Tightening tax management for business on e-commerce platforms
More Vietnamese agro products to be available on e-commerce platforms | |
Alarming situation of smuggling via social networks | |
Businesses seek to promote sales on e-commerce platforms |
The Tax Department will reform tax administration for business households and individuals. Photo: Internet. |
Circular No. 40/2021/TT-BTC guiding value-added tax, personal income tax and tax administration for business households and individuals has just been issued by the Ministry of Finance to guide the implementation of new regulations in the Law on Tax Administration No. 38/2019/QH14 and Decree No. 126/2020/ND-CP dated October 19, 2020 of the Government detailing a number of articles of the Law on Tax Administration, meeting the important requirements in tax administration for business households and individuals in accordance with the Government's policy.
Promoting large household businesses into enterprises
According to the General Department of Taxation, the goal when promulgating Circular No. 40/2021/TT-BTC is to reform tax administration for business households and individuals in the direction of simplicity, encouraging households to become enterprises, reform tax management for large-scale business households and individuals; business households and individuals operating in the supply chain of goods and services for enterprises and organizations using state budget capital and many invoices.
Accordingly, these business households and individuals will apply tax management according to declarations, bookkeeping, accounting, invoices and vouchers, thereby managing business activities in accordance with reality, ensuring transparency in tax declaration and payment of business households and individuals as well as tax administration by tax authorities.
Business households and individuals paying tax according to the declaration method in the near future will also apply technologyin all stages of tax administration work similar to enterprises according to the tax authority's roadmap, such as: tax registration, tax return, tax payment, tax refund, inspection, and electronic invoices.
The provisions of Circular No. 40/2021/TT-BTC will contribute to reforming administrative procedures and optimizing tax management for business households and individuals through strengthening the responsibility of organizations, businesses and individuals involved in the supply chain of goods and services, in order to strengthen the supervision of law compliance among organizations and individuals, reduce the focal points of declaration, as well as create favorable conditions for taxpayers and tax authorities.
Key business management on e-commerce platform
Notably, in this Circular, the Ministry of Finance has provided specific instructions in tax administration for business households and individuals doing business on e-commerce platforms.
Accordingly, for e-commerce activities, in addition to fulfilling tax obligations according to current regulations, the Circular has guidelines specifically applicable to e-commerce trading floors.
E-commerce trading floor owners are responsible for declaring tax on behalf of and paying tax on behalf of business individuals through the platformaccording to the tax authority's roadmap.
When it is not possible to declare tax on behalf of an individual, the organization that is the owner of the e-commerce trading floor must provide information related to the individual's business activities through the platformat the request of the tax authorities in accordance with the law, such as: full name; personal identification number or identity card or citizen identification number or passport; tax code; address; email; phone number; goods and services provided; business revenue; seller's bank account; and other relevant information.
According to the General Department of Taxation, in order to develop a roadmap and unified tax management solutions among tax agencies nationwide, the General Department of Taxation will organize a webinar to propagate and guide tax organizations, individuals involved in tax declaration and payment, such as: E-commerce associations, E-commerce trading floors, accounting and auditing consulting firms, business households, and business individuals through the E-commerce Exchange.
In addition, the General Department of Taxation will also coordinate with e-commerce state management agencies under the Ministry of Industry and Trade and the Ministry of Information and Communications to support E-commerce trading floors in implementing the declaration and payment of taxes and the provision of information to state management agencies in accordance with the provisions of law.
Related News
GDVC assigns minimum targets for overdue tax debt collection and settlement in 2024 to customs departments
08:02 | 03/04/2024 Customs
Global export opportunities for wood and furniture products through e-commerce
14:13 | 30/03/2024 Import-Export
Lang Son Finance, Tax and Customs agencies needs to proactively capture information to develop the border gate economy
15:59 | 21/03/2024 Customs
Why not reduce export tax on fertilizer products to 0%?
09:37 | 21/03/2024 Regulations
Latest News
Closely monitoring market fluctuations to consider appropriate time to adjust prices
09:30 | 26/04/2024 Finance
How does the Land Development Fund work effectively?
09:19 | 26/04/2024 Finance
Vietnam seeks to remove obstacles in upgrade of securities market
13:50 | 25/04/2024 Finance
Price stability from supply increase and transparency in trading in gold market
09:42 | 25/04/2024 Finance
More News
SBV takes more actions to stabilise foreign exchange rates
13:43 | 24/04/2024 Finance
Proposal to exclude criminal liability for tax officials when businesses provide false information to refund VAT
10:35 | 24/04/2024 Finance
Corporate bond maturity in 2024 remains high: MoF
13:51 | 23/04/2024 Finance
Support clearance procedures for imported gold for bidding
09:33 | 23/04/2024 Finance
The exchange rate will gradually cool down from the end of the second quarter of 2024, while interest rates will remain low
09:32 | 23/04/2024 Finance
Majority of credit institutions forecast profit growth in 2024
15:16 | 22/04/2024 Finance
Central bank plans to auction gold bars on April 22
18:00 | 21/04/2024 Finance
Old loans must endure higher interest rates temporarily: central bank
15:44 | 19/04/2024 Finance
State-owned enterprises flourished
14:15 | 19/04/2024 Finance
Your care
Closely monitoring market fluctuations to consider appropriate time to adjust prices
09:30 | 26/04/2024 Finance
How does the Land Development Fund work effectively?
09:19 | 26/04/2024 Finance
Vietnam seeks to remove obstacles in upgrade of securities market
13:50 | 25/04/2024 Finance
Price stability from supply increase and transparency in trading in gold market
09:42 | 25/04/2024 Finance
SBV takes more actions to stabilise foreign exchange rates
13:43 | 24/04/2024 Finance