Update news vietnam's tax policies
The General Department of Taxation (GDT) has said that it guaranteed to reduce and simplify at least 20% of regulations and cut at least 20% of compliance costs related to business activities and eliminate unnecessary regulations by 2025.
Vietnam’s tax authorities are working to make e-invoicing a common practice among business establishments nationwide as e-invoices generated from cash registers (ECR) make tax collection more efficient and manageable.
The tax authority estimated that about 112 MNEs in Việt Nam would be affected by the global minimum tax if it was applied from 2024.
The Standing Committee of the Government has just released a conclusion that online video game services (online game) are not subject to special consumption tax.
The General Department of Taxation has reported that prominent foreign tech companies, including Google, Apple, Facebook, Netflix, TikTok, made substantial tax contributions, amounting to around $166 million during the first half of 2023.
The Government is likely to submit to the National Assembly this October a draft policy relating to the global minimum tax which is scheduled to take effect on January 1, 2024 globally.
Vietnamese game firms have called on the Ministry of Finance (MOF) to rethink the intention to impose luxury tax on games, saying that the tax will cause Vietnamese games to lose competitiveness and the home market controlled by pirated games.
The impacts of the imposition or increases of special consumption tax on several products must be studied carefully to ensure State budget revenue and the development of production and business, experts said.
It is urgent for Vietnam to amend the regulations on personal income tax (PIT), which have proven to be outdated and weighing on people, especially those struggling to make ends meet in major cities.