Tax sector proposes fines of about VND38.7 trillion through tax inspection

VCN – The Tax authorities conducted over 54,800 inspections, thereby proposing to fine about VND38.7 trillion.
Information security for businesses in tax management a concern Information security for businesses in tax management a concern
Strengthening inspection and examination of organizations and individuals engaged in e-commerce activities Strengthening inspection and examination of organizations and individuals engaged in e-commerce activities
Tax management for goods transacted via eCommerce Tax management for goods transacted via eCommerce
Tax sector proposes fines of about VND38.7 trillion through tax inspection
The Tax man has inspected about 755,098 tax dossiers at Tax office. Photo: Thuy Linh.

The Tax sector has implemented solutions on tax administration, including tax inspection and examination. As of November 15, the Tax sector has conducted 54,884 inspections. The number of tax dossiers checked by the tax sector increased 32.85% year-on-year to 755,098 tax dossiers at tax offices. The tax authority has proposed to fine VND38,698 billion.

According to the General Department of Taxation, the Tax sector has inspected 300 enterprises with related party transactions; collected tax refunds, tax arrears and fined VND792.798 billion; reduced losses of VND2,780 billion; reduced deductions of VND10.61 billion and revised up taxable income of VND1,560 billion. Through re-determining the market price for related-party transactions, the Tax sector has also collected VND476,776 billion, reduced losses of VND2,139 billion, and revised up increase taxable income to VND1,350 billion.

The Tax authorities directed the whole sector to complete the inspection and examination plans to meet the implementation of year-end tasks, including strengthening inspection at the tax office's headquarters, checking businesses in sectors benefiting from the Covid-19 pandemic, high-risk businesses, especially for online business and advertising in Vietnam provided by cross-border advertising service providers.

The Tax sector has promoted e-transactions when receiving dossiers and documents for inspection and examination, creating favorable conditions for taxpayers, and limiting direct contact.

In addition to expediting the implementation of the project "Tax management for e-commerce activities in Vietnam", the Tax authority reviews high-risk e-commerce business firms to conduct inspections at the tax office and supplement the inspection plan at taxpayers’ premises.

The sector has established a steering committee and a working group to strengthen inspections and fight against fraud in value-added tax refund.

Accordingly, it has reviewed and identified businesses at risk of value added tax refunds, coordinated with customs authorities to assess the level of risk, conducted inspections and examinations. In addition, the Tax sector has also coordinated with other local agencies in inspection and examination work.

The tax authority has implemented many solutions to prevent transfer pricing of enterprises such as urging the review of declarations; coordinated with relevant agencies such as police and customs to manage taxes on transfer pricing.

By Thuy Linh/Ngoc Loan

Related News

Lang Son Finance, Tax and Customs agencies needs to proactively capture information to develop the border gate economy

Lang Son Finance, Tax and Customs agencies needs to proactively capture information to develop the border gate economy

VCN - That was the direction of Deputy Minister of Finance Nguyen Duc Chi at a working session with leaders of the Provincial People's Committee and the Lang Son Departments of Finance, Tax, and Customs on March 19.
Why not reduce export tax on fertilizer products to 0%?

Why not reduce export tax on fertilizer products to 0%?

VCN - Clarifying a number of contents related to the draft Decree amending and supplementing a number of articles of Decree No. 26/2023/ND-CP on Preferential Export Tariffs, Import Tariffs, List of Goods and Rates Absolute tax, mixed tax, import tax outside the tariff quota regarding the export tax rate for some types of fertilizers, the Ministry of Finance has clarified the reason why it does not adjust the export tax rate for this product.
Tax sector accompanies and supports tax finalization

Tax sector accompanies and supports tax finalization

VCN - In the first months of 2024, the Tax sector has deployed peak months to support tax finalization in many different forms, thereby solving many problems in settlement of corporate income tax and personal income tax for taxpayers.
Looking forward clear instructions in tax finalization in 2023

Looking forward clear instructions in tax finalization in 2023

VCN - Mr. Hoang Quang Phong (photo), Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) discussed supporting taxpayers in tax finalization in 2023.

Latest News

Efficiency from inspection and supervision - a key factor for a transparent stock market

Efficiency from inspection and supervision - a key factor for a transparent stock market

VCN - Since the 2019 Securities Law officially took effect, the average annual number of penalty decisions has more than doubled compared to the period 2015-2020. This shows that the strictness of the law is being enforced effectively.
SBV approves designation of 14 important banks in 2024

SBV approves designation of 14 important banks in 2024

The State Bank of Vietnam (SBV) has issued Decision No. 538/QD-NHNN approving the group of credit institutions and foreign bank branches which play an important role in the country's banking system in 2024.
Central bank urges card issuers to review procedures

Central bank urges card issuers to review procedures

The State Bank of Vietnam (SBV) has issued a directive, demanding commercial banks to review their procedures in issuing and managing bank cards.
Warning about impersonating tax authorities to commit fraud during  tax finalization month

Warning about impersonating tax authorities to commit fraud during tax finalization month

VCN - The Tax industry has continuously provided information and issued warnings about impersonating tax officials and tax authorities to commit fraud against taxpayers, but there are still people who fall into the trap of these fraudsters, especially during the peak month of tax settlement.

