70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Foreign big tech firms pay US$160 million in taxes over 5 months
Ngoc Mai 15:06, 2024/06/07
To date, 96 foreign providers have registered for taxes through the electronic information portal, including Google, Meta (Facebook), Microsoft, TikTok, Netflix, and Apple, among others.

Foreign service providers such as Google, Facebook, and TikTok have paid over VND4 trillion (US$160 million) in taxes during the first five months of the year, data from the General Department of Taxation revealed.

 Foreign service providers have paid taxes via the electronic information portal since March 2022. Photo: Hoang Giang/The Hanoi Times

So far, 96 foreign providers have registered for taxes through the electronic information portal, an increase of two from the previous month. The list includes Google, Meta (Facebook), Microsoft, TikTok, Netflix, and Apple.

As of May 15, these companies had paid over VND4 trillion ($160 million). Since the launch of the electronic information portal for foreign providers in March 2022, a total of VND15.6 trillion ($650 million) has been collected from these companies.

The tax authorities plan to review foreign providers that have not yet registered, filed returns, or paid taxes through the portal. The agency will also upgrade the system to facilitate tax declaration and payment. Another measure involves the tax authorities working with various ministries to share data to prevent revenue loss and ensure monetary security.

To date, the finance sector has recorded over 663,000 hits to the Ministry of Public Security’s citizen database. They have also shared information with the Ministry of Industry and Trade on 929 e-commerce platforms and have cross-referenced data from 361 platforms.

Regarding the banking sector, the Ministry of Finance has information on 144 million payment accounts, an increase of over 20 million since the end of April. This includes about 10 million organizational accounts and 134 million individual accounts in 96 banks.

It’s common for individuals and organizations to have multiple payment accounts at different banks for convenience.

In 2023, tax revenue from e-commerce was VND3,500 trillion ($146 billion), with VND97 trillion ($4 billion) in taxes paid, a 14% increase from the previous year. In the first five months of this year alone, over VND50 trillion ($2.1 billion) in taxes were collected from this sector.

TAG: foreign big tech companies meta vietnam facebook vietnam google vietnam
Other news
16:07, 2024/07/20
Gov’t mulls creation of oil and gas trading exchange
Such a platform would help minimize price manipulation, ensure a flexible pricing mechanism, and improve the distribution and circulation of oil and gas.
21:59, 2024/07/19
Hanoi promotes women's role in safe agri-food trade
The city will focus on strengthening enforcement of food safety regulations in food production and trade facilities.
16:17, 2024/07/17
Vietnam’s stock market set for strong year-end growth
The projected P/E ratio for the VN-Index this year is 11.5, below the 5-year average of 13.4, potential for the benchmark to rise in the second half of the year and 2025.
09:56, 2024/07/17
Hanoi ramps up food safety inspections, identifying and rectifying violations
The city's health department will continue to carry out regular, specialized and random inspections.
16:37, 2024/07/16
Vietnam under pressure to achieve high growth in 2024-2025
The Government's best-case growth scenario for 2024 is 6.5-7%, higher than the goals set by the National Assembly and forecasts by international organizations.
17:07, 2024/07/15
Early warnings help Vietnam mitigate trade probe impacts
In the first six months, Vietnamese exports were the target of 252 trade remedy investigations from 24 markets, a 9% increase of 21 cases compared to the same period in 2023.