Owners of e-commerce exchanges will have to fully, accurately and promptly provide tax agencies with information about traders that have conducted part or the whole process of buying and selling goods or services on their exchanges, according to a decree recently issued by the Government.
Under Decree 91, which revises Decree 126 of 2020, for each seller, to-be-provided information includes the seller’s name, tax identification number or personal identification number, people’s (citizen) identity card or passport, address and phone number.
E-commerce exchanges having the online order placement function are also required to provide information on sellers’ sale revenues earned through such function.
Under the new rule, e-commerce exchanges will have to request sellers whose information remain insufficient to promptly update information for provision to tax agencies under regulations.
Information may be electronically provided on a quarterly basis via the General Department of Taxation’s Portal in certain data formats specified by the latter.
Under the Decree, e-commerce exchanges’ owners that refuse to provide sellers’ information will be subject to administrative sanctioning under Decree 125/2020/ND-CP.- (VLLF)