Google has paid VND2.115 trillion (nearly US$87.4 billion) in tax to Vietnam from 2018 to August 2022, representing the biggest tax contributor among cross-border and e-commerce platforms operating in the country.

Since the portal for tax payment of cross border activities was launched on March 21 this year, 36 foreign service providers have registered, declared and paid taxes through it, heard a webinar held by the Government Portal on September 29.

Since the issuance of Circular 80, large cross-border service providers such as Google, Facebook and Netflix have expressed their support and have said they are willing to pay taxes.

The registration fees collected for the state budget increased from VND11,816 billion in 2012 to VND40,194 billion in 2019, up by 240% or VND28,378 billion.

During the opening two months of the year, iron and steel exports have enjoyed a stellar growth rate of 71.9% compared to the same period from last year, with major domestic firms such as Hoa Phat and Hoa Sen exporting large shipments.

Under the new regulation, by the end of the third quarter, enterprises have to estimate the amounts of tax of the fourth quarter and pay the amounts.

The Ministry of Finance has proposed the payment deadlines for $3.4 billion in taxes be extended to support enterprises, business households and individuals doing business that are directly affected by COVID-19 pandemic.

Ministries of Finance, Industry and Trade have announced the number of administrative procedures they expect to remove or simplify this year as part of their efforts in realising the Government’s Resolution 19 about improving the business climate. 

 VietNamNet Bridge – Many regulations will take effect from October 1 including regulations for those on entry into and exit from Vietnam, customs declaration, and health and social insurance procedures.

 VietNamNet Bridge – The General Department of Taxation will cut the tax payment time in Vietnam to the ASEAN average of 171 hours by the end of this year as ordered by the Government.

 VietNamNet Bridge – Nguyen Thi Hanh, head of the General Department of Taxation’s Personal Income Tax Management Division, shares with VIR’s Manh Bon some new points in tax payment implemented from January 1, 2015.

 VietNamNet Bridge - In 2014, on average, each Vietnamese firm spends 872 hours paying taxes and the tax costs account for 40.8% of profits, according to the World Bank’s (WB) annual report on the global business environment.