Vietnam plans to tax 1.5 % of annual e-commerce revenues of VND100 million ($4,297) and better as a part of leveling the sector between conventional and on-line retail retailers.
A decree with new laws is ready to take impact on August 1, however authorities have mentioned they could give e-commerce platforms extra time to arrange for taxation regime.
E-commerce platforms might want to present authorities with month-to-month reviews on their retailers, revenues, financial institution accounts and sorts of items.
Tax officers had mentioned earlier that the present taxation regime is unfair to traditional sellers who must pay different overheads, whereas on-line sellers have been escaping a number of taxes.
Taxing sellers by way of e-commerce platforms would additionally assist forestall the gross sales of contraband and pretend items, the officers mentioned.
Vietnam’s e-commerce market expanded by 18 percent final yr to $11.8 billion, the one nation in Southeast Asia to file double-digit progress amid the pandemic, in keeping with the Vietnam e-Commerce and Digital Financial system Company.