Foreign tech giants like Facebook, Google, and YouTube will have to pay taxes in Vietnam under a draft circular, after years of invoicing their revenues out of the country.
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| Illustrative image. – File photo |
Crafted by the Ministry of Finance, the draft circular guides the implementation of the 2019 Law on Tax Administration and Decree No 126/2020/ND-CP dated October 19, 2020 of the Government providing further guidance on its execution.
The draft circular also stipulates the obligation of banks and payment intermediary service companies to define transaction accounts of foreign suppliers who have no permanent establishment in Vietnam to withhold taxes. VOV/VNA
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