Friday , July 1 2022

Facebook ads in Việt Nam to be charged 5% VAT from June 1

Facebook ads in Việt Nam will be subject to a 5 per cent value-added tax beginning from June 1. — Photo

HÀ NỘI — Facebook ads in Việt Nam will be subject to a 5 per cent value added tax (VAT) beginning from June 1.

This affects advertisers who have set Việt Nam as their “Sold To” country on their business or personal address.

In addition to Việt Nam, starting from April and September, Meta, Facebook’s parent company, will also add VAT to advertising costs in Cambodia and Thailand, respectively.

Not long ago, Facebook also charged a foreign currency conversion fee of 1-3 per cent for transactions in Vietnamese đồng.

Within the framework of Prime Minister Phạm Minh Chính’s working visit to the US on May 20, representatives of the Public Policy Department of Meta had a meeting and discussed with the Prime Minister and the Ministry of Planning and Investment.

Meta said that it would register, declare and pay foreign contractor tax in Việt Nam.

Previously, Meta had a meeting and discussed with the General Department of Taxation last month to clarify the implementation of Circular 80 on the mechanism of registration, declaration and payment of tax for foreign contractors in Việt Nam.

The Ministry of Finance reported that the tax authorities have collected nearly VNĐ5 trillion (US$217.4 million) through organisations in Việt Nam in recent years.

In which, many large enterprises have paid taxes such as Facebook paying VNĐ1.69 trillion, Google paying VNĐ1.62 trillion, and Microsoft paying VNĐ576 billion.

Particularly, tax revenue from cross-border services reached VNĐ1.32 trillion last year, up 15.2 per cent compared to 2020. — VNS

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