Twenty FDI enterprises are required to pay corporate income tax arrears of VND230 billion and are fined VND12 billion after the General Department of Taxation concluded their transfer pricing activities durng its four-month investigation. — Photo bizlive.vn

HA NOI (Biz Hub) — Twenty foreign direct investment (FDI) enterprises were defined to carry out transfer pricing after a four-month investigation conducted by the General Department of Taxation.

The agency asked these companies to adjust their losses by VND759 billion (US$36.1 million). The companies were also asked to pay corporate income tax arrears of VND230 billion ($10.9 million) and were fined VND12 billion (over $571,000).

According to the department, the firms mainly operated in leather and footwear industry in 17 cities and provinces, such as Dong Nai, HCM City, Long An and Binh Duong, across the country.

Of the investigated firms, some enumerated continuously and still had been in the period of receiving investment preferentials. After the investigation, the enterprises accepted the result without any claim, the agency noted.

The department added that they will continue the investigation at other FDI firms, including those in the automobile industry. — VNS