Quarterly user transaction reporting to help detect VAT fraud
Vietnam has joined many countries around the world in requiring digital marketplaces / platforms to provide the tax authorities with detailed reporting on their sellers or users transactions. Marketplace operators must now provide the following levels of details on users:
- Name of company or individual trading on the platform
- Tax identification number
- Transaction details, including income, by each operator
Global and OECD marketplace transaction reporting
Many other regions have introduced similar requirements:
- Australia has targeted reporting on the gig & sharing communities
- Canada marketplace reporting has been delayed until July 2023
- The EU’s DAC regime came into force in 2023, obliging standard tax information requests to marketplaces
- The Organisation for Economic Cooperation and Development (OECD) has issued optional guidance for countries on their requirements for reporting taxable transactions of goods and ride sharing / rental of transport.
- France introduced reporting in 2020
- Germany introduced reporting from 1 January 2020
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