VAB: Administrative Fine for Tax Violation

Viet A Commercial Joint Stock Bank (VAB) has been sanctioned by the Hanoi Tax Department for incorrect VAT declaration in 2018 and 2019. Specifically, VAB failed to disclose certain income sources to evade taxes, resulting in reduced tax obligations. The penalty decision includes fines and tax recoveries for the discrepancies found. The tax authority requires the bank to pay the unpaid taxes and will monitor compliance closely in the future. VAB has committed to rectifying these violations and improving its internal tax monitoring and control processes.