How to define the value of cross-border services and the purpose of payments for overseas entities remains a big hindrance.(Photo:Vietnamplus) Big tax losses Tran Duong Quy, director of the online ceramics provider BATO Online Business and Technology Co., Ltd expressed disappointment at the fact that the ad charges paid for a Facebook agency were not included in the firm’s balance sheet as the agency did not provide any invoices for transactions. Since its inception in 2014, the BATO, headquartered in Hanoi, has poured some VND8 billion (US$344,000) into online advertising and most of the sum were spent on the ads on Facebook. There have been no tax invoices for the Facebook ad charges as the firm made online transactions and payments and received only confirmation emails. That’s a big hindrance to the firm, Quy complained. Nguyen Nam Binh, deputy head of the Ho Chi Minh City Tax Department reportedly stated that taxing cross-border services is faced with numerous challenges. The department verified that up to 66,000 transactions in relation to Facebook and Google had been made through Eximbank with more than VND120 billion (US$5.16 million) in money transfers while other 425,000 Facebook and Google transactions, worth over VND670 billion (US$28.81… Read full this story
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