Meta just released an important announcement to all Facebook users in Vietnam-Information Technology
In addition to Vietnam, Meta will also announce and apply this new regulation in Cambodia and Thailand.
May 25, Facebook users in Vietnam have simultaneously received an important notice from this social network. That is Meta (the company that owns the social network Facebook) will collect 5% VAT on all ads on Facebookeffective from 1/6/2022.
This provision does not distinguish between corporate or individual advertisers. Meta doesn’t require adding a tax ID to their payment settings, but the company recommends that advertisers do so in order to receive full invoices from Facebook. If you declare a tax code, users will be able to finalize taxes with the authorities later.
Facebook’s new announcement about collecting VAT for ads at the rate of 5% of the value.
As for how to pay, if you choose to pay automatically, a tax of 5% will be charged before the ads do. Where an advertiser chooses to pay manually, this VAT will be calculated based on the actual exchange rate, depending on the balance in the ad account.
In addition to Vietnam, Meta will also add VAT to advertising costs in Cambodia and Thailand.
According to the Ministry of Finance, the tax industry has collected nearly 5,000 billion VND in taxes from foreign contractors in recent years. In which, Facebook contributed 1,694 billion VND, Google was 1,618 billion VND, Microsoft was 576 billion VND. Particularly in 2021, the tax revenue from cross-border services will reach VND 1,317 billion, up 15.2% compared to 2020.
Previously, within the framework of the visit and working visit to the US by Prime Minister Pham Minh Chinh and the Vietnamese delegation, representatives of the Public Policy Department of Meta had a meeting and exchange with the Prime Minister and other representatives of the Government. delegates on issues related to the development of the digital economy.
Meta commits to register, declare and pay foreign contractor tax in Vietnam. Meta had a meeting and discussion with the General Department of Taxation in April 2022 to clarify the implementation of Circular 80 (about the mechanism of registration, declaration and payment of tax for foreign contractors) in Vietnam.
Meta has notified the General Department of Taxation about the corporation’s registration, declaration and payment of foreign contractor tax in accordance with the Circular. Very quickly, Meta worked and provided the necessary information to its advertisers and customers to ensure a smooth filing and payment of tax regulations.
According to Ngoc Pham (Vietnamese people)
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