Vietnam taxes tech giants US$43.7 mln annually
Vietnam has taxed global tech companies like Google, Facebook and Microsoft an average of over 1 trillion VND (43.71 million USD) annually for their cross-border goods and services between 2018 and 2021
These giants had paid total of more than 4.4 trillion VND in taxes during the four-year period, said Minister of Finance Ho Duc Phoc told legislators at the ninth sitting of the National Assembly’s Standing Committee on March 16.
Facebook was taxed over 1.69 trillion VND, Google nearly 1.62 trillion VND, and Microsoft some 576.6 billion VND, he noted.
In 2020, Vietnam earned roughly 1.14 trillion VND from taxing cross-border digital services on the platforms. The tax revenue rose by 15.2 percent to reached approximately 1.32 trillion VND last year.
The minister further said that the General Department of Customs has been tasked to develop a portal for tax declaration for cross-border platforms and social media. Foreign taxpayers can access the portal, which will be made available from March 21, to submit their tax declarations.
In the coming time, taxpayers will also be able to fulfill their tax obligations via mobile apps instead of visiting tax authority offices.
According to the General Department of Taxation, there are 15 large corporations and technology companies in the world earning a lot of money from Vietnam through cross-border businesses.