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Banks to seize US$6.46 billion in back taxes, fines from Nguyễn Kim

Update: July, 15/2018 - 18:00
The HCM City’s District 1 Tax Department has instructed banks to seize VNĐ148 billion from the accounts of Nguyễn Kim company to pay for back taxes and fines. – Photo plo.vn
Viet Nam News

HCM CITY —  The HCM City’s District 1 Tax Department has sent instructions to banks to seize VNĐ148 billion (US$6.46 billion) from Nguyễn Kim Joint-Stock Company for back taxes and fines the company owes.

The company improperly manipulated the amount of personal income tax its employees had to pay over the past 10 years, according to the tax department.

The department asked the company to pay by July 13 VNĐ104.74 billion in personal income taxes that are in arrears.

It also said the company had to pay VNĐ19.41 billion in fines for administrative violations and another VNĐ24.18 billion for late tax payments.

Because the company did not make the payments willingly, instructions were sent to banks on July 13 to seize the amount from Nguyễn Kim’s accounts.

The company has 90 days from June 29, when the city’s tax department issued the sanction, to file complaints to authorities at a higher level or initiate lawsuits in administrative court.

Nguyễn Kim said it had already sent documents seeking opinions from the Ministry of Finance and the General Department of Taxation, which said it would look into the case.

If there are differing opinions, the city’s tax department may reconsider the tax penalty.

Lê Duy Minh, deputy head of the city’s tax department, said that Nguyễn Kim’s violation was falsely declaring personal income taxes for its employees, rather than deliberate evasion of taxes.

Nonetheless, the company was still supposed to pay the amount within 10 days from the city’s decision on the sanctions on June 29. — VNS

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