Last week, TEDI, Nam Duoc, and Phan Vu Ha Nam Concrete announced tax penalty decisions, with total tax arrears, penalties, and late payment interest ranging from hundreds of millions of Vietnamese dong to more than VND 12 billion.
TEDI incorrectly declared VAT and failed to record certain income, while also including certain expenses without sufficient supporting documentation when determining CIT liabilities. Photo: TEDI.
TEDI required to pay more than VND 12.19 billion
On September 17, Transport Engineering Design Inc. – JSC (TEDI, stock code: TED, UPCoM) disclosed an extraordinary announcement regarding a decision imposing administrative penalties for tax violations.
According to the decision issued by the Hanoi Tax Department, TEDI committed violations in the declaration of value-added tax (VAT) and corporate income tax (CIT). Regarding CIT, the company failed to fully record other income and recorded certain costs of goods sold and administrative expenses without sufficient supporting documents. The tax authority determined that these errors resulted in an underpayment of tax.
TEDI was fined nearly VND 1.6 billion, equivalent to 20% of the additional tax assessed following the inspection. In addition, the company is required to pay more than VND 7.99 billion in tax arrears, comprising more than VND 1.71 billion in VAT and more than VND 6.27 billion in CIT.
The company must also pay more than VND 2.6 billion in late payment interest, calculated through August 28, 2026. Accordingly, the total amount of tax arrears, penalties, and late payment interest under the decision exceeds VND 12.19 billion.
The decision does not impose any additional penalties and records no aggravating or mitigating circumstances. TEDI must comply with the decision within 10 days from the date of receipt. In case of late payment of the fine, the company will be required to pay an additional 0.05% per day calculated on the outstanding fine.
Nam Duoc subject to more than VND 1.7 billion in tax arrears and penalties
Also on September 17, Nam Duoc JSC (stock code: NDC, UPCoM) announced an administrative penalty decision issued by the tax authority. Data from the Hanoi Stock Exchange (HNX) shows that the disclosure was published at 1:55 p.m.
Nam Duoc JSC was subject to more than VND 1.7 billion in tax arrears and penalties.
According to the company's disclosure, Nam Duoc received the decision on September 16. The decision, issued by the Hanoi Tax Department on September 3, concerns incorrect declarations of VAT and CIT for the 2024–2025 fiscal years, resulting in an underpayment of tax.
Accordingly, Nam Duoc was fined VND 244 million and required to pay more than VND 1.2 billion in outstanding tax, comprising nearly VND 83 million in VAT and more than VND 1.1 billion in CIT. The company must also pay nearly VND 233.7 million in late payment interest. The total amount of tax arrears, penalties, and late payment interest exceeds VND 1.7 billion.
Late payment interest was calculated through August 24. From August 25 until the outstanding tax is fully paid into the State budget, Nam Duoc is responsible for calculating and paying any additional late payment interest incurred.
Phan Vu Ha Nam Concrete incorrectly declared taxes
Phan Vu Ha Nam Concrete JSC (stock code: FCM, HOSE) also announced on September 17 a decision issued by the Ninh Binh Tax Department imposing administrative penalties for tax violations.
Phan Vu Ha Nam Concrete disclosed an extraordinary announcement regarding penalties for incorrect tax declarations.
The decision was issued following a tax inspection covering VAT, CIT, personal income tax (PIT), and the company's management and use of invoices for the 2022–2025 period. The inspection found that Phan Vu Ha Nam Concrete had incorrectly declared certain items in the PIT finalization return appendix and had incorrectly declared VAT and CIT, resulting in an underpayment of tax.
Under the decision, the company was fined more than VND 34.19 million, including VND 2 million for incorrectly declaring items in the appendix to the 2024 PIT finalization return and more than VND 32.19 million for incorrect declarations resulting in an underpayment of tax.
The company was also required to pay more than VND 160.95 million in tax arrears, comprising more than VND 28.32 million in VAT, more than VND 132.55 million in CIT, and VND 75,780 in PIT. Phan Vu Ha Nam Concrete had fully paid these tax arrears into the State budget before the tax authority issued the penalty decision.
In addition, the company is required to pay nearly VND 42.87 million in late payment interest. Accordingly, the total amount of penalties, tax arrears, and late payment interest is VND 238,015,610, equivalent to more than VND 238 million. According to the company's disclosure, Phan Vu Ha Nam Concrete has complied with the decision and fully paid the required amount.