According to the penalty decision, Kosy Joint Stock Company has not allocated value added tax (VAT) to non-taxable revenue, declared incorrect indicators on the VAT declaration, under-declared VAT taxable revenue, and sold goods below cost price without basis.

In addition, regarding corporate income tax, the company also accounted for business management expenses for expenses of purchasing goods and entertaining guests in violation of regulations, did not have sufficient documents at the time of inspection according to regulations, sold goods below cost price without basis, and accounted for interest expenses in violation of regulations.

Therefore, the company was fined more than VND 911.6 million for declaring incorrectly, leading to a shortage of tax payable.

kosy group.jpg
The total amount of tax arrears, fines and late payment fees owed to Kosy Joint Stock Company is more than 6.8 billion VND. Photo: TNCK

For the act of falsely declaring or incompletely declaring indicators related to determining tax obligations in tax records that do not lead to a shortage of tax payable or an increase in the amount of tax exempted, reduced, or refunded, the company was fined more than 27.9 million VND.

The act of issuing invoices at the wrong time but not leading to late tax payment, the company was fined 4 million VND.

Notably, the company was fined more than 1.3 billion VND for late tax payment.

The company must pay the full amount of corporate income tax owed to the state budget of more than 4.5 billion VND for the years 2019-2023.

The total amount of tax arrears, fines and late payment fees with Kosy Joint Stock Company is more than 6.8 billion VND.

The decision takes effect from February 28. Within 10 days from the date of receipt of the decision, the company must comply with the penalty decision. If the company fails to comply within the time limit, it will be subject to enforcement of the administrative decision.

Kosy Joint Stock Company was established in 2008, with Mr. Nguyen Viet Cuong as Chairman of the Board of Directors. The company operates in the fields of: Real Estate, Construction, Energy - Hydropower.

Kosy owns a series of huge projects in localities such as Thai Nguyen, Lao Cai, Bac Giang, Hanoi, Ninh Binh, Quang Ninh, Phu Tho...

In the field of renewable energy, Kosy has 3 power generating plants, namely Bac Lieu Wind Power Plant and 2 hydropower plants in Lai Chau, and is constructing about 8 other hydropower plants.