Tiktok, Facebook and many foreign giants paid more than 8,600 billion VND in taxes

The General Department of Taxation (Ministry of Finance) said that there are currently 116 foreign suppliers registering for tax via the electronic portal, an increase of 5 units compared to the last update at the end of last month.

List of foreign suppliers that have declared and paid taxes includes Google, Meta (Facebook), Microsoft, TikTok, Netfix, Apple...

As of early October, these businesses had paid more than VND8,600 billion in taxes, an increase of nearly 26% over the same period last year. Thus, with this additional payment, accumulated from March 2022 - the time the electronic information portal for foreign suppliers was put into operation, foreign businesses had paid VND20,174 billion.

Currently, foreign providers such as Meta, Google, Microsoft, TikTok, Netflix, Apple... are holding about 90% of the market share of cross-border e-commerce service revenue in Vietnam.

Recently, some cross-border e-commerce platforms such as Temu, Shein, 1688 have sold goods to Vietnam but have not registered their business with the authorities. These platforms are also subject to declaration and tax payment as foreign suppliers.

At the Government press conference on November 9, Deputy Director General of the General Department of Taxation Mai Son said that these foreign suppliers are responsible for registering, calculating, declaring, and paying taxes directly through the General Department of Taxation's electronic information portal on a quarterly basis.

With Temu, the owner of this online sales platform declared 0 revenue in the third quarter, expected to arise from October and will be declared in the following quarter.

Despite self-declaration, according to Mr. Son, if the supplier is found to have reported incorrect revenue, the tax authority will compare the data to determine. After that, they will require the business to fulfill its obligations and conduct inspections when there are signs of fraud or tax evasion.

Also according to data from the tax authority, the total state budget revenue in the first 8 months managed by this agency is estimated at 1.65 million billion VND, an increase of more than 17% over the same period last year.