Facebook ads in Vietnam to be charged 5 percent VAT from June 1
Facebook ads in Vietnam will be subject to a 5 percent value added tax (VAT) beginning from June 1.
Facebook ads in Vietnam will be subject to a 5 per cent value-added tax beginning from June 1. (Photo vtv.vn)This affects advertisers who have set Vietnam as their “Sold To” country on their business or personal address.
In addition to Vietnam, starting from April and September, Meta, Facebook's parent company, will also add VAT to advertising costs in Cambodia and Thailand, respectively.
Not long ago, Facebook also charged a foreign currency conversion fee of 1-3 percent for transactions in Vietnamese dong.
Within the framework of Prime Minister Pham Minh Chinh's working visit to the US on May 20, representatives of the Public Policy Department of Meta had a meeting and discussed with the Prime Minister and the Ministry of Planning and Investment.
Meta said that it would register, declare and pay foreign contractor tax in Vietnam.
Previously, Meta had a meeting and discussed with the General Department of Taxation last month to clarify the implementation of Circular 80 on the mechanism of registration, declaration and payment of tax for foreign contractors in Vietnam.
The Ministry of Finance reported that the tax authorities have collected nearly 5 trillion VND (217.4 million USD) from organisations in Vietnam in recent years.
Of which, many large enterprises have paid taxes such as Facebook paying 1.69 trillion VND, Google 1.62 trillion VND, and Microsoft 576 billion VND.
Particularly, tax revenue from cross-border services reached 1.32 trillion VND last year, up 15.2 percent compared to 2020.
AVG has changed hands, but it has not made an official announcement about the deal.
Deputy Minister of Information and Communications Pham Duc Long pointed out five major directions for internet development with an aim of creating a safe, modern and humanitarian digital society at the VNNIC Internet Conference 2022 last week.
Non-Vietnamese nationals living in Vietnam will likely be granted an electronic identification account to perform public administrative procedures.
A new cooperation agreement between Vietnam and Hungary’s national assemblies was assigned by National Assembly (NA) Chairman Vuong Dinh Hue and his Hungarian counterpart László Kövér in Budapest on Monday.
Australian Foreign Minister Penny Wong has affirmed that her nation always attaches importance to Vietnam's role in the region, and pledges to continue strengthening its strategic partnership with the Southeast Asian nation.
The Ministry of Health has proposed considering COVID-19 a Group A infectious disease, not an endemic disease in its latest draft on COVID-19 prevention and control measures in the new situation.
OnPoint has successfully raised $50 million in a series B fund-raising round from SeaTown Private Capital Master Fund managed by SeaTown Holdings International, an indirect wholly-owned subsidiary of Singapore’s Temasek Holdings.
The SARS-CoV-2 Omicron sub-lineage BA.5 has entered Vietnam and may overwhelm the old sub-lineage BA.2 which is dominant in the country, according to Prof. Dr. Phan Trong Lan, Director of the Health Ministry’s Department of Preventive Medicine.
The chairman of the Korean Chamber of Commerce and Industry in Vietnam, Shon Young Il, has called on HCM City authorities to help Korean firms resolve difficulties they face in investing and operating in the city.