Other News Banks to deduct tax payments from clients’ accounts The Saigon Times Tuesday, Nov 24, 2020,10:21 (GMT+7) Banks to deduct tax payments from clients’ accountsThe Saigon Times Bank tellers work at a bank in HCMC – PHOTO: THANH HOA HCMC – Banks will be able to deduct the tax payments of suppliers based in foreign countries—that conduct e-commerce or digital transactions with organizations and individuals in Vietnam—from their bank accounts, according to Decree 126/2020, which will take effect on December 5. The decree, which guides the implementation of the Law on Tax Administration, regulates that the General Department of Taxation will work with the relevant authorities to determine the name and website address of foreign e-commerce suppliers that do not register in Vietnam and provide this information to the banks and payment intermediary service companies. Banks are also required to keep records of payments remitted overseas and provide this data to the General Department of Taxation on a monthly basis if the Vietnamese individual customers use a payment method whereby withholding cannot be done, such as payments via credit cards. Lawyer Truong Thanh Duc, chairman of the Board of Members of Basico law firm, said this regulation will help reduce tax evasion from… Read full this story
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