Vietnam collects $145.5 million in taxes from TikTok, Facebook, and Google

The tax sector is expected to handle VND1,460,100 billion ($61.7 billion) in total budget income in 2022, which is an increase of 8.5% over the same time in 2021 and is equivalent to 124.3 percent of the order issuance estimate exceeding VND285,200 billion ($12 billion).

Domestic income will reach VND1,387,200 billion ($58.6 billion), which is 12.1% more than the ordinance forecast exceeding VND240,500 billion ($10.1 billion) and represents an increase of 6.6% from the same time in 2021.

Domestic tax and fee revenue was projected to bring in VND1,064,657 billion ($45 billion), exceeding VND149,657 billion ($6.3 billion) and representing 116.4% of the ordinance estimate—a 5.3% increase over the implementation in 2021.

Revenue and tax collections exceeded expectations in 17/19 areas, particularly in three key production and business sectors, including State-owned enterprises, which generated 115.7% of total revenues; enterprises with foreign investment capital, which generated 108.1% of total revenues; and non-state industrial and commercial sectors, which generated 116.3% of total revenues.

There are 16/19 tax revenue and tax areas that have increased when compared to the same period in 2021, including Personal income tax increased by 24.6%; Registration fee increased by 21.3%; Land use levy increased by 13.2%; Revenue from state-owned enterprises increased by 8.7%; Revenue from foreign-invested enterprises increased by 2.5%; Revenue from the non-state economic sector increased by 1.4%.

In 2022, 63 out of 64 collecting units finished and reached the estimate, with many places outperforming it and increasing greatly from the same time in 2021. It is anticipated that business sector income would total VND245,000 billion ($10.3 billion).