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Tag: Tax

Retail Asia23/03/2022
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General

Vietnam launches website to tax foreign tech giants

2min0
The tax department has set up a website for collecting tax from foreign companies to make it easier for tech giants like Facebook and Google to fulfill their duties. The Portal of the General Department of Taxation for Foreign Providers (etaxvn.gdt.gov.vn) came online Monday for companies to declare their tax and track their payments. Until […]
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Retail Asia22/03/2022
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Food

Vinamilk profits to decline for 2nd year in a row

2min0
Vinamilk is set to see profits decline for a second straight year in 2022 due to rising costs of raw materials and transportation. Vietnam’s leading dairy company targets pre-tax profits of VND12 trillion ($524.70 million), down 7 percent from last year, though revenue is likely to grow by 5 percent to VND64 trillion. Last year, […]
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Retail Asia15/03/2022
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E-Tailing

Shareholders urge Amazon to boost tax transparency

3min0
Twenty-four Amazon investors are urging the tech giant to step up transparency in tax disclosures and adopt a new reporting standard, the Financial Times said on Sunday. Asset managers Nordea, Royal London, and several large European and U.S. pension funds are among those pushing for Amazon to issue a transparency report in line with Global […]
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Retail Asia23/02/2022
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General

Hong Kong flags tax breaks, handouts for Covid relief

3min0
Hong Kong will offer tax breaks, handouts, and subsidies to small businesses and residents, to mitigate the impact of a new wave of social restrictions to curb Covid-19 infections, Finance Secretary Paul Chan said in his 2022-23 budget speech. The measures were announced as hundreds of bars, restaurants and small retailers warned they were months […]
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Retail Asia23/02/2022
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Automotive

India Will Not Give Tesla Any Tax Breaks

4min0
Any special concessions and tax breaks for the world’s most valuable carmaker and electric car pioneer Tesla have been ruled out by the Indian government. In a report by ETAuto, it has been revealed that the government’s plans for local manufacturing have received an overwhelming response that could generate revenues of over Rs 2.3 lakh […]
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Retail Asia18/01/2022
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Living

Value-added tax to be cut to 8 pct from February

1min0
A draft government decree reduces value-added tax on many products and services from the current 10 percent to 8 percent from Feb. 1. The decree on tax reduction to foster economic recovery approved by the National Assembly will also make expenses on pandemic prevention deductible. The VAT cut will lead to a loss of some […]
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Retail Asia17/01/2022
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General

In one country, the Apple Tax appears to be crushed for certain apps

5min0
Sundar Pichai and  Mark Zuckerberg, the CEOs of Google and Facebook respectively, allegedly signed off a secret and illegal ad deal according to BuzzFeed. As a result, Facebook was given “information, speed, and other advantages” during auctions for ad space run by Google. Yesterday, unredacted court documents revealed the involvement of the two CEOs in the deal. The […]
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Retail Asia14/01/2022
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Electronics

Apple to change App Store prices in some regions

3min0
Apple is bumping up prices in the App Store in some regions, the company announced on Wednesday. Citing taxes and foreign exchange rate changes, Apple says that apps will become more expensive in the following regions: Bahrain: Increase of value-added tax from 5% to 10% Ukraine: New value-added tax of 20% Zimbabwe: New digital services tax of 5% Furthermore, […]
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Retail Asia03/11/2021
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Automotive

Toyota Joins Opposition To Proposed US EV Tax Credit

3min0
Toyota urged Washington on Tuesday not to “play politics” with environmental issues by offering tax credits for US-made electric vehicles, joining a chorus of foreign opposition to the issue. President Joe Biden’s focus on helping blue-collar American workers led to a proposal in his Build Back Better legislation to offer $4,500 in tax credits for […]
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Retail Asia27/07/2021
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E-Tailing

Vietnam defers e-commerce tax by five months

2min0
Vietnam is set to delay an online tax on e-commerce vendors by five months to support economic recovery amid severe Covid-19 impacts. The Ministry of Finance has proposed to the government that the implementation of Circular 40 be postponed until January 1, 2022, Minister Ho Duc Phoc said Sunday. The circular was to take effect […]
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Retail Asia18/06/2021
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E-Tailing

Vietnam gets set to tax e-commerce revenue

1min0
Vietnam plans to tax 1.5 percent of annual e-commerce revenues of VND100 million ($4,297) and higher as part of leveling the field between traditional and online retail merchants. A decree with new regulations is set to take effect on August 1, but authorities have said they might give e-commerce platforms more time to prepare for […]
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Retail Asia15/12/2020
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Startups

Gojek Vietnam raises fares after tax regime change

2min0
Ride-hailing company Gojek has raised fares by 8.3-10 percent following the recent revamp of the value-added tax regime, which requires it to pay more. The hike applies to all three services it offers in Vietnam, motorbike taxi, food delivery and goods delivery, and takes effect on Saturday, the Indonesian company said in a statement. In […]
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Retail Asia24/11/2020
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Finance

Vietnam allows taxman greater scrutiny of bank accounts

3min0
The decree requires banks to provide the account balance and transaction details to tax authorities upon request. While the current law does state that the banks are required to provide authorities with information, the nature of such information was not specified. Under the decree, banks will also need to provide monthly details on the newly […]
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Retail Asia06/11/2020
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Living

Tax evasion remains rife among online sellers

4min0
Many people earning huge incomes from online commercial activities do not pay tax until discovered by tax authorities. There were more than 1,100 individuals working as a software and online game developers in the capital, a study done by the Hanoi Department of Taxation in June found. They earned a combined VND4.8 trillion ($206 million) […]
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Retail Asia23/10/2020
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Living

Vietnam to tax Netflix’s local revenues

3min0
The General Department of Taxation has asked streaming giant Netflix to furnish details about its revenues in Vietnam since its entry in 2016 to assess its taxes. The country’s Cybersecurity Law requires all foreign businesses which have income from online activities in Vietnam to store its data in the country and submit their business figures […]
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