Hồ Đức Phớc, Minister of Finance, Vietnam has issued a directive regarding the retrieval of unpaid tax obligations, According to a report by Vietnam News Agency. The government will be taking a stricter stance on tax collection, with a multi-pronged approach targeting both traditional and online earners.
The Vietnamese authorities are implementing various strategies to recoup outstanding debts. These include publicly naming negligent taxpayers, collaborating with other agencies, establishing local steering committees to tackle large debts, implementing travel bans for individuals and businesses that fail to settle their tax obligations.
By the end of last year Vietnam’s total tax debt had ballooned to nearly VND 164 trillion which is prompting the government to act.
The government aims to recover outstanding taxes, particularly those related to land use and lease agreements, to ensure sufficient revenue for the state budget.
Over 460 individuals in Hanoi alone have been identified as potentially underreporting income in this sector. Recognising the growing online economy, tax authorities are specifically targeting high-income earners who generate income through social media and e-commerce platforms.
