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Friday, June 14, 2024

Finance Ministry backs excise tax on online games

By N. Tan

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HCMC – The Ministry of Finance has thrown its weight behind a proposal to impose a special consumption tax, or excise tax, on online games as it may cause an addiction, affecting players’ health.

According to the Ministry of Finance, online game services should be subject to special consumption tax as the tax would influence how people, especially teenagers, consume online games, and at the same time, help to increase State budget revenue.

In a draft report the Ministry of Finance sent to the Ministry of Justice giving opinions on preparing the Special Consumption Tax Law, around 90% of opinions backed imposing an excise tax on online games, while 10% requested further consideration or disapproved the proposal.

Approving of the special consumption tax on online games, the Ministry of Health said that online games adversely affect the physical and mental health of players, especially teenagers.

Game addiction lessens social interaction, causes insomnia and affects the quality of life.

Based on the above, the Ministry of Finance backed the proposal to impose an excise tax on online games permitted for circulation in Vietnam.

Online game business has grown strongly in the country, with revenue in 2019 reaching VND7,580 billion, VND11,490 billion in 2021 and around VND12,000 billion in 2022.

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