Business

Tax revenue from Google, Youtube, Facebook reaches 49.5 million USD in 2020

Tax revenues from online advertising business models of foreign organisations that do not have legal entities in Vietnam like Google, YouTube or Facebook hit 1.14 trillion VND (49.5 million USD) last year, reported the General Department of Taxation.
Tax revenue from Google, Youtube, Facebook reaches 49.5 million USD in 2020 ảnh 1The Google logo shown on tablets (Photo: AFP/VNA)
Hanoi (VNS/VNA) - Tax revenues from online advertising business models offoreign organisations that do not have legal entities in Vietnam like Google,YouTube or Facebook hit 1.14 trillion VND (49.5 million USD) last year,reported the General Department of Taxation.

Thevalue-added tax was 519 billion VND and corporate income tax 624 billion VND.

Arepresentative of the department said that due to the impact of the COVID-19pandemic last year, many types of traditional businesses had to change the waythey operated. In particular, digital business activities recorded very rapiddevelopment, he noted.

Peopleparticipated in online shopping and entertainment activities and usedcashless payments with a higher frequency due to the pandemic, said therepresentative.

Meanwhile,enterprises had to change production and business models towards digitisation,apply online technology in their products, and engage with customers to createnew revenue sources, he added.

Taxrevenue from business activities on digital platforms would continue toincrease thanks to the rapid development of digital economic services, hesaid./.
VNA
#online advertising #Google #YouTube #Facebook #digital business activities #digital platforms #digital economic services #tax revenues #updated Vietnam news #Vietnamplus #Vietnam News Agency
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