New Text Notification

Revenue from the business of prize-winning electronic games for foreigners in Vietnam

Dương Châu Thanh

11:03, 02/07/2022

The Minister of Finance promulgates Circular 39/2022/TT-BTC June 24, 2022 guide Decree 121/2021/ND-CP on the business of prize-winning electronic games for foreigners.

According to the Circular in Vietnam, regulations on revenue from prize-winning electronic game businesses include:

- Direct revenue from the prize-winning electronic game business in Vietnam is:

All money from the exchange of conventional currency for the player and the amount collected at the prized electronic game machine shall minus the left over amount of money of the player that have been used

(Compared to the current regulations in Vietnam, Circular 39/2022/TT-BTC provides more detailed regulations on direct revenue from prize-winning electronic game businesses.)

- Revenue from financial activities and other income arising from the business of prize-winning electronic games in accordance with the current accounting regime in Vietnam

In addition, the regulations on price reduction of prize-winning electronic game businesses as prescribed in Article 35 of Decree 121/2021/ND-CP are as follows:

- The object of the discount is a player who buys a conventional currency with a minimum value of 50,000 USD/time.

- Enterprises are entitled to deduct taxable revenue in accordance with tax laws. The method of determining the tax to be deducted shall follow the law on Tax in Vietnam

- Enterprises must notify the tax authority directly managing the discount policy.

Circular 39/2022/TT-BTC takes effect on August 8, 2022, and replaces Circular 11/2014/TT-BTC; Circular 57/2017/TT-BTC.

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