Revealing the 'huge' revenue sources of Facebook and Google in Vietnam

At just one bank, the tax authority discovered that the total number of transactions between Vietnamese organizations and individuals with Google in 2016 was 248,396 transactions with a total payment amount of VND222.4 billion.

Ho Chi Minh City Tax Department reveals Google and Facebook advertising revenue for the first time.

Accordingly, through verification at a bank, the tax authority discovered that the total number of transactions between Vietnamese organizations and individuals with Google in 2016 was 248,396 transactions with a total payment amount of VND222.4 billion.

With Facebook, the total number of transactions was 175,391, with a total payment amount of 450.4 billion VND.

At just one bank, the total number of Facebook transactions was 175,391, with a total payment amount of VND450.4 billion in 2016.

It is worth noting that this is only the transaction turnover at one bank. Organizations and individuals pay for social networking sites Google and Facebook through international credit cards such as Visa, MasterCard, JCB, Amex... and often do not deduct contractor tax.

Only 15,088 out of 248,396 transactions with Google had withholding tax.

Similarly, only 15,637 out of 175,391 transactions with Facebook had tax deductions.

Meanwhile, according to Facebook's Q3-2017 business report, the social network earned a profit of 4.7 billion USD in the quarter, an increase of 79% over the same period last year.

Of which, advertising revenue in the third quarter of 2017 reached 10.14 billion USD, an increase of 49% compared to the same period in 2016. This figure is higher than the forecast of 9.71 billion USD in advertising revenue that analysts had previously given.

Facebook's total revenue in the third quarter of 2017 also increased by 47.3% to reach 10.33 billion USD, exceeding the 9.84 billion USD forecast by analysts. Facebook said the number of monthly active users also increased by 16% compared to the same period last year to 2.07 billion people.

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According to tuoitre