PV Gas hit with $5 million in tax arrears

January 03, 2018 | 16:39

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PetroVietnam Gas Joint Stock Corporation (PV Gas) will have to pay VND106 billion ($4.67 million) in tax arrears, including missed tax payments and the resulting fine.

PV Gas needs to pay over faulty interpretation of the taxation regulations

According to newswire Vneconomy, due to the different interpretations of local authorities and PV Gas of the existing taxation regulations, the inspection team of the General Department of Taxation recalculated the total taxes that PV Gas has to pay. As the result, the added taxes come out to VND82.6 billion ($3.64 million).

Notably, the company’s arrears in value-added tax is VND1.4 billion ($61,649), in missed foreign contractor tax with VND345 million ($15,192), in missed personal income tax with more than VND500 million ($22,017), and in missed corporate income tax with 80.4 billion ($3.54 million).

The late payment fine and other fines are VND23.3 billion ($1.02 million).

In 2017, PV Gas produced 9.61 billion cubic metres of dry gas, reaching 103 per cent of its target, 78,700 tonnes of condensate, and 1.3 million tonnes of liquefied petroleum gas (LPG).

This year, PV Gas targets a revenue of VND66 trillion ($2.91 billion), up 9 per cent on-year and exceeding the annual target by 28 per cent. The company’s pre-tax profit is expected to reach VND10.56 trillion ($465.01 million), up 15 per cent on-year. PV Gas’ revenue and profit will make up 13 per cent of PetroVietnam’s revenue and 44 per cent of its profit.

PV Gas—a subsidiary of Vietnam Oil and Gas Group (PetroVietnam)—specialises in exploiting, transporting, processing, storing, and distributing gas and gas products. Currently, the company is working to expand to overseas markets.

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