Latest Breaking News On - Vietnam life vietnamese banks concerned as mandate forces withholding of tax money from client accounts - Page 1 : comparemela.com
Tuesday, March 09, 2021, 15:54 GMT+7
A delivery worker is seen riding a motorbike on a street in Vietnam. Photo: Quang Dinh / Tuoi Tre
In a bid to collect due tax from foreign service providers, Vietnamese authorities are requiring banks and payment intermediary service companies to withhold and pay tax from the accounts of e-commerce foreign contractors who do not register as a taxpayer in Vietnam, raising concerns over overload and risky transactions at local lenders.
The direction was set forth in a draft circular to guide the implementation of Decree 126, which provides guidance for the application of the Law on Tax Administration.