Monday, March 1, 2021

Tax revenue from Google, Youtube, Facebook reaches $49.5 million in 2020 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports


Due to the impact of the COVID-19 pandemic, digital economy business activities recorded very rapid development. — Photo

HÀ NỘI — Tax revenues from online advertising business models of foreign organisations that do not have legal entities in Việt Nam like Google, YouTube or Facebook hit VNĐ1.14 trillion (US$49.5 million) last year, reported the General Department of Taxation.

The value-added tax was VNĐ519 billion and corporate income tax VNĐ624 billion.

A representative of the department said that due to the impact of the COVID-19 pandemic last year, many types of traditional businesses had to change the way they operated. In particular, digital business activities recorded very rapid development, he noted.

People participated in online shopping and entertainment activities and used cashless payments with a higher frequency due to the pandemic, said the representative.

Meanwhile, enterprises had to change production and business models towards digitisation, apply online technology in their products, and engage with customers to create new revenue sources, he added.

Tax revenue from business activities on digital platforms would continue to increase thanks to the rapid development of digital economic services, he said. — VNS

Source: Vietnam News

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