Kosy Group fined and ordered to pay back over 6.8 billion VND in taxes.

Kosy Joint Stock Company (stock code: KOS) has just announced the decision of the Hanoi Tax Department to impose administrative penalties for tax and invoice violations. The total amount of back taxes, fines, and late payment penalties exceeds 6.8 billion VND.

According to the penalty decision, Kosy Joint Stock Company failed to allocate value-added tax (VAT) to non-taxable revenue, incorrectly declared indicators on the VAT tax return, underdeclared taxable revenue, and sold goods below cost without justification.

In addition, regarding corporate income tax, the company also improperly accounted for business management expenses such as purchasing goods and entertaining clients, lacking sufficient documentation at the time of inspection, selling goods below cost without justification, and incorrectly accounting for interest expenses.

Therefore, the company was fined over 911.6 million VND for incorrect declarations resulting in a shortfall in tax payments.

The total amount of back taxes, fines, and late payment penalties owed by Kosy Joint Stock Company is over 6.8 billion VND. Photo: TNCK

For making false or incomplete declarations regarding tax liability in tax returns that did not result in a shortfall in tax payable or an increase in tax exemptions, reductions, or refunds, the company was fined over 27.9 million VND.

The company was fined 4 million VND for issuing invoices at the wrong time, but this did not result in a delay in fulfilling its tax obligations.

Notably, the company was fined over 1.3 billion VND for late payment of taxes.

The company must pay the outstanding corporate income tax of over 4.5 billion VND to the State budget for the years 2019-2023.

The total amount of back taxes, fines, and late payment penalties owed by Kosy Joint Stock Company is over 6.8 billion VND.

The decision takes effect from February 28th. Within 10 days of receiving the decision, the company must comply with the penalty decision. If the company fails to comply within the deadline, the administrative decision will be enforced.

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

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

In the renewable energy sector, Kosy has three power plants currently generating electricity: the Bac Lieu Wind Power Plant and two hydroelectric power plants in Lai Chau , and is constructing approximately eight other hydroelectric power plants.

Source: https://vietnamnet.vn/tap-doan-kosy-bi-phat-truy-thu-thue-hon-6-8-ty-dong-2378490.html