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Sunday, June 16, 2024

Taxation of e-commerce, online businesses to be tightened

By The Saigon Times

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HCMC – The General Department of Taxation has said the taxman from now on would tighten control over the taxation of platforms prone to tax losses, such as e-commerce and digital business models.

The General Department of Taxation has asked the local tax authorities to continue carrying out inspection plans approved by the Ministry of Finance.

Although the current regulations had somewhat helped reduce tax losses, they could still not be prevented completely.

Strengthening tax management and tax collection from online business activities remains difficult, as they can create personal accounts and drive sales through live video streaming.

Meanwhile, diverse types of payments make it harder for the agencies to manage and calculate taxpayers’ money.

If transactions are carried out through banks or an electronic payment system, they can still be managed. However, some e-commerce businesses execute transactions via cryptocurrencies, though the country has not accepted digital money.

Thus, the General Department of Taxation would make it easier for online businesses to pay taxes and join hands with other ministries to better manage the tax collected via online channels.

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