Vietnam MOF Proposes VAT Rules for E-Commerce Transactions

The Vietnamese Ministry of Finance July 21 proposed VAT rules for e-commerce transactions. The proposed rules include that: 1) owners of e-commerce platforms must register themselves and declare VAT on transactions entered into with Vietnamese individuals; 2) bank/card companies must withhold VAT on payments for transactions if the e-commerce platforms don’t account for VAT; and 3) e-commerce platforms must account for VAT on income received and report such transactions to the tax agency electronically from Jan. 1, 2022. [Vietnam, Ministry of Finance, 07/21/21]

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