What are latest regulations on principles of keeping business account and management of revenues in the business of prize-winning electronic games for foreigners in Vietnam?

1. What are latest regulations on principles of keeping business account and management of revenues in the business of prize-winning electronic games for foreigners in Vietnam?

Pursuant to Article 6 of Circular 39/2022/TT-BTC (effective from August 8, 2022) stipulating principles of keeping business account and management of revenues and costs as follows:

1. Enterprises shall keep business account regarding revenues and costs in accordance with accounting standards and guidance prescribed hereof.

2. Enterprises engaged in the business of prize-winning electronic games shall separately keep business accounts of related revenues, costs, and profits and separately monitor such matters in the bookkeeping and financial reporting systems.

3. The determination of other revenues, costs, profits, and contents related to tax regarding the business of prize-winning electronic games shall comply with regulations of laws on taxation.

2. What are latest regulations on revenues from the business of prize-winning electronic games for foreigners in Vietnam? 

According to Clause 1, Article 7 of Circular 39/2022/TT-BTC (effective from 08/08/2022) stipulating revenues from the business of prize-winning electronic games for foreigners as follows:

1. Revenues from the business of prize-winning electronic games includes:

a) Direct revenues from the business of prize-winning electronic games are all of the money collected from exchanging tokens with players and the money collected at prize-winning electronic game machines minus the amount returned to players due to winners or players did not spend all of the tokens.

b) Revenues from financial activities and other revenues from the business of prize-winning electronic games according to current accounting regulations.

Best Regards!