Accordingly, NIFERCO was fined more than 7 million VND for using illegal invoices to declare taxes, reducing the amount of corporate income tax payable in 2022. Regarding the remedy, Ninh Binh Phosphate Fertilizer was forced to pay the full amount of outstanding tax of more than 4.7 million VND.
Thus, the total amount of fines and arrears for NIFERCO's violations is more than 11.7 million VND. The company must pay this amount within 10 days of receiving the penalty decision. If it fails to comply, the company will be forced to execute the administrative decision according to the provisions of law.
NIFERCO was established in 1977, is one of the largest phosphate fertilizer producers in Vietnam and is a member of Vietnam Chemical Group (Vinachem), Vinachem holds over 50% of charter capital at NIFERCO.
