TKV Minerals was fined and had to pay nearly 88 billion VND in taxes.

12/05/2023 10:17 Ha Loan Print article

ANTD.VN - TKV Minerals Joint Stock Corporation (stock code KSV - HNX floor) was fined and collected nearly 88 billion VND due to incorrect declaration of value added tax, resource tax and corporate income tax payable in 2020.

Lao Cai Provincial Tax Department has just issued a decision to impose administrative penalties on tax violations against the Sin Quyen Copper Mine Branch - Lao Cai, belonging to TKV Minerals Joint Stock Corporation (Vimico - stock code KSV - HNX floor).

According to the penalty decision, TKV Minerals committed the following violations: False declaration leading to a shortage of value added tax (VAT) payable in 2020 (using invoices with signs of high tax risks); false declaration leading to a shortage of resource tax payable in 2020; false declaration leading to a shortage of corporate income tax (CIT) payable in 2020.

TKV Minerals fined and taxed

Accordingly, KSV was fined 20% for the act of false declaration leading to a lack of VAT and resource tax (amount of more than 12.2 billion VND). Along with that, the company was also charged a total of nearly 62.3 billion VND and nearly 13.1 billion VND in late payment fees.

Thus, the total amount of fines and tax arrears that TKV Minerals was fined and collected is nearly 87.6 billion VND.

It is known that Vimico is a member company of Vietnam National Coal - Mineral Industries Group (Vinacomin), with ownership of more than 98% of capital.

Regarding business results, in the first 9 months of 2023, this enterprise recorded revenue of nearly 8,900 billion - an increase of 100 billion VND compared to the same period last year (8,792 billion), however, profit after tax decreased to 102 billion VND (in the same period, profit was more than 287 billion VND).

Explaining the decline in profits in the first 9 months, Vimico said that it was mainly due to a decrease in the consumption of some of the Corporation's products such as: Copper, Gold, Zinc ingots; some products had lower selling prices such as: Copper plates, Magnetite concentrate, Steel billets, Zinc ingots.

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