Apax forced to pay $244,000 in taxes

Apax Holdings was forced to pay $244,000 in taxes

On November 23, Apax Holdings Investment JSC had its corporate bank account frozen by Hanoi Tax Department.

On November 16, the tax department issued 17 decisions to enforce tax deductions from this enterprise's accounts at nine banks (VPBank, MB, BIDV, Vietcombank, TPB, SHB, NCB, SeABank, Vietinbank).

The total amount that Apax Holdings was more than $243,500), including $69,600 of personal income tax, $148,000 of corporate income tax, and $24,300 for late payment of taxes.

Apax has a charter capital of more than $36 million. Apax Holdings' main business is education and training, in addition to long-term financial investment, financial consulting services, and trade promotion consulting.

Apax English - a subsidiary of Apax Holdings - announced restructuring on November 25, after numerous Apax Leaders English centres were accused of owing teachers' wages and parents demanded money.

In addition to Apax English, Apax Holdings has two other subsidiaries, Igarten Development JSC and Firbank Australia Inter-School JSC, which are operating well.

Apax Holdings has been listed on the stock exchange since 2017 and has a market capitalisation of $60.8 million. Nguyen Ngoc 'Shark' Thuy is currently the chairman.

In the consolidated financial statements of the third quarter of 2022, Apax Holdings reported nearly $16.2 million in total revenue and $113,000 in pre-tax profit.

In the first nine months of 2022, Apax Holdings' consolidated revenue reached nearly $45.3 million, and consolidated after-tax profit reached nearly $1 million. By the end of the third quarter of 2022, the company reported a liability of $139 million.

On the stock market, the company stock has lost nearly 30 per cent of its value since the beginning of the year.

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