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Deputy Secretary General and Head of the VCCI Legal Department, Dau Anh Tuan
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The bill affirms: “Digital assets are digital technology products that are created, issued, stored, transferred, and ownership verified using blockchain technology, which people are entitled to own according to civil law and relevant laws.”
This is the first time digital assets have been defined, and according to Mr. Dau Anh Tuan at the seminar “Tax Policy – Digital Assets and Business Responsibilities” held on August 21, it will solve many problems, including tax issues.
“First of all, we must affirm that digital assets are not prohibited by law in terms of transactions, ownership, or mention. People and businesses are allowed to do what the law does not prohibit. But there will be an issue: even though there are transactions and income from those transactions, we cannot collect taxes.” – said Mr. Dau Anh Tuan.
“There are people who own these assets, and many of them have very high incomes. In principle, someone living in Vietnam has a responsibility to pay taxes on that income.”
Mr. Tuan stated that there are currently transactions related to digital assets that, in principle, should be subject to taxes just like any other commodities.
“We have VAT, and in this field, if these are considered assets, the state can collect transaction taxes and income taxes. We believe that this is also a very legitimate need from practice.”
“But the difficulty is not only in Vietnam but also in other countries, which is to define what it is. I observe the experiences of other countries, and their approaches vary greatly. Some countries treat them as a type of security, some as a special type of asset, and some as a hybrid asset. So, how does Vietnam respond?” – he continued.
Mr. Tuan stated that Vietnam’s current approach is to recognize digital assets, and the next steps are to gradually shape and classify them.
“The approach of the Law on Digital Technology Industry, in my opinion, is also appropriate. We provide a general concept, and then through decrees or decisions of the Prime Minister, or other relatively quick and flexible legal documents, we can gradually regulate. Based on practical needs and the experiences of other countries as analyzed by Mr. Trung, it is time for us to have a legal framework and start collecting taxes.”
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