KBC fined for nearly VND6 billion

November 08, 2018 | 18:53
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Kinh Bac City Development Holding Corporation (code: KBC) will have to pay around VND6 billion ($243,500) after tax inspections between 2015 and 2017.
kbc fined for nearly six billion dong
KBC was fined for tax arrears in 2015-2017

The General Department of Taxation has just issued the decision to penalise KBC after a tax inspection of the years 2015, 2016, and 2017.

Accordingly, KBC owes a total of VND4.1 billion ($178,300) in tax arrears, and more than VND800 million ($34,800) in fines for violations of administrative procedures and invoices usage.

Additionally, a late payment fee of VND600 million ($26,100) was issued as of October 30, 2018. KBC will also have to calculate and pay further charges for delayed payment after this date.

As a result, a total of VND5.6 billion ($243,500) will be collected from KBC in retrospectively collected tax and fines for administrative violations and late payment fees.

Kinh Bac City Development Share Holding Corporation (KBC’s previous name) was established on March 27, 2002 and officially began operations in April 2003. Its primary activities are investing, engineering, and doing business in infrastructure for urban areas, commercial centres, industrial parks, and multi-functional projects.

In the first nine months of 2018, KBC’s revenue was nearly VND1.66 trillion ($72.2 million), increased by 60 per cent, while after-tax profit was VND528.5 billion ($23 million), including VND489 billion ($21.3 million) from the parent company, down 10 per cent on-year.

On the stock exchange, after a sharp increase at the beginning of the year, KBC share has been on a steady downward path. At the end of November 7, the ticker stood at VND12,300 ($0.5), so the corporation’s capitalisation was around VND5.8 trillion ($252.2 million).

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