Tax revenue from Google, Youtube, Facebook reaches $49.5 million in 2020
Tax revenues from online advertising business models of foreign organisations that do not have legal entities in Vietnam like Google, YouTube or Facebook hit VND1.14 trillion ($49.5 million) last year.
The value-added tax was 519 billion VND and corporate income tax 624 billion VND, reported the General Department of Taxation.
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./.VNS
More and more Vietnamese individuals with businesses online have declared tax and paid personal income tax.
A 28-year-old girl from Hanoi last year paid VND23.4 billion (over US$1 million) in income taxes from her app development job, according to the Hanoi Tax Department.