Hanoi Tax Department fined Vietnam National Textile and Garment Group (Vinatex) VND 6.5 million for false declaration when finalizing corporate income tax in 2023.
Vinatex's total assets are nearly 20,000 billion VND - Photo: Vinatex
In a recent notice sent to the Securities Commission, Vietnam National Textile and Garment Group (Vinatex) said it had received a decision on administrative sanctions for tax violations.
Specifically, the Hanoi Tax Department has imposed an administrative fine of VND 6.5 million on Vinatex for tax violations due to incorrect declaration when settling corporate income tax in 2023, but did not lead to a shortage of tax payable.
The tax authority also said that Vinatex has proactively overcome the consequences by declaring a supplementary corporate income tax settlement for 2023 on February 10, 2025.
Vinatex is the largest textile and garment group in Vietnam. At the end of 2024, the group had 33 level 1, 2, 3 subsidiaries and 30 affiliated companies. Total assets at the same time amounted to VND 19,137 billion.
Regarding business performance, Vinatex recorded revenue of VND 17,391 billion in 2024, an increase of more than 5% over the previous year. Cost of goods sold accounted for nearly 89%, the group's gross profit reached VND 1,911 billion, 55% higher than the same period.
Although financial revenue decreased, Vinatex's financial expenses also decreased last year. As a result, Vinatex reported a profit after tax of VND685 billion, up 73%.
In addition to Vinatex, many businesses have recently been fined for tax violations. This raises questions about the quality of both the corporate financial accounting department and the guidance from the tax authorities.
For example, Vietnam Machinery Installation Corporation (Lilama) under the Ministry of Construction also received a decision to impose a fine with a total amount of arrears and fines of up to more than 1 billion VND. Lilama was fined for false declaration and incorrect invoice issuance at the wrong time.
TNT Group Joint Stock Company has also been fined for tax violations. According to the decision of the Thanh Xuan District Tax Department (Hanoi), TNT was fined, had to pay back and pay late taxes totaling more than VND 465 million due to incorrect declaration of value added tax, issuing invoices at the wrong time and not submitting appendices according to regulations on related-party transactions when settling corporate income tax in 2023.
Meanwhile, HUD3 Investment and Construction Joint Stock Company (HU3) was fined more than 30 million VND for falsely declaring tax obligations at the end of February. At the same time, Vinacomin Tourism and Trade Joint Stock Company, Vinh Son - Song Hinh Hydropower Joint Stock Company... also received "bins" of fines for tax violations.
Source: https://tuoitre.vn/nhieu-doanh-nghiep-lon-vi-pham-thue-tap-doan-det-may-lon-nhat-viet-nam-vua-bi-xu-phat-20250316182622679.htm
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