Finance sector conducts inspections and propose administrative fine of more than VND 40,000 billion in first 6 months

VCN - According to the Inspectorate of the Ministry of Finance, in the first six months of 2023, through inspection and examination, the finance sector proposed an administrative fine of more than 40,000 billion VND.
Can fines and late payment interest be exempted in case of force majeure? Can fines and late payment interest be exempted in case of force majeure?
Handling administrative fines if failing to declare and pay VAT at the time of on-spot import Handling administrative fines if failing to declare and pay VAT at the time of on-spot import
Lang Son Customs collects about VND4 billion from administrative fines Lang Son Customs collects about VND4 billion from administrative fines
More than 31,090 audits were conducted in the first six months of 2023. Photo: Internet
More than 31,090 audits were conducted in the first six months of 2023. Photo: Internet

Accordingly, the Inspectorate of the Ministry of Finance and specialized units under the Ministry have conducted 31,092 inspections, exceeding 2,742 times compared to the same period last year; conducted an inspection of 363,154 tax declaration records at the tax office and seized 6,653 cases through anti-smuggling investigation, thereby, proposing a fine of VND 40,424 billion, nearly twice as high as in the same period in 2022.

Particularly, the Inspectorate of the Ministry of Finance conducted 13 inspections, thereby proposing a fine of VND 2,908 billion. The inspected units have actually paid VND2,727 billion to the State Budget.

The report also said that, through inspections, the finance sector proposed administrative penalties for cases of violations. Thus, it helps to rectify the financial and budgetary management at the units, and consult the ministries, central and local agencies give comments to amend and supplement legal documents related to the management and administration to ensure compliance with the law and reality.

In the tax field, the tax industry also strengthened inspection of tax declaration and payment for real estate business activities; worked with competent authorities to fight against tax evasion, fraud and tax-related crimes.

As a result, in the first six months of the year, the whole tax system performed 29,616 inspections, examined 363,154 tax declaration recorded at tax offices and proposed a fine of VND 37,494 billion. Thus, VND 6,092 billion (including fines for administrative violations) was paid to the State budget.

In the field of customs, thanks to proactively collecting information, arranging officials to perform inspection and strengthening internal inspections and unexpected inspections, the customs sector promptly detect violations and proposed fines.

According to the report, in the first six months of 2023, the whole customs system carried out 81 inspections and issued 34 decisions on administrative sanctions. Accordingly, VND 126 billion (including fines for administrative violations) was to remitted to the State budget.

In addition, the State Treasury has also urgently conducted 522 inspections (including 440 planned and 82 unexpected ones); issued 445 inspection conclusions at 445 units. Through the inspection, 80 organizations and individuals were fined over VND3 billion.

Also in the first six months of 2023, the State Securities Commission deployed 16 inspections, of which 9 were planned and 7 were unscheduled; issued one inspection conclusion at three organizations. No violations were detected through inspections.

Through the regular monitoring system, this agency issued 187 decisions to sanction administrative violations against 71 organizations and 116 individuals with a total fine of VND18.3 billion; took additional sanctioning measures for nine cases including three organizations and six individuals who have violations of legal regulations in securities activities; requested the application of remedial measures for two organizations for disclosing false information.

In addition, other units such as the Insurance Management and Supervision Department, the General Department of State Reserve also assigned inspection teams at the units, and arrange officials to survey, develop a plan, and conduct inspections in a timely manner to fulfil assigned plan in 2023.

In addition, the Ministry of Finance also directed to strengthen the internal inspection at the units, contributing to preventing, detecting and handling violations in the public duty performance of officials, civil servants and employees in the whole sector.

As a result, in the first 6 months of 2023, the entire Finance sector carried out 934 internal audits, proposed a fine of VND 20.6 billion.

Of which, the finance sector proposed to pay nearly VND19.9 billion to the State budget and proposed other fines of VND76. The actual amount remitted to the State budget is VND15.4 billion. At the same time, the finance sector recommended administrative sanctions to 38 organizations and 146 individuals, of which 119 people were handled.

The finance sector deploys the task of law education and dissemination The finance sector deploys the task of law education and dissemination

VCN - The work of law dissemination and education, raising the awareness of law observance of officials, ...

In order to improve the efficiency of inspection, the Ministry of Finance will continue to accelerate the implementation of the approved 2023 plan; actively grasp the situation, regularly report and propose solutions to promptly solve problems arising during the inspection process; strengthen monitoring and urge the proposals and decisions on post-inspection sanctions, etc., and strengthen coordination and information exchange between units within the sector and between the Ministry of Finance and other agencies.

By Huong Diu/ Huyen Trang

Related News

Consulting on customs control for e-commerce imports and exports

Consulting on customs control for e-commerce imports and exports

VCN- The General Department of Vietnam Customs (GDVC) consults widely on the draft Decree regulating customs control for e-commerce imports and exports.
Customs administrations coordinate to seize nearly 20,000 endangered wildlife

Customs administrations coordinate to seize nearly 20,000 endangered wildlife

VCN – About 20,000 live animals, all endangered or protected species, have been seized in a global operation against wildlife and forestry trafficking networks, jointly coordinated by the World Customs Organization (WCO) and INTERPOL.
Hai Phong Customs sets out 15 tasks to achieve the revenue target of VND 72,000 billion

Hai Phong Customs sets out 15 tasks to achieve the revenue target of VND 72,000 billion

VCN – Hai Phong Customs Department has issued Directive No. 624/CT-HQHP dated January 21, 2025 on drastically implementing solutions to facilitate trade, improve the effectiveness of state management, and strive to achieve the revenue target of 2025.
GDVC sets goal of widely disseminating Customs policies

GDVC sets goal of widely disseminating Customs policies

VCN – The General Department of Vietnam Customs (GDVC) has issued a plan to disseminate and educate the law; and support and provide information in 2025.

