Corporate tax review stamps out violations

Hundreds of large-scale enterprises will be subject to a review of tax declaration data and placed under risk monitoring due to high revenues alongside reported losses.

- By Nguyen Kim

A range of major names in business will be subject to review

(Shutterstock)

The investigation agency of Hanoi Police on April 2 launched legal proceedings against Vu Minh Chau, founder and majority owner of Hanoi-based gold trading company Bao Tin Minh Chau, on charges of violating accounting regulations.

The case is the basis for the city’s Tax Department enacting Dispatch No.1927/CT-KTr, issued at the end of March, which mandates that subordinate tax units strengthen thematic tax inspections during 2026, specifically targeting enterprises that are persistently unprofitable or have low profit margins.

According to data extracted from HiVi software, which automates key operational tasks for shops and businesses, in the 2020-2023 period, investigators initially determined that the gold trading company’s actual revenue was about VND13.7 trillion ($548 million), a difference of about VND9.7 trillion ($388 million) against tax reporting, causing a loss of about VND150 billion ($6 million) to the state budget.