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Thursday, July 25, 2024

Vietnam collects huge tax revenue from foreign suppliers through e-commerce

By Truc Dao

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HCMC – Foreign suppliers paid nearly VND4,040 billion in taxes through e-commerce platforms in the first half of this year, up 18.5% compared to the same period last year, according to data from the General Department of Taxation.

An additional 26 foreign suppliers filed for taxes through electronic portals during this period. Currently, 102 foreign suppliers from various markets, including the U.S., the Netherlands, South Korea, and Singapore, file for tax payment via e-commerce portals.

The total taxes declared and paid directly through the portal amounted to nearly VND4,040 billion, an 18.5% increase against the same period in 2023.

Data from the General Department of Taxation indicated that tax revenue in the year to June reached nearly VND865.4 trillion, 58.2% of the 2024 estimate and 15.3% higher than in the same period last year.

By the end of June 2024, tax authorities had issued 8,740 decisions approving value-added tax refunds totaling about VND63,180 billion, representing 37% of the estimated VAT refunds for 2024.

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