Latest News

Personal income tax proposed for interest on some bank savings accounts

Personal income tax proposed for interest on some bank savings accounts

Instead of the current personal income tax exemption on interest from all individual bank savings accounts, the proposal would exempt tax only for low amounts of savings.
Banks set for aggressive bond issuance in 2025 to fuel growth

Banks set for aggressive bond issuance in 2025 to fuel growth

With a higher credit growth goal set by the SBV, banks are ramping up their efforts to secure funding through bond issuance.
Central bank cuts interest rate on bills for first time in 2025

Central bank cuts interest rate on bills for first time in 2025

According to data from the financial data provider Wichart, the SBV issued VNĐ19.6 trillion of bills in the past week. The interest rate on the bills decreased by 0.1 percentage point, from 4 per cent to 3.9 per cent on February 14.
Focusing on inspecting inventory of public assets at units with large and complex assets

Focusing on inspecting inventory of public assets at units with large and complex assets

VCN - According to Official Dispatch No. 1456/BTC-QLCS on inspecting the preparation and implementation of the General Inventory of Public Assets recently issued by the Ministry of Finance, the inspection of the inventory of public assets focuses on units with large asset scale and large number of inventory items, complex assets, and slow implementation progress.

More News

The government seeks approval for revised GDP, CPI targets

The government seeks approval for revised GDP, CPI targets

VCN - The Government submitted to the National Assembly for consideration and comments on adjusting the target for the growth rate of gross domestic product (GDP) to 8% or more; the average growth rate of the consumer price index (CPI) to about 4.5-5%.
Fiscal, monetary policies support demand stimulation, price stabilisation

Fiscal, monetary policies support demand stimulation, price stabilisation

These efforts, in conjunction with the implementation of monetary policies and other macroeconomic policies, aim to solve difficulties for businesses and the public, stabilise the macroeconomy, control inflation, ensure the balance of the economy, promote economic growth, and secure social welfare and people’s livelihoods.
Vietnam secures VND 157 billion from state enterprise divestment in 2024

Vietnam secures VND 157 billion from state enterprise divestment in 2024

VCN - The Ministry of Finance reported that in 2024, the divestment of state capital in 5 enterprises (F1) generated VND 157 billion from an initial value of VND 145 billion
Vietnam gears up for potential inflation impact in 2025

Vietnam gears up for potential inflation impact in 2025

VCN - For sound price management and inflation control, Deputy Prime Minister Ho Duc Phoc directed officials to vigilantly track both domestic and international market dynamics. The goal is to proactively develop flexible strategies and solutions, enabling a swift response to any emerging challenges.
VN’s credit conditions in 2025 expected to be stable

VN’s credit conditions in 2025 expected to be stable

The credit conditions for Việt Nam will stabilise in 2025, after improving substantially over the past year, the rating agency VIS is forcasts.
State revenue in first month of the year equal to 14% of the estimate

State revenue in first month of the year equal to 14% of the estimate

VCN - According to the Ministry of Finance, in January - the first month of 2025, the total state budget revenue is estimated at VND275.9 trillion, equal to 14% of the estimate; meanwhile, the total state budget expenditure is estimated at VND134.4 trillion.
Securities 2025 expects a breakthrough in scale and quality

Securities 2025 expects a breakthrough in scale and quality

VCN – The positive factors inherent in the macro economy and the Vietnamese stock market will continue to create the foundation for the market to maintain stability, good liquidity, and growth in both scale and quality in the new year of At Ty 2025, Chairwoman of the State Securities Commission Vu Thi Chan Phuong said.
Cash reserves in stock accounts at six-quarter low amid margin rise

Cash reserves in stock accounts at six-quarter low amid margin rise

These funds are readily available in investor accounts, but remained undeployed as of the year-end.
Five solutions for developing stock market in 2025

Five solutions for developing stock market in 2025

VCN - On February 5, 2025, at the Gong-beating ceremony to open the stock trading at the Ho Chi Minh City Stock Exchange (HOSE), Deputy Minister of Finance Nguyen Duc Chi introduced five solutions for comprehensive development of the stock market.
Read More

Your care

Latest Most read
Personal income tax proposed for interest on some bank savings accounts

Personal income tax proposed for interest on some bank savings accounts

Instead of the current personal income tax exemption on interest from all individual bank savings accounts, the proposal would exempt tax only for low amounts of savings.
Banks set for aggressive bond issuance in 2025 to fuel growth

Banks set for aggressive bond issuance in 2025 to fuel growth

With a higher credit growth goal set by the SBV, banks are ramping up their efforts to secure funding through bond issuance.
Central bank cuts interest rate on bills for first time in 2025

Central bank cuts interest rate on bills for first time in 2025

According to data from the financial data provider Wichart, the SBV issued VNĐ19.6 trillion of bills in the past week. The interest rate on the bills decreased by 0.1 percentage point, from 4 per cent to 3.9 per cent on February 14.
Focusing on inspecting inventory of public assets at units with large and complex assets

Focusing on inspecting inventory of public assets at units with large and complex assets

VCN - According to Official Dispatch No. 1456/BTC-QLCS on inspecting the preparation and implementation of the General Inventory of Public Assets recently issued by the Ministry of Finance, the inspection of the inventory of public assets focuses on units
The government seeks approval for revised GDP, CPI targets

The government seeks approval for revised GDP, CPI targets

The Government submitted to the National Assembly for consideration and comments on adjusting the target for the growth rate of gross domestic product (GDP) to 8% or more
Mobile Version