The new circular gives e-commerce platform owners two choices. One is to pay taxes on behalf of individuals if authorised by sellers. The second is for platforms to provide the information of business individuals, such as the name, age, address, tax number, telephone number, sales revenue and bank account number, to the tax authority, according to a Vietnamese media report.
If providing seller information, the platform will have to provide information on each transaction, but the number of e-commerce transactions is currently up to 3.5 million transactions per day.
Recently, the ministry of finance and the ministry of industry and trade signed an agreement on sharing data on e-commerce platforms and information about individuals selling on them.
The new circular will take effect from January 1 next year.
ALCHEMPro News Desk (DS)
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