Deputy Prime Minister: Will use AI to control revenue on e-commerce platforms

This content was said by Deputy Prime Minister and Minister of Finance Ho Duc Phoc when explaining at the discussion session on budget and public investment on November 5.

According to the Deputy Prime Minister, the tax industry has applied many measures to prevent tax loss in e-commerce. Currently, about 102 foreign suppliers such as Meta (Facebook), Google, Tiktok, Netflix, Google… have declared and paid taxes through the industry’s electronic portal. Cumulatively since March 2022 – when the information portal for foreign suppliers operates, foreign businesses have paid over VND 18,600 billion.

With the domestic e-commerce platform, Mr. Phoc said the tax industry will start collecting from this year. Of which, Hanoi alone has collected about 35,000 billion VND as of early November.

“Next week, the tax industry will launch an artificial intelligence (AI) tool to control revenue and purchases of e-commerce platforms, especially cross-border platforms,” ​​Mr. Phoc said, adding that this is One of the tax authorities’ solutions to prevent revenue loss through this channel.

Previously, Mr. Phoc said that the Government would eliminate the VAT exemption regulation for small-value imported goods sold through e-commerce platforms to avoid tax revenue loss.

Contributing to the discussion, many National Assembly delegates expressed concerns regarding tax revenue loss in e-commerce. In addition to amending the Law on Tax Administration and requiring e-commerce platforms to declare and pay on behalf of sellers, Mr. Tran Hoang Ngan proposed that the Government and the Ministry of Finance need to have a solution to collect import tax on goods sold through commercial channels. electronics.

Mr. Ngan said that collecting taxes on imported goods through e-commerce platforms will help the budget avoid loss of revenue and have more resources to invest in technology infrastructure, digital infrastructure… for purchase and sale transactions. more favorable.

Recently, shopping on cross-border e-commerce platforms has exploded. The number of transactions of small-value goods has increased many times compared to before. Most recently, the appearance of many sales platforms entering the domestic market without being licensed to operate, such as Temu, Shein, 1688… raises the issue of inadequacies in management and policies that make Temu or Shein Enter Vietnam without registration.

Therefore, when examining amendments to the tax law, the Finance and Budget Committee also proposed that the Government have additional solutions to increase tax revenue from foreign suppliers on e-commerce.

Also at the discussion session, delegates reflected that the balance of the three funds managed by Vietnam Social Insurance is currently too large, but their operational efficiency is unclear..

Permanent Deputy Secretary of Quang Tri province Ha Sy Dong wondered when the total balance of off-budget State financial funds managed by the Central Government was about 1.42 million billion VND, as of the beginning of this year. 91% of this balance belongs to 3 funds managed by Vietnam Social Insurance, including the Social Insurance Fund, Unemployment Insurance Fund and Health Insurance Fund, managed by Vietnam Social Insurance.

It is estimated that by the end of this year, the balance of financial funds will be nearly 1.48 million billion VND, an increase of about 56,000 billion VND compared to the beginning of the year. The balance of the three funds managed by Vietnam Social Insurance alone is 1.3 million billion VND.

“What is the structure of capital use of nearly 1.3 million billion VND? What is the ability to preserve and profit?”, Mr. Dong asked, and asked the Government to report clearly to the delegates. assured.

Explaining this issue, Deputy Prime Minister Ho Duc Phoc said that the balance of off-budget financial funds is a credit source on the books, used to pay monthly pensions.

According to him, this balance is not in a deposit account, but 80% is invested in Government bonds, 20% is deposited in state-owned commercial banks to avoid risks. Using such surplus funds, Mr. Phoc said, “both benefits the Government and ensures Social Insurance, rather than pouring money into this or that project and leading to risks like before.”