Khanh Hoa Provincial Tax Department has concluded on tax at Taisho Vietnam Company Limited (Taisho Vietnam) - a business producing and trading Lipovitan energy drink.
Through inspection of tax law compliance, Khanh Hoa Provincial Tax Department determined that this enterprise had a number of violations leading to a total additional tax difference increased through inspection of more than 2 billion VND.
According to the conclusion of the Khanh Hoa Provincial Tax Department, the Lipovitan energy drink manufacturing and trading enterprise used illegal invoices to account for the value of purchased goods and services, reducing the amount of tax payable in 2021 and 2022 by more than VND 344 million.
However, when the tax authority inspects and discovers, the buyer proves that the violation of using illegal invoices and documents belongs to the seller and the buyer has fully accounted for them according to regulations.
Taisho Vietnam has misdeclared the deductible tax amount and tax basis, leading to a shortfall of more than VND 1.6 billion in tax payable in 2021 and 2022, but the economic transactions have been fully reflected in the accounting system, invoices, and legal documents.
Both of Taisho Vietnam's above violations are stipulated in Decree No. 125/2020/ND-CP of the Government regulating administrative sanctions for violations of tax and invoices.
According to the Khanh Hoa Provincial Tax Department, Taisho Vietnam used illegal invoices. However, according to Decree No. 125, the company's violations were subject to tax penalties, so it was not subject to invoice penalties.
Taisho Vietnam was administratively fined more than 400 million VND and had to pay the full amount of tax arrears, fines, and late tax payments to the State Budget upon decision by the tax authority.
