HANOI: Russia and Vietnam signed a Memorandum of Understanding (MoU) on bilateral cooperation to create opportunities for the both sides.
The MoU was signed between the General Department of Taxation of Vietnam and the Federal Taxation Service of the Russian Federation during the President Vladimir Putin’s state visit to Vietnam from June 19-20.
According to the General Department of Taxation, this MoU will facilitate bilateral cooperation activities, enhancing the taxation partnership between the southeast Asian country and Russia.
The cooperation will include sharing experiences in tax policy and management, handling tax management in e-commerce and retail, providing digital tax services for taxpayers, automatic exchange of information for tax purposes (including e-commerce), digital transformation in tax management (including big data management), and the online transmission of transaction data from cash registers.
The forms of cooperation will encompass exchanging information and experiences in the aforementioned fields, conducting seminars, meetings, working groups, and field trips in both countries, as well as personnel training and the transfer of experience and knowledge between the two parties.
The General Department of Taxation stated that the MoU signifies a significant advancement in the economic, external, and political relations between the two nations.
It will aid Vietnam in enhancing its capacity for developing and implementing tax policies and management, particularly in areas where Russia has expertise, such as tax management in e-commerce, digital tax services, automatic exchange of information for tax purposes, and digital transformation in tax management.
