Draft law designed to lift banks’ role in e-commercePayments for e-commerce transactions must be made via banks or authorised payment intermediary services, according to the draft of the amended Law on Tax Management. Besides the tax agency, it is necessary to have close co-ordination among other relevant ministries and agencies to make tax management more effective, according to the draft law. The State Bank of Vietnam (SBV) will take measures to develop e-commerce payments and to ensure that cross-border services pay through payment service suppliers or licensed payment intermediary services. However, tax authorities find it challenging to tax e-commerce businesses as it is not easy to control online business revenues given cash payment is so common in Vietnam. Experts therefore suggested that State management agencies should adopt measures to encourage online payment and reduce cash transactions to help oversee revenues of online traders.

Source: VietNamNet News May 07, 2018 04:30 UTC