Hoa Phat Dung Quat Steel JSC under tax inspection

December 27, 2022 | 17:37

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Quang Ngai Department of Taxation has issued a decision to inspect the tax payments of Hoa Phat Dung Quat Steel JSC.

Hoa Phat Dung Quat Steel JSC under tax inspection

Hoa Phat Dung Quat Steel JSC inspected tax

The inspection will examine the value-added tax (VAT) refund, corporate income tax, individual income tax, natural resource tax, environmental protection tax, and foreign contractor tax.

The authority will also conduct the inspection in printing, managing, and using the invoices and insurance payments.

The duration for inspecting VAT refund is between September 2021 and October 2022. Meanwhile, the duration for inspecting the remaining tax payment is between 2017 and 2021.

Hoa Phat Dung Quat Steel JSC was established in February 2017 with the charter capital of VND30 trillion ($1.3 billion) and is the construction and operation investor of Hoa Phat Iron and Steel Integrated Complex in Dung Quat Economic Zone, Quang Ngai province.

Hoa Phat Dung Quat Iron and Steel Integrated Complex has a total investment of $2.26 billion, designed with a capacity of 4 million tonnes per year; the main products are construction steel, high-quality rolled steel, and hot rolled coil.

The company is preparing the construction of the factory’s second phase. According to the plan, the Vietnamese steel producer would launch its Hoa Phat Dung Quat 2 iron and steel factory project in early 2022 with a capacity of 5.6 million tonnes per year. The second phase’s cost is $3.69 billion.

However, as of June this year, the provincial authority completed the land clearance of 80 per cent of the area for the factory – phase 2. The investor has yet to specify the timeline for the construction.

Energy projects to be inspected

The Government Inspectorate will conduct a comprehensive examination of renewable power plants.

Hoa Phat plans to develop two projects worth $5.2 billion in Phu Yen

Steel maker Hoa Phat Group proposed Phu Yen People’s Committee to develop a seaport and technical infrastructure for Hoa Tam Industrial Zone with the total investment capital of VND120 trillion ($5.2 billion).

Pressing issues trouble Hoa Phat Group

The continuous decline of steel prices, along with the sharp increase in financial expenses under exchange rate pressure, is reducing the profit margins of Hoa Phat Group (HPG).

Dung Quat Refinery exceeds design capacity to meet demand

Binh Son Refining and Petrochemical JSC (BSR) is operating Dung Quat Oil Refinery at 109 per cent of the refinery’s design capacity to offset the lack of petroleum and oil in the market.

By Ha Vy

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