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Regulations on livestream sales urged to prevent tax losses
Vietnamese law currently has no specific regulations for registering sellers on livestreaming platforms, said Trần Thị Lan Phương, former acting director of the Hà Nội Department of Industry and Trade. Livestream sellers also do not currently have to apply for a business licence like traditional sellers.
Livestreaming helps increase the scale of businesses, expand the market and promote economic development - but on the other hand, it creates significant barriers for regulators. — Photo tinnhanhchungkhoan.vn
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Regulations on livestream sales are needed to prevent tax losses for the State budget, according to an industry expert.
Many businesses have moved to livestreaming, as it can increase the scale of business, expand the market and promote economic development - but on the other hand, it also creates significant barriers in managing livestream sales methods.
This reality requires authorities to make timely changes and issue specific regulations on registration and licensing for livestream sellers. According to Phương, more regulation would also help sellers, as it would not allow livestreaming activities to be widespread and uncontrolled.
In addition, authorities need to step up communication and guide consumers to protect their own rights and interests when buying goods via livestream.
The General Department of Taxation has instructed the tax departments in provinces and cities to continue urgently reviewing and comprehensively inspecting the declaration and payment of taxes. Authorities should also review the use of electronic invoices by organisations, business households and individuals engaged in e-commerce, trading on e-commerce platforms, affiliate marketing, providing digital content products or receiving income from advertising activities, as well as providing software.
In particular, organisations and individuals engaged in online business that includes livestreaming sales of goods and services are also subject to review and inspection.
Bizhub
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