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VIETNAM Social Media Retail Transactions Now Subject to 5% Tax

Any retail business that earns more than VND 100 million (US$4,350) per year from sales via social media platforms will now have to pay a tax of 5% on the proceeds. In line with this, all such retailers will be assigned a tax registration number and code, with any tax evaders likely to have their social media accounts deactivated or blocked.

According to Vietnam’s taxation department, it will be working closely with social media platforms, payment gateways, courier services and the police to enforce the new measure. It has, however, been acknowledged that collecting the tax will be a challenge, with many transactions settled offline in cash.

Content provided by Picture: HKTDC Research
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