Vietnam draft law on tax management forsees e-commerce payments via banks
A draft law on tax management, released by the Ministry of Finance of Vietnam, proposes that payments for e-commerce transactions must be made via banks or authorised payment intermediary services. The draft law aims to better manage and collect taxes on e-commerce businesses, which have developed strongly in recent years. Under the current legal regulations, every business or individual that earns over USD$4 400 from trading activities, including those on social media, must register, declare and pay taxes. The new draft law aims to facilitate state control over tax collection.