Blog > Marketplace News > Attention Sellers on Shopee, Lazada and TikTok: Vietnam Plans to Impose Taxes on Goods Worth Less than 2 Million Dong
Attention Sellers on Shopee, Lazada and TikTok: Vietnam Plans to Impose Taxes on Goods Worth Less than 2 Million Dong
Jayson 23 May 2024 11:23
According to Vietnamese media sources, on May 21, the General Administration of Customs of Vietnam stated at a press conference that the Ministry of Finance is planning to increase the value of goods exempt from import tariffs from the current below 1 million VND to below 2 million VND. At the same time, the current exemption from import tax and value-added tax will be changed to exemption from import tax and payment of value-added tax.
"E-commerce is currently very developed, and we are carefully considering tax policies. For such a developing field, if we do not study and learn from the experiences of other countries to deal with it, it will cause tax losses." A representative said.
Earlier news, Mr. Le Quang Meng, chairman of the National Assembly's Finance and Budget Committee, said that the government should consider canceling the exemption supervision of small-value imported goods from VAT, especially those imported through cross-border e-commerce channels.
Mr. Le Quang Muang said that many countries have now abolished VAT exemption regulations for small-value imported goods to protect revenue sources and create a fair business environment between domestic and imported production.
Previously, the quantity of small-value imported goods was small and had little impact on tax revenue. However, Mr. Le Quang Meng said that the outbreak of cross-border e-commerce and consumption trends in many countries show that the number of transactions has increased many times compared with the past.
Citing data from the Post and Telecommunications Joint Stock Company (VNPT), the Chairman of the Finance and Budget Committee showed that in March 2023, an average of 4-5 million orders were sent from China to Vietnam every day.
Specifically, the value of each order is divided into 100,000-300,000 VND. Shopee, Lazada, TikTok...the average daily value of goods in circulation is about US$45-63 million, and US$1.3-1.9 billion per month.
"E-commerce is currently very developed, and we are carefully considering tax policies. For such a developing field, if we do not study and learn from the experiences of other countries to deal with it, it will cause tax losses." A representative said.
Earlier news, Mr. Le Quang Meng, chairman of the National Assembly's Finance and Budget Committee, said that the government should consider canceling the exemption supervision of small-value imported goods from VAT, especially those imported through cross-border e-commerce channels.
Mr. Le Quang Muang said that many countries have now abolished VAT exemption regulations for small-value imported goods to protect revenue sources and create a fair business environment between domestic and imported production.
Previously, the quantity of small-value imported goods was small and had little impact on tax revenue. However, Mr. Le Quang Meng said that the outbreak of cross-border e-commerce and consumption trends in many countries show that the number of transactions has increased many times compared with the past.
Citing data from the Post and Telecommunications Joint Stock Company (VNPT), the Chairman of the Finance and Budget Committee showed that in March 2023, an average of 4-5 million orders were sent from China to Vietnam every day.
Specifically, the value of each order is divided into 100,000-300,000 VND. Shopee, Lazada, TikTok...the average daily value of goods in circulation is about US$45-63 million, and US$1.3-1.9 billion per month.
