Wednesday , July 24 2024

Tax collection from online vendors rises by 54%

Tax collection from online sellers rose 54% year-on-year in the first half to VND9.98 trillion (US$392 million) as the government cracks down on tax evasion by e-commerce sellers.

Some 43,000 vendors and businesses [aid taxes, with over 4,500 also paying fines for violations, according to the General Department of Taxation.

Typically, a seller needs to pay 1.5% revenue tax.

Delays in registering a business and apprising the tax office about sales data could result in a fine of VND15 million.

The government estimates there are 3.1 million households and individuals doing business across the country, many of them online, who have not registered with tax authorities.

The department of taxation is cross-checking their data with that of the Ministries of Public Security and Industry and Trade, and e-commerce platforms such as Shopee, Lazada, Sendo, and Tiki to ensure no one escapes the tax net.

Hanoi has identified thousands of online vendors, including livestreamers, and collected VND10 trillion from them in the first six months.

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