Viwaco (VAV), a subsidiary of Vinaconex, was fined nearly 1.9 billion VND in taxes.

Formerly known as Clean Water Investment, Construction and Trading Joint Stock Company, later renamed VIWACO Joint Stock Company (UPCoM Code: VAV) since 2015, Viwaco has been operating in the field of providing water supply networks for many units in Hanoi city.

Recently, Viwaco was administratively fined by the Hanoi Tax Department for tax violations due to violations of value added tax (VAT), corporate income tax (CIT) and violations of invoice use.

Viwaco (VAV) was fined and had to pay back nearly 1.9 billion VND in taxes (Photo TL)

Specifically, the company violated the declaration of VAT deduction for goods and services for invoices over 20 million paid in cash; under-declared VAT on goods and services sold for customer gifts; and declared and adjusted some indicators on the VAT declaration that were not in accordance with regulations.

In addition, the company also violated the accounting of expenses with invoices of 20 million or more paid in cash with corporate income tax; accounting for pre-deducted expenses without invoices and documents, determining the expenses eligible for corporate income tax incentives is not in accordance with regulations. The company also has not issued invoices for gifts to customers according to state regulations.

For the above violations, Viwaco was fined VND312 million and had to pay an additional VND1.5 billion in outstanding tax. In addition, the company also had to pay an additional VND47 million in late tax payment penalties. In total, the company had to pay fines and collect nearly VND1.9 billion in arrears.

Regarding the business situation in the past time, in the third quarter of 2023, Viwaco recorded a sharp increase in revenue, up to 232.4 billion VND. Profit after tax reached 40.5 billion, an increase of nearly 40% over the same period. Total assets at the end of the third quarter reached 855.1 billion VND, an increase of nearly 53 billion compared to the beginning of the period. Of which, equity accounted for 482.3 billion VND.

Source: https://www.congluan.vn/viwaco-vav-cong-ty-con-cua-vinaconex-bi-phat-va-truy-thu-thue-gan-19-ty-dong-post273959.html