ANTD.VN - Vietnam National Coal and Mineral Corporation (stock code KSV – HNX exchange) has been fined and ordered to pay back nearly 88 billion VND for incorrectly declaring value-added tax, resource tax, and corporate income tax payable in 2020.
The Lao Cai Provincial Tax Department has just issued a decision to impose administrative penalties for tax violations on the Sin Quyen Copper Ore Processing Plant Branch in Lao Cai, belonging to the Vietnam National Coal and Mineral Corporation (Vimico - stock code KSV - HNX exchange).
According to the penalty decision, TKV Minerals committed the following violations: Incorrect declarations resulting in a shortfall in value-added tax (VAT) payable in 2020 (using invoices with high tax risk indicators); incorrect declarations resulting in a shortfall in resource tax payable in 2020; incorrect declarations not resulting in a shortfall in corporate income tax (CIT) payable in 2020.
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TKV Minerals fined and ordered to pay back taxes. |
Accordingly, the company was fined 20% for false declarations resulting in a shortfall in VAT and resource tax (amounting to over 12.2 billion VND). In addition, the company was also ordered to pay back nearly 62.3 billion VND and nearly 13.1 billion VND in late payment penalties.
Thus, the total amount of fines and back taxes collected from TKV Minerals is nearly 87.6 billion VND.
Vimico is known to be a subsidiary of the Vietnam Coal and Mineral Industry Group (Vinacomin), with Vinacomin holding over 98% of the capital.
Regarding business results, in the first nine months of 2023, the company recorded revenue of nearly 8,900 billion VND - an increase of 100 billion VND compared to the same period last year (8,792 billion VND), however, after-tax profit decreased to 102 billion VND (compared to a profit of over 287 billion VND in the same period).
Explaining the decline in profits for the first nine months, Vimico stated that it was mainly due to a decrease in sales volume of some of the Corporation's products such as copper, gold, and zinc ingots; and a decrease in selling prices of some products such as copper sheets, magnetite concentrate, steel billets, and zinc ingots.
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