VietABank (Viet A Commercial Joint Stock Bank) has just announced that it has received a tax sanction decision from the General Department of Taxation, which means it is obliged to pay a total of more than 2.5 billion VND to the budget due to incorrect declaration. plus administrative fines

The General Department of Taxation has just issued a decision on sanctioning administrative violations on October 12 for VietABank after inspecting tax compliance for the period 2019-20. Thereby, VietABank is obliged to pay a total of more than 2.5 billion VND to the budget due to incorrect declaration plus administrative fines. The Bank needs to fulfill its obligations within 10 days from the date of receipt of the decision.

Regarding business results in the first 6 months, the bank’s pre-tax profit reached nearly 598 billion dong, up 51% over the same period and fulfilling 51.6% of the year plan (1,158 billion dong). In which, net interest income reached VND 663 billion, up 4% over the same period. Net profit from service activities increased by 84% over the same period, reaching nearly 32 billion dong.

Particularly in the second quarter, net profit from investment securities and other business activities decreased by 80% and 44% respectively over the same period. Securities trading activities lost 400 million dong. Despite a sharp decrease of 60% in provision expenses, the bank’s profit before tax in the second quarter still decreased by 4% over the same period to 258 billion dong.

Source: Vietnambiz