allow both companies to expand investment between the two countries.