Accordingly, until the beginning of this May, 69 taxpayers owe a total of over VND3,926 billion (US$169 million) of tax, fine, and late payment. Most businesses with large debts are real estate ones.
The most noticeable tax debtors are The 21st Century International Development Co. Ltd. with VND643 billion ($27.7 million), Saigon Development and Investment JSC. with VND576 billion ($24.8 million), Duc Khai JSC. with VND500 billion ($21.5 million), Housing Development and Trading JSC. with VND420 billion ($18.1 million), Saigon Zoo Co. Ltd. with VND355 billion ($15.3 million).
As stated by law, after 30 days of tax debt, the tax authority will issue an announcement of this debt, along with the fine and late payment calculation. After 60 days, the tax authority will send a written urging notice, clearly mentioning coercive measures to be applied. After 90 days, the tax authority will adopt the mentioned coercive measures to deduct money from the debtor’ bank account and temporarily freeze this account.
After 120 days, a decision will be issued on the coercive measure of stating that the sales invoice set of the debtor is invalid. When the time of this decision expires (after one year), if the enterprise still owes tax payment, and the tax authority cannot proceed with the next coercive measure, it repeats the issuance of the above decision.
