Vietnam ramps up tax supervision on livestreaming sales

HANOI: Vietnamese authorities are ramping up tax supervision on individuals who earn income from livestreaming sales on e-commerce and social media platforms to ensure they comply with tax regulations, Vietnam News reported on Wednesday (June 12).

Vietnamese Prime Minister Pham Minh Chinh has directed the finance ministry to closely monitor livestream sales conducted through e-commerce platforms.

Individuals who earn over 100 million Vietnamese dong (US$3,930) annually are required to declare and pay taxes under Vietnam’s personal income tax law.

According to Nguyen Duc Chi, deputy finance minister, many content creators, such as YouTubers, have faced hefty back taxes for failing to disclose their earnings in past years. Those in fields such as marketing, IT, services, digital commerce, and social media are among those identified as owing significant amounts in taxes.

In capital Hanoi, more than 460 individuals with substantial earnings from these platforms have already been identified, with additional names expected to be added to the list.

Authorities in Ho Chi Minh City are reaching out to sellers on platforms such as Google, Facebook, and YouTube who have not reported their income or paid taxes, warning them of potential fines for tax evasion.

According to the Ministry of Industry and Trade, e-commerce, with a growth rate of about 25 per cent per year, has significantly contributed to the country’s digital transformation and economic growth. – Xinhua