Tuesday, December 11 2018

VietNamNews

Agency to review beer producers’ tax liabilities

Update: May, 11/2018 - 22:00
Deputy Prime Minister requested the audit authority to review the additional payment of VAT and excise taxes and fines for late tax payment and administrative violations of the two companies, as well as undistributed profit of Sabeco to the State budget until the end of 2016. — Photo vneconomy.vn
Viet Nam News

HÀ NỘI – Deputy Prime Minister Vương Đình Huệ has asked the State audit agency to review the investigation conclusions concerning tax liabilities of two beer corporations amounting up to VNĐ4.35 trillion (US$191 million).

The two corporations are Sài Gòn Beer-Alcohol-Beverage Corporation (Sabeco) and Hà Nội Beer Alcohol and Beverage Joint Stock Corporation (Habeco).

In the latest announcement of the Government Office this week, Huệ requested the audit authority to review the additional payment of VAT and excise taxes and fines for late tax payment and administrative violations of the two companies, as well as undistributed profit of Sabeco to the State budget until the end of 2016.

The audit agency has also been asked to review the rights and responsibilities of shareholders in both the enterprises when implementing the audit’s conclusions in accordance with the law and submit the reports to the Prime Minister, related ministries and enterprises.

The Ministry of Finance, Ministry of Justice and Government Inspectorate have been asked to quickly comment on the audit agency’s statements and send it to the Ministry of Industry and Trade to submit a report to the Prime Minister.

In early April, the Ministry of Finance requested Sabeco to pay some VNĐ2.5 trillion worth of undistributed profit to the State budget after the State Audit of Việt Nam learnt that Sabeco did not pay this amount to the State stakeholder.

According to the audit report in March, that money was part of Sabeco’s VNĐ2.7 trillion in undistributed profit and was considered the dividend that the government should have received from Sabeco for its 89.6 per cent stake in the company as of December 31, 2016.

While awaiting the government’s instructions, Sabeco last month conducted tax procedures to “temporarily” pay this amount to the State budget. 

The tax issue is expected to be discussed at Sabeco’s annual general meeting in June.

At Habeco, the State audit authority required an additional payment of nearly VNĐ1.85 trillion, including tax arrears and dividend on State capital.

Sabeco and Habeco are two of Việt Nam’s largest beer producers. Sabeco’s total sales reached over VNĐ34.4 trillion in 2017, a year-on-year increase of 12.5 per cent, and its net profit was nearly VNĐ5 trillion, marking an annual growth of 6.3 per cent.

Meanwhile, Habeco saw its revenue go down by 4.5 per cent last year to VNĐ9.84 trillion, with a net profit of VNĐ658 billion, which also went down by 17.4 per cent against 2016. – VNS

 

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