Tax authority eyes large firms

The General Department of Taxation will inspect the tax compliance of numerous big firms this year.

Tax authorities will target big companies like Big C. (Source: VNA)

According to a tax inspection plan that the department submitted to the finance ministry recently, supermarket giant Big C, Nguyen Kim Trading Joint Stock Company which distributes electrical appliances, Binh Son Refining and Petrochemical Company Ltd, and An Phong Investment Corporation are included on the list for inspection this year.

The tax authority said it will focus on the large trading companies and firms that have a high potential for tax evasion.

In the first quarter of this year, the focus was put on inspecting about 10 companies in Hanoi, HCM City and the southeast region that were considered high risk for central budget collection.

As of March 25th, the tax authorities had carried out inspections and checks at more than 6,500 firms nationwide, or 7.2 percent of the plan for the full year, collecting an additional VND1.6 trillion (USD714.3 million) in taxes.

Earlier, the General Department of Taxation said that it plans to inspect and check at least 18 percent of the total number of firms and collect an additional VND13 trillion.

The tax authorities will pay special attention to new sectors such as e-commerce, online businesses and multi-level marketing.

(Source: CPV)