TTC Land, with the stock code SCR on the HoSE, has just announced that it has received an administrative fine decision from the General Department of Taxation.
In specific, SCR has been fined more than 326 million VND for falsely declaring corporate income tax and value-added tax (VAT), leading to tax payment shortages.
The company has been fined 13 million VND for violating procedures in declaring VAT and corporate income tax, but it did not lead to a shortage of tax payment. Additionally, SCR has to pay more than 1.6 billion VND for the missing tax and more than 328 million VND for late tax payment.
In total, TTC Land has to pay nearly 2.3 billion VND. The decision will take effect from February 6, 2024.
TTC Land fined nearly 2.3 billion VND in taxes
TTC Land is a member responsible for the real estate sector in the TTC Group’s ecosystem of billionaire Dang Van Thanh. The company was founded in 2004 with a charter capital of 11 billion VND based on the consolidation of real estate transaction centers of Sacombank. In 2016, SCR was officially listed on the HoSE.
Currently, Ms. Huynh Bich Ngoc (the wife of Mr. Dang Van Thanh) is the Chairperson of TTC Land’s Board of Directors. The CEO cum legal representative is Mr. Vo Quoc Khanh.
In terms of business performance, according to the consolidated financial statements for the fourth quarter of 2023, TTC Land recorded net revenue of over 98 billion VND, a decrease of 3.2 times compared to the fourth quarter of 2022. However, after-tax profit reached over 5 billion VND, a significant improvement from the net loss of over 89 billion VND in the same period.
For the whole year of 2023, net revenue reached over 371 billion VND, a decrease of 2.5 times compared to the performance in 2022. After-tax profit for the whole year was over 15 billion VND, a decrease of 3.7 times compared to the previous year.
In addition, some other companies have also been penalized for tax violations with amounts in the billions of VND. One of them is Vietnam National Seed Group Joint Stock Company (Vinaseed, stock code NSC on the HoSE), a member of PAN Group Joint Stock Company (stock code PAN on the HoSE).
According to the decision dated January 31, 2024, by the Hanoi Tax Department, Vinaseed has been fined nearly 210 million VND for falsely declaring and leading to a shortage of tax payment.
To remedy the consequences, the company must pay the total amount of corporate income tax (CIT) due for reexamination in 2022, which is more than 1 billion VND, and pay the full amount of delayed tax payment, nearly 96 million VND.
Therefore, the total amount of fines and tax collection for NSC is over 1.3 billion VND.
