Crypto-asset service providers to withhold and remit taxes on behalf of individual investors

Overview: The Ministry of Finance has issued Circular 41/2026/TT-BTC guiding the declaration, deduction, payment, and finalization of taxes on the crypto asset market. DECLARATION, TAX PAYMENT, TAX FINALIZATION The Circular provides guidance on the documents and forms for crypto‑asset service providers, established and operating under Vietnamese law, that have transactions, transfers, and trading of crypto assets in Vietnam, to comply with tax obligations. Note: regarding declaration, tax payment, and corporate income tax finalization, the organization must determine the quarterly provisional tax and perform annual tax finalization. The deadline for filing the annual finalization is the last day of the third month following the end of the financial year. Tax declaration is performed electronically, submitted to the directly managing tax authority. The deadlines for declaration and payment follow the Tax Administration Law. WITHHOLDING, TAX PAYMENT ON BEHALF The service provider is responsible for withholding and remitting corporate income tax for foreign organizations, and personal income tax for individuals, when conducting transactions in crypto assets through its system. The withholding moment is when the transaction is confirmed as successful. The withheld tax amount is determined according to the rate specified in Circular 32/2026/TT-BTC. The service provider submits tax declarations electronically. The filing deadline is the 20th day of the month following the month in which the tax obligation arises. The payment deadline is the last day of the period for filing the tax declaration. Tax authority directly manages the service provider as decided by the Head of the Tax Department. RESPONSIBILITIES OF THE SERVICE PROVIDER Circular 41/2026/TT-BTC sets out five responsibilities of crypto‑asset service providers: 1) Withholding taxes, declaring withheld taxes, and paying the withheld taxes accurately and fully as required by tax law; bearing legal responsibility for the accuracy and completeness of tax records. 2) Managing investor accounts; maintaining full and accurate trade and transfer data arising from each transaction, and related documents to determine withholding tax amounts. 3) Issuing withholding tax vouchers for crypto asset transfers in electronic form to the taxpayer, using the prescribed Template 01/CTKT-TSMH. 4) Building and operating IT systems and managing crypto asset trading data to ensure year‑end extraction and formatting for tax authority systems. 5) Providing complete, timely documents and data related to crypto asset transfers to the tax authority upon request by the crypto‑asset service provider as required by tax law. This Circular takes effect from April 6, 2026 and is implemented on a pilot basis in accordance with Regulation No. 05/2025/NQ-CP. Other tax management provisions not guided by this Circular follow existing tax management laws. Transfer and trading of crypto assets not subject to value‑added tax. 13:48, 30/03/2026