vietnam's tax policies

Update news vietnam's tax policies

At least 20% of compliance costs related to business activities to be cut

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.

Over 1 billion USD of tax arrears collected

As of the end of July, the tax sector collected a total of 25.608 trillion VND (1.06 billion USD) in tax arrears, reported the General Department of Taxation.

VN tax authorities to make e-invoicing a common practice

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.

Domestic products are taxed higher than imports

The Vietnam Confederation of Commerce and Industry (VCCI) says that domestically manufactured products bear a higher VAT (value added tax) higher than imports, and are thus placed at a disadvantage.

Game firms are no longer flourishing in Vietnam

The gaming industry, unable to buy foreign games to distribute domestically because foreign partners are allowed to distribute games in Vietnam, does not expect a bright future.

Vietnam to apply global minimum tax in 2024

Vietnam supports the global minimum tax and plans to begin the tax application in 2024, creating a favorable mechanism to encourage enterprises to pay additional tax in Vietnam.

Ministry proposes measures to implement global minimum tax initiative

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.

VN considers luxury tax on alcoholic drinks

In late June, the Ministry of Finance (MOF) submitted to the government a proposal on amending the luxury tax law.

New tax conclusion gives more chances for game industry in Vietnam

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.

Government rejects luxury tax on online games

Vietnamese game firms have sighed with relief as the Standing Government has rejected a luxury tax on online games as proposed by the Ministry of Finance (MOF).

Foreign tech giants contribute $166 million in taxes in H1/2023

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.

Tax collection from e-commerce not as expected

Amid the country’s difficult economy, in recent years, the e-commerce business in Vietnam has experienced surprising growth; however, the tax collection from e-commerce is not as expected.

Game groups fear being forced out

Online game producers may find themselves pushed out of the market in Vietnam with the introduction of an “unprecedented” tax that aims to protect younger generations.

Beverage businesses baulk at tax rise plans

Industry experts and beer producers are urging for a delay in any increase to special consumption tax until at least 2026, giving the industry more time to recover from low growth.

Vietnam to pass global minimum tax policy late this year

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.

To tax or not to tax: survival of gaming industry depends on ministry

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.

Changes to special consumption tax must be studied carefully

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.

Ministry reduces import taxes on gasoline and oil

The Ministry of Finance (MoF) has just announced the reduction of the gasoline import tax to 5.62 per cent while increasing the standard cost of the gasoline base price by VND30 per litre.

Guidance necessary for the new VAT plan

Businesses are expecting another VAT reduction of 2 per cent from this month, along with clear guidance documents to ensure favourable implementation.

Outdated PIT weighs on those struggling to make ends meet in major cities

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.