16 Nov 2017
VIETNAM: Tax Office Calls for All E-commerce Payments to be Made Via State-run Channels
Under proposed moves, all future cross-border e-commerce transactions may have to be electronically cleared and settled through the National Payment Corporation of Vietnam, the State Bank of Vietnam’s affiliated payment services provider. The move is being championed by the Ministry of Finance as a means of ensuring that tax officials can properly assess the tax liabilities of the country’s growing number of e commerce businesses.
Among other changes being pursued are moves to make any individual who conducts online transactions valued above VND1 million (US$44) more than once a day liable to pay both VAT and personal income tax. In recognition of the increasing complexity of assessing the accounts of businesses with overseas interests, the maximum permissible tax audit time is also set to increase from 70 days to 360 days.