Sunday, February 7, 2021

Vietnam:US49.5bil Tax revenue Google, Youtube, Fb

Due to the impact of the COVID-19 pandemic, digital economy business activities recorded very rapid development.

Tax revenues from online advertising business models of foreign organisations that do not have legal entities in Việt Nam like Google, YouTube or Facebook hit VNĐ1.14 trillion (US$49.5 million) last year, reported the General Department of Taxation.

The value-added tax was VNĐ519 billion and corporate income tax VNĐ624 billion.

A representative of the department said that due to the impact of the COVID-19 pandemic last year, many types of traditional businesses had to change the way they operated. In particular, digital business activities recorded very rapid development, he noted.

People participated in online shopping and entertainment activities and used cashless payments with a higher frequency due to the pandemic, said the representative.

Meanwhile, enterprises had to change production and business models towards digitisation, apply online technology in their products, and engage with customers to create new revenue sources, he added.

Tax revenue from business activities on digital platforms would continue to increase thanks to the rapid development of digital economic services, he said.

In another development, Vietnam recorded five new cases of COovid-19 infection on Saturday, bringing the total confirmed cases in the country to 1,981 with 35 deaths, according to its Ministry of Health.

The new infections included one imported case, who recently entered the country from abroad and was quarantined upon arrival.

The four locally transmitted cases included one each in the northern provinces of Bac Ninh and Quang Ninh, the southern Binh Duong province and southern Vietnam's Ho Chi Minh City, said the ministry.

As many as 1,468 patients have been given the all-clear, the ministry said, adding that over 83,100 people are being quarantined and monitored.

The ministry has sent experts and advanced equipment to support the northern Dien Bien province, a mountainous locality with weak testing capacity, for its fight against the pandemic.

The latest wave of Covid-19 infections hit the country on Jan. 28, with 398 community cases so far confirmed in 12 cities and provinces, according to the ministry.

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