Collected nearly VND140 billion from tax inspection for enterprises engaged in related-party transactions

Considering exemption of regular tax inspections for businesses affected by Covid-19

Tax authorities conducted 7,056 inspections and checks. Photo: T.L

In the first three months of the year, there were 30,227 newly established enterprises nationwide, an increase of 1,732 enterprises compared to 2019.

In March, there were 21,031 enterprises terminating their business, an increase of 1,947 enterprises (10.20%); there were 14,310 enterprises suspending business, an increase of 1,066 enterprises (8.05%). There were also 8,790 businesses recovering business, an increase of 212 enterprises (2.47%).

As of March 19, there were 766,512 businesses nationwide, an increase of 8,979 enterprises (1.19%) compared to the end of 2019.

Tax authorities have focused on checking and reviewing the number of enterprises registering for a business, the number of enterprises temporarily suspending their business and stopping operating, especially after the Lunar New Year, ensuring tax management for 100% of businesses; inspecting and strictly controlling the production, business, tax declaration and payment of enterprises. Thereby, identifying subjects correctly, adjusting presumptive tax rates in line with business reality and combating loss of state budget revenues.

The latest report from the General Department of Taxation shows that by the end of March, tax authorities at all levels conducted 7,056 inspections and checks; checked 74,086 tax records at the tax authorities.

The total proposed revenue from inspections and checks was VND15,561.16 billion, equivalent to 295.28% compared to 2019. In particular, 17 enterprises engaged in related-party transactions were inspected; revenue from tax arrears and fines was VND139.33 billion, from loss reduction of VND659.48 billion and revising up the taxable income of VND781.83 billion