Want to be in the loop?
subscribe to
our notification
Business News
VIETNAM INTENSIFIES E-COMMERCE TAX SCRUTINY
Vietnam’s General Department of Taxation announced today, July 15, that it will enhance scrutiny over income earned from e-commerce and live commerce to reduce lost tax revenue.
This decision was made during a mid-year review conference.
The department will monitor potential violations and refer such cases to law enforcement agencies, according to Vietnam News Agency (VNA).
The department plans to offer guidance for and hold direct dialogues with e-commerce taxpayers to ensure compliance. Efforts will also include updating the e-commerce database, conducting risk analysis, and leveraging artificial intelligence (AI) to manage data and issue alerts.
In the first half of this year, total taxable revenues from e-commerce reached VND1,800 trillion, with taxes paid at some VND50 trillion, up by 23% year-on-year.
During the same period, 4,560 violations were discovered, resulting in VND297 billion of penalties.
Source: The Saigon Times
Related News
POSITIVE ECONOMIC OUTLOOK FOR VIETNAM
Driven by strong recent economic performance, many foreign agencies have upgraded Vietnam's growth forecasts for 2024 and 2025. The National Assembly set a GDP growth target of 6.5-7% for 2025, aiming for 7-7.5%, while the Prime Minister set a more ambitious 8% growth target.
EFFECTIVE RESTRUCTURING BODES WELL FOR LOCAL AIRLINES
Aviation businesses in Vietnam are expected to perform better in 2025, driven by effective restructuring. National flag carrier Vietnam Airlines is on the way to making consolidated revenues of around $4.37 billion in 2024, up from $3.88 billion in 2023.
KEY SOLUTIONS TO DRIVE GREEN GROWTH
The Prime Minister has issued Directive 44/CT-TTg, dated December 9, 2024, outlining key tasks and solutions to accelerate the implementation of the National Strategy on Green Growth for the 2021-2030 period, with a vision to 2050.
PM ORDERS SWIFT RESOLUTION OF CHALLENGES FOR RENEWABLE ENERGY PROJECTS
Prime Minister Phạm Minh Chính has laid stress on the need to complete the resolution of obstacles for renewable projects by February 2025 to prevent wastefulness, contributing to ensuring electricity for development.
CLEAR LEGAL FRAMEWORK NEEDED TO UNLOCK DIGITAL ASSET POTENTIAL
The past decade has seen remarkable advancements in technology worldwide, particularly in digital assets such as blockchain, cryptocurrencies, asset tokenization and decentralized finance (DeFi). Once unfamiliar, digital assets have now become integral to the global financial system. Leading nations in this field not only to drive innovation but also establish a strategic edge in the global economy.
HANOI'S ECONOMY CONTINUES TO SUSTAIN GROWTH
Speaking at the opening session of the 20th meeting of Hanoi People’s Council on December 4, Deputy Chairman of Hanoi People’s Committee Ha Minh Hai reported that the capital’s economy has maintained high growth, with regional GDP rising by 6.12 per cent in the first nine months of the year, and expected to exceed 6.5 per cent for the full year.