Not feasible for e-commerce floors to declare and pay taxes for sellers: Vecom The association has just released a statement on new regulations related to e-commerce in Circular 40/2021/TT-BTC, which guides value added tax, personal income tax and tax administration for business households and individuals. The circular was issued on June 1 and will take effect from August 1 to replace Circular 92/2015/TT-BTC. The circular stipulated that commerce trading floors are responsible for declaring and paying tax on behalf of individuals doing business selling goods and services. The amount of tax declared or paid is based on the tax rate of each field of business. Circular 40 had many new contents compared to the draft first published March 12, but the drafting board had not yet collected comments from stakeholders and those directly impacted, Nguyen Ngoc Dung, Vecom vice chairman told a meeting last week. Representatives of some units said that the e-commerce … [Read more...] about VIETNAM BUSINESS NEWS JUNE 22
LG switching older complexities for new? The group recently announced its decision to convert the smartphone production line of its manufacturing complex in the northern port city of Haiphong to home appliances. It took the decision after the withdrawal from the smartphone market in April and failing to find buyers for its production line in the northern region. Meanwhile, LG has seen a surging demand for its premium appliances amid the stay-at-home trend during the pandemic, according to Yonhap newswire. However in Vietnam, many home appliances and electronics supermarkets have been witnessing falling revenues as the health crisis forces consumers to tighten their belts. Large holidays and sales have failed to contribute as much as in previous years. Amid the delayed 2020 European Football Championship currently taking place, most electronics retailers have been offering large discounts on TVs of up to 80 per cent, with focus being laid on wide-screen TVs. However, as the … [Read more...] about LG switching older complexities for new?