PetroVietnam Power Nhon Trach 2 JSC gets tax penalties

February 24, 2020 | 12:12

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The General Department of Taxation has slapped a hefty fine on PetroVietnam Power Nhon Trach 2 JSC (HSX: NT2) for submitting a false declaration, collecting VND17.9 billion ($778,260) in total penalties.

According to the tax authorities, PetroVietnam Power Nhon Trach 2 submitted a false declaration resulting in a lack of tax payable and was thus fined for 20 per cent of the difference in payables, corresponding to a fine of VND2.74 billion ($119,130) and VND6 million ($260) for to improper invoicing.

In addition, the authorities retrospectively collected VND13.7 billion ($595,650) of corporate income tax, value-added tax, and contractor tax. The late payment interest for these arrears is more than VND1.44 billion ($62,600), calculated by the end of January 14, 2020.

The total amount of fines for administrative violations, tax arrears, and late payment interest is VND17.9 billion ($778,260).

In the fourth quarter of 2019, PetroVietnam Power Nhon Trach 2 achieved a consolidated revenue of VND1.91 trillion ($83 million), down 8 per cent on-year.

The company's after-tax profit reached VND210.8 billion ($9.17 million), declining 17 per cent compared to the final quarter of 2018.

The company said that the profit in the last quarter of 2019 decreased compared to the year before when the company had a reversal of provisions to pay while the fourth quarter of 2019 did not have such an amount.

In addition, exchange rate differences due to revaluation of accounts payable in foreign currencies in the fourth quarter of 2019 decreased by VND60.7 billion ($2.64 million).

Throughout 2019, the company earned nearly VND7.65 trillion ($332.6 million) in revenue, about VND20 billion ($870,570) less than in the corresponding period in the year prior, with VND759 billion ($33 million) of after-tax profit, down 3 per cent.

By Chi Tin

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