What are latest regulations on implementation of price reduction of enterprises engaged in the business of prize-winning electronic games for foreigners in Vietnam?
What are latest regulations on implementation of price reduction of enterprises engaged in the business of prize-winning electronic games for foreigners in Vietnam? What are costs of business of prize-winning electronic games for foreigners in Vietnam?
I have a need to find out, please advise.
1. What are latest regulations on implementation of price reduction of enterprises engaged in the business of prize-winning electronic games for foreigners in Vietnam?
Pursuant to Clause 2, Article 7 of Circular 39/2022/TT-BTC (effective from August 8, 2022) stipulating price reduction of enterprises engaged in the business of prize-winning electronic games as follows:
2. The price reduction of enterprises engaged in the business of prize-winning electronic games prescribed in Article 35 of Decree No. 121/2021/ND-CP is implemented as follows:
a) Persons eligible for price reduction are persons who purchase tokens with the value of at least 50.000 USD/time
b) Enterprises may receive reductions of taxable revenues according to laws on taxation. The determination of tax eligible for reduction shall comply with laws on taxation.
c) Enterprises shall inform tax authorities that directly manage them of price reduction policies.
2. What are costs of business of prize-winning electronic games for foreigners in Vietnam?
According to Article 8 of Circular 39/2022/TT-BTC (effective from August 8, 2022), the costs are as follows:
1. The operating cost of the business of prize-winning electronic games is all of the operating costs of the business of prize-winning electronic games determined according to the law. In case the operating cost of the business of prize-winning electronic games is in association with other business activities of an enterprise, allocate such costs according to the percentage (%) between its revenues from the business of prize-winning electronic games compared to the total revenues.
2. Prize payout costs are the amount paid to winners when playing games on prize-winning electronic game machines by enterprises according to the game rules and laws on taxation.
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