According to the General Department of Taxation's summary of inspections of enterprises with related-party transactions, as of the end of July 2019, the entire tax sector had conducted 42.784 inspections at taxpayers' premises. In addition, the number of tax declarations at tax offices that were inspected was 219.318.
Inspections of 214 businesses with related-party transactions resulted in a recommended fine of 6.748 billion VND.
Accordingly, the total amount recommended for handling through inspections and audits is estimated at 24.237 billion VND. Of this, the total amount of increased tax revenue through inspections and audits is 6.724 billion VND; reduced deductions are 1.105 billion VND; and reduced losses are 16.406 billion VND.
Notably, in 2019, the Tax Department inspected 214 businesses with related-party transactions, with the amount recommended for handling through the inspection totaling VND 6.748 billion. Specifically:
- The amount recovered, refunded, and fined totaled 837 billion VND.
- Reduced losses by 2.774 billion VND;
- A reduction in tax deductions of 11 billion VND.
- The taxable income was adjusted upwards by 3.123 billion VND.
At the same time, inspection and verification work will be carried out to re-evaluate. market price for related-party transactions They collected back taxes totaling 236 billion VND, reduced losses by 1.088 billion VND, and adjusted taxable income upwards by 2.942 billion VND.
According to the previously set plan, in 2019, the Tax Department aimed to inspect and audit at least 19% of the number of businesses under its tax management. Therefore, from the beginning of this year, the Tax Department has taken measures to strengthen and intensify tax inspection and auditing work in sectors with high tax risks and potential for revenue loss.
Simultaneously, the General Department of Taxation is also gradually introducing information technology applications to be applied in the tax management and inspection process to ensure that inspection and auditing work is transparent and effective.
