GELEX fined to more than $53,000 for erroneous tax declaration

June 09, 2018 | 19:25
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The Hanoi Department of Taxation has just issued a fine of more than VND181 million ($8,000) to Vietnam Electrical Equipment JSC (GELEX) for erroneous tax declaration, along with over VND1.03 billion ($45,400) in tax arrears and late payment fees.
gelex fined to more than 53000 for erroneous tax declaration
GELEX submitted an erroneous tax declaration, drawing a hefty fine

Additionally, GEX also has to pay more than VND1.03 billion ($45,400), including VND906 million ($39,900) in tax arrears and VND125 million ($5,500) in penalty for late payments.

According to the Ho Chi Minh City Stock Exchange (HSX), the Hanoi Department of Taxation has issued a fine for GELEX (code: GEX)’s administrative violations. The company submitted a false declaration, which resulted in reduced tax payments. Thereby, GEX was fined over VND181 million ($8,000), equivalent to 20 per cent of the difference between the declared and due tax value.

Related to this incident, GEX's Accounting Department told VIR that the corporation had just finished its tax payments before receiving the decision of the Hanoi Department of Taxation.

In 2017, GEX’s revenue increased by 1.8 times, and recorded VND526 billion ($23.2 million) in profit from selling investment projects. The company reported after-tax profit of VND1.307 trillion ($57.6 million), doubled the 2016 profit and exceeding the annual plan by 24.5 per cent.

Gelex has officially listed 266.8 million shares on HSX in early 2018. In the first quarter of 2018, GEX's net revenue hit over VND2.8 trillion ($123.35 million), equivalent to the same period last year. After-tax profit reached VND312 billion ($13.74 million), a slight increase on-year.

Gelex's total revenue is expected to hit VND15 trillion ($660.8 million) this year, including VND12.5 trillion ($550.6 million) from electric devices and the rest from logistics and infrastructure investment.

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