Discussion on Crypto Tax in Vietnam: Currently, there is a lot of information about taxes, but there are two main sources of information that I would like to share my personal views on. Let's discuss together:
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1. First: a 20% tax on profits, which accurately reflects the nature of business investment; if there is profit, tax must be paid. However, the 20% rate is too high because most individuals play Crypto, so I think an 8% rate, comparable to personal income tax, would be better.
2. Second: a 0.1% tax on trading volume, which is equivalent to the basic transaction fee applied by Binance exchange. This means that previously, there was a fee of 1 unit, and now there will be an additional 1 unit.
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The issue of retroactive tax collection: Generally, the law will apply from the time the law is enacted and not retroactively. Many channels equate recent tax collection with retroactive tax, but we must understand that tax laws have existed for several decades. However, it was previously difficult to control revenue, but now it's easier, and those who evade taxes may face retroactive collection.
The issue of current tax collection: Many people say it’s difficult to collect taxes, but if the prospect of a law tightens foreign exchanges, then top exchanges cannot ignore the Vietnamese market. They will open local exchanges similar to Binance in the US before. In this local exchange, when you KYC, you will be required to have a tax identification number. At that point, if the second method of taxation is applied, when you conduct a transaction, the exchange will automatically calculate the tax to WITHHOLD and at the end of the year, settle it with the state budget for you.
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1. First: a 20% tax on profits, which accurately reflects the nature of business investment; if there is profit, tax must be paid. However, the 20% rate is too high because most individuals play Crypto, so I think an 8% rate, comparable to personal income tax, would be better.
2. Second: a 0.1% tax on trading volume, which is equivalent to the basic transaction fee applied by Binance exchange. This means that previously, there was a fee of 1 unit, and now there will be an additional 1 unit.
===============
The issue of retroactive tax collection: Generally, the law will apply from the time the law is enacted and not retroactively. Many channels equate recent tax collection with retroactive tax, but we must understand that tax laws have existed for several decades. However, it was previously difficult to control revenue, but now it's easier, and those who evade taxes may face retroactive collection.
The issue of current tax collection: Many people say it’s difficult to collect taxes, but if the prospect of a law tightens foreign exchanges, then top exchanges cannot ignore the Vietnamese market. They will open local exchanges similar to Binance in the US before. In this local exchange, when you KYC, you will be required to have a tax identification number. At that point, if the second method of taxation is applied, when you conduct a transaction, the exchange will automatically calculate the tax to WITHHOLD and at the end of the year, settle it with the state budget for you.
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