More News

“3 priorities, 3 breakthroughs” in task deployment of State Treasury

“3 priorities, 3 breakthroughs” in task deployment of State Treasury

VCN - To complete the task from now until the end of 2024 and successfully implement the State Treasury Development Strategy as planned, Deputy Minister of Finance Bui Van Khang stated "3 priorities, 3 breakthroughs" " and 7 notes in task performance.
Effectively apply M&A to go long distance

Effectively apply M&A to go long distance

VCN - With advantages such as being cheaper than domestic capital, and accompanied by many factors such as technology, skills, management, market... foreign capital is a popular trend among businesses. Domestic enterprises seek through M&A activities to ensure sustainable development for the future.
Hanoi State Treasury proactively digitizes and transforms operating methods

Hanoi State Treasury proactively digitizes and transforms operating methods

VCN - Hanoi State Treasury always proactively transforms and reforms its operating methods with the motto of “taking customers as the center” and taking the satisfaction of organizations and individuals as a measured level of task completion by civil servants.
The Ministry of Finance continues to strongly improve the business environment, reducing the rate of businesses temporarily suspending operations

The Ministry of Finance continues to strongly improve the business environment, reducing the rate of businesses temporarily suspending operations

VCN - The Ministry of Finance aims to continue to strongly improve the business environment, create a healthy competitive environment, rapidly increase the number of newly established businesses, and reduce the rate of businesses temporarily suspending operations; reduce input costs and legal compliance costs in investment and business activities, reduce policy risks, strengthen trust, create a fulcrum for recovery and improve business resilience.
Vietnam tackles obstacles to stock market upgrade

Vietnam tackles obstacles to stock market upgrade

Vietnam's ambition to elevate its stock market from "frontier" to "emerging" status by 2025 faces two key hurdles, including pre-trade margin requirements for foreign investors and foreign ownership ratios in certain sectors, said Deputy Director of the Securities Market Development Department under the State Securities Commission (SSC) Pham Thi Thuy Linh.
Proactive in dealing with exchange rate pressure

Proactive in dealing with exchange rate pressure

VCN - Recently, the State of Bank (SBV) withdrew VND 30,000 billion through the T-bills channel, contributing to reducing exchange rate pressure. This is just one of the moves of the monetary policy management agency to stabilize the foreign exchange market, contributing to supporting the macro economy as well as import-export business activities of enterprises.
Minister of Finance: Fairness and transparency for the insurance market

Minister of Finance: Fairness and transparency for the insurance market

VCN - According to Minister of Finance Ho Duc Phoc, the Ministry has strengthened inspections to correct violations in the insurance sector, demonstrating fairness and transparency in the market.
Vietnamese securities companies race to boost capital amid high market demand

Vietnamese securities companies race to boost capital amid high market demand

These companies understand the importance of boosting their capital to remain competitive and avoid falling behind their peers.
Central bank required to take urgent measures to stabilise gold market

Central bank required to take urgent measures to stabilise gold market

The Government has directed the State Bank of Vietnam (SBV) to urgently inspect and supervise to stabilise the gold market.
Read More

Your care

Latest Most read
Efficiency from inspection and supervision - a key factor for a transparent stock market

Efficiency from inspection and supervision - a key factor for a transparent stock market

VCN - Since the 2019 Securities Law officially took effect, the average annual number of penalty decisions has more than doubled compared to the period 2015-2020. This shows that the strictness of the law is being enforced effectively.
SBV approves designation of 14 important banks in 2024

SBV approves designation of 14 important banks in 2024

The State Bank of Vietnam (SBV) has issued Decision No. 538/QD-NHNN approving the group of credit institutions and foreign bank branches which play an important role in the country's banking system in 2024.
Central bank urges card issuers to review procedures

Central bank urges card issuers to review procedures

The State Bank of Vietnam (SBV) has issued a directive, demanding commercial banks to review their procedures in issuing and managing bank cards.
Warning about impersonating tax authorities to commit fraud during  tax finalization month

Warning about impersonating tax authorities to commit fraud during tax finalization month

VCN - The Tax industry has continuously provided information and issued warnings about impersonating tax officials and tax authorities to commit fraud against taxpayers, but there are still people who fall into the trap of these fraudsters, especially dur
“3 priorities, 3 breakthroughs” in task deployment of State Treasury

“3 priorities, 3 breakthroughs” in task deployment of State Treasury

To successfully implement the State Treasury Development Strategy as planned, Deputy Minister of Finance Bui Van Khang stated "3 priorities, 3 breakthroughs" " and 7 notes in task performance.
Mobile Version