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Vietnam parliament moves to curb tax breaks favouring ecommerce giants

Economic Times

Economic Times · 8m ago

Vietnam parliament moves to curb tax breaks favouring ecommerce giants

Vietnam's parliament has approved changes to tax laws that will require local operators of foreign e-commerce platforms to pay Value-Added Tax (VAT) and scrap tax exemptions on low-cost imported goods. The amendments will be effective from July 1, 2022, raising the maximum standard VAT rate from 8% to 10%. This move aims to ensure taxes are fully collected from e-commerce firms and addresses concerns about unfair competition from Chinese online retailers. The changes could impact the fast-growing $22 billion e-commerce market in Vietnam, which heavily relies on cheap goods from China.

Related News

UAE rule, wary I-T to deter dodgy crypto deals

Economic Times

Economic Times · 1m ago

UAE rule, wary I-T to deter dodgy crypto deals

India's Income Tax department is scrutinizing real estate transactions suspected to be funded through cryptocurrencies. Meanwhile, the UAE is implementing new regulations to curb crypto-based purchases, allowing only stablecoins converted by licensed entities under strict KYC norms. These moves, part of broader efforts to combat money laundering and ensure tax compliance, aim to increase transparency and traceability in digital financial flows, impacting Indian investors engaging in the UAE's economy.

Temu, Shein suspend Vietnam operations amid crackdown on ecommerce platforms

Economic Times

Economic Times · 8m ago

Temu, Shein suspend Vietnam operations amid crackdown on ecommerce platforms

Chinese online retailers Temu and Shein have suspended their operations in Vietnam in order to register their ecommerce services with the government. The Vietnamese authorities and domestic businesses were concerned about deep discounting by Chinese platforms and the potential sale of counterfeits. Vietnam demanded that Shein and Temu register by the end of November, or face blocked internet domains and app usage. Temu missed the registration deadline and will have its operations temporarily suspended. Shein's status is unclear, but its Vietnamese website is currently unavailable. The Vietnamese government recently approved legal changes regarding VAT and tax exemptions for foreign ecommerce platforms.

Lawmakers want to know how TurboTax used $94 million in tax breaks

The Verge

The Verge · 1y ago

Lawmakers want to know how TurboTax used $94 million in tax breaks

Senators Elizabeth Warren, Bernie Sanders, Richard Blumenthal, and Representative Katie Porter have criticized tax software company Intuit for not explaining how it spent $94 million in tax breaks given to the company. Intuit received $94 million in federal research and experimentation credits in 2022 and $106 million in 2023. The lawmakers argue that the funds could have been used to offer free online tax filing to millions of Americans instead of supporting Intuit's research. Intuit has responded, calling the government-run tax preparation system unnecessary.

Tax reforms to follow simplification bill

Livemint

Livemint · 22d ago

Tax reforms to follow simplification bill

The Income Tax Bill, 2025, aims to simplify the over-60-year-old Income Tax Act of 1961 and will be introduced in the monsoon session of Parliament. This initiative seeks to set the stage for future substantive reforms in direct tax laws, focusing on personal and corporate income taxation. The finance ministry believes that a simplified and more readable law will facilitate targeted reforms through subsequent annual Finance Acts.

Will Quick Commerce Eat Amazon, Flipkart’s Festive Season Lunch?

Inc42 · 10m ago

Will Quick Commerce Eat Amazon, Flipkart’s Festive Season Lunch?

- Quick commerce platforms are gaining a significant share in online grocery sales, expected to reach 51% outside the festive season. - Quick commerce platforms are challenging local kirana shops rather than traditional ecommerce marketplaces. - Ecommerce giants like Flipkart and Amazon dominate mobile phone sales and quick commerce platforms have limited impact in this category. - Customers prefer the credit features, returns, and exchanges offered by ecommerce marketplaces during the festive season. - Quick commerce platforms have limited inventory risks in the fashion category, with vertical marketplaces holding the key share. - Quick commerce platforms are rapidly adopting skin care and beauty products, which may impact niche players like Nykaa and Purplle. - The emergence of quick commerce platforms like Blinkit, Zepto, and Swiggy Instamart has disrupted traditional ecommerce giants in the market.

UAE to impose 15% minimum top-up tax on large multinationals

VCCircle

VCCircle · 8m ago

UAE to impose 15% minimum top-up tax on large multinationals

The United Arab Emirates (UAE) will implement a 15% minimum top-up tax on large multinational companies operating in the country starting in January 2023. The tax is part of the OECD's global minimum corporate tax agreement, which aims to ensure that big companies pay at least a 15% tax rate and curb tax avoidance. The tax will apply to companies with consolidated global revenue of €750 million ($793.50 million) or more in at least two out of the four preceding financial years. The UAE is also considering introducing corporate tax incentives for research and development and high-value employment activities.

Oman DTAA: Withholding tax rates lowered

Economic Times

Economic Times · 1m ago

Oman DTAA: Withholding tax rates lowered

India and Oman have revised their double taxation avoidance agreement (DTAA) to include digital and service operations in the permanent establishment definition. Withholding tax rates on interest and royalties for technical services were reduced from 15% to 10%, and a Principal Purpose Test was introduced to curb tax evasion. The amendment aims to enhance tax dispute resolutions, boost information exchange to combat evasion, and offer businesses more certainty, encouraging investment while ensuring legitimate transaction purposes.

GST evasion of Rs 7.08 lakh cr detected in 5 years, includes ITC fraud of Rs 1.79 lakh cr

Economic Times

Economic Times · 4d ago

GST evasion of Rs 7.08 lakh cr detected in 5 years, includes ITC fraud of Rs 1.79 lakh cr

Central GST field officers detected tax evasion of approximately Rs 7.08 lakh crore over five years, including input tax credit (ITC) fraud of Rs 1.79 lakh crore, according to the government. In the fiscal year 2024-25, GST evasion amounted to Rs 2.23 lakh crore. The government is implementing measures like e-invoicing and GST analytics to curb tax evasion. Taxes recovered during the period exceeded Rs 1.29 lakh crore through voluntary deposits.

Nvidia wants to set up Vietnam semiconductor base

Economic Times

Economic Times · 1y ago

Nvidia wants to set up Vietnam semiconductor base

US chip giant Nvidia is looking to establish a base in Vietnam to develop its semiconductor industry, according to its CEO, Jensen Huang. During a meeting with Vietnam's Prime Minister, Huang expressed his high regard for Vietnam's potential in the IT sector and mentioned that Nvidia had already invested around $250 million in the country. Vietnam has been attracting investment from various chip giants, with plans to expand its semiconductor industry to meet global demand and reduce dependency on China. The country aims to increase its number of engineers in the semiconductor industry to 50,000 by 2030.

Zomato Completes Liquidation of Czech Republic, Vietnam Subsidiaries

Inc42 · 1y ago

Zomato Completes Liquidation of Czech Republic, Vietnam Subsidiaries

Food delivery giant Zomato has completed the liquidation process of its subsidiaries in Vietnam and the Czech Republic. Zomato Vietnam Company Ltd and Czech subsidiary Lunchtime.cz s.r.o have been officially liquidated as of February 2 and February 6, 2024, respectively. This move comes as part of Zomato's strategy to close down international subsidiaries and cut costs in order to achieve and sustain profitability. Zomato recently reported a consolidated profit after tax of INR 138 Cr in the December quarter of 2023.

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