Tax authorities said they would review the roadmap of taxation collection and pilot tax withholding at some e-commerce sites. A new circular released by the Vietnamese Ministry of Finance has been criticized for affecting the operation of e-commerce platforms and their hundreds of thousands of sellers. Under Circular No. 40, which will take effect on August 1, e-commerce platforms are required to declare and pay tax on behalf of third-party sellers on the platforms. Sendo said the application of the Circular will require a team of tax professionals to classify taxable revenue and tax rates applied. Photo: Grab The circular on value-added tax, personal income tax, and tax administration for business households and individuals are expected to collect tax from some people who obtain income on electronic commerce platforms but for years have not paid taxes. The tax authorities have asked e-commerce and delivery companies to take responsibility for the tax … [Read more...] about Would withholding tax on e-commerce be possible?
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Police raid the headquarters of ANT Group One Member Co, Ltd, headquartered at 7 CTM Complex Building in Cầu Giấy District. — VNA/VNS Photo HÀ NỘI — Police have raided an online foreign exchange investment company for allegedly appropriating property of hundreds of thousands of participants. Initial investigations showed the financial investment platform namely Hitoption.net attracted nearly 970 people who have invested around hundreds of thousands of US dollars. On Tuesday, the police launched criminal proceedings and arrested Nguyễn Thế Dương and Nguyễn Văn Quyền, the leaders of the company, for using computers, telecommunications networks and electronic means to appropriate property. On April 7, the city police discovered the forex and cryptocurrency platform was showing signs of property appropriation. The city police, in co-operation with the Department of Cyber Security … [Read more...] about High-tech police bust virtual investment fraud ring
Vietnam records 1.35 billion USD trade deficit in first half of June Vietnam reported a trade deficit of 1.35 billion USD in the first half of June as exports reached only 12.3 billion USD – down nearly 2 billion USD compared to the latter half of May, the General Department of Customs has announced. Among items posting the strongest turnover decline included computers, electronics and parts with 1.06 billion USD, down 800 million USD; machinery and equipment with 1.1 billion USD, down 260 million USD; and telephones and components with 1.96 billion USD, down 50 million USD. Since the beginning of this year to mid-June, the nation’s trade value surpassed 288.6 billion USD. Of the sum, over 143.3 billion USD came from exports, up 30 percent year-on-year while the remainder of 145.3 billion USD was from imports, up 36 percent. That resulted in a trade deficit of 1.96 billion USD, the department said. According to trade experts, the above-mentioned trade deficit was … [Read more...] about VIETNAM BUSINESS NEWS JUNE 23
Aquatic exports to China plunge amid COVID-19 threats Vietnamese seafood exports to China in April suffered a decline of 11%, and this downward trajectory continued in May with a fall of 22%, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). While major markets such as the United States and the EU have reopened and moved to increase imports of seafood products from Vietnam, China has recently tightened their inspection over frozen seafood products from other countries as part of efforts to prevent the potential spread of the SARS-CoV-2 virus. This has caused Vietnamese seafood exports to the market to experience a rapid decline over the past two months. Most notably, aquatic exports fell sharply in all major product groups, including shrimp, down 35%, other fish species, with the exception of tuna, down 23%, and pangasius, down 5%. The impact of the pandemic coupled with China's latest tight policy has led to turnover of frozen … [Read more...] about VIETNAM BUSINESS NEWS JUNE 24
Society Pass will relaunch the Leflair e-commerce platform within the year On June 23, Society Pass said it had acquired the Leflair brand and other intellectual property, including domain names, from a Hong Kong company. The deal is part of the company’s plan to seek opportunities in the high-end consumer segment. "We have acquired the ownership of the Leflair brand in light of the core values it has built in Vietnam over the past five years and will continue to carry into the future," said Ray Liang, COO of Society Pass. A new team from Society Pass will be in charge of operational management. Leflair will be officially re-launched in the Vietnamese market in the third quarter of 2021 with plans to expand to Southeast Asia in 2022. Society Pass is a customer loyalty and analytics platform following millions of users’ transaction activities every day. Society Pass provides merchants with SoPa.asia, an online commerce platform for users, alongside with #HOTTAB Biz, a … [Read more...] about Society Pass from US acquires Leflair with plans of relaunch in third quarter
Local communication service providers can leverage their assets to deliver in a more efficient manner VMware software powering the world’s complex digital infrastructure is extending its Telco Cloud Platform to also include the radio access network (RAN). The 5G Telco Cloud Platform empowers communication service providers (CSPs) to better meet the growing demands for 5G-powered innovations in Vietnam. The VMware 5G Telco Cloud Platform is a consistent cloud-first solution, powered by carrier-grade and high-performance cloud-native infrastructure that enables CSPs to support future-forward technology applications across the region. Pham Viet Thang, country manager at VMware Vietnam, said the country is well ahead of its regional counterparts in Southeast Asia with the number of 5G subscriptions forecast to be 6.3 million in 2025. “VMware has been working with industry partners and other bodies in building an open eco-system for 5G. We continue to invest in driving innovation … [Read more...] about PPP focus for tech enterprise offerings