REE fined for dozens of billions dong

October 31, 2018 | 15:43

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Refrigeration Electrical Engineering Corporation (REE), with Jardine Cycle & Carriage (JC&C), a regional multi-industry business group established nearly 120 years ago holding a 23 per cent stake, will have to pay more than VND10.38 billion ($451,300) after tax inspections between 2015 and 2017.

The tax authorities discovered hefty tax arrears at REE

On October 26, 2018, the General Department of Taxation has just issued the decision to penalise REE after a tax inspection of the years 2015, 2016, and 2017.

The total amount of retrospectively collected tax and fines for administrative violations and late payment fees exceed VND10.38 billion ($451,300). Of this, the total amount of tax arrears is nearly VND8.19 billion ($356,100), including VND597 million ($26,000) of value-added tax in 2015-2016 and VND7.59 billion ($330,000) of corporate income tax in 2016-2017.

Additionally, a penalty of VND1.638 billion ($71,220) was issued for wrongful declaration, including VND119.6 million ($5,200) for value-added tax and VND1.528 billion ($66,400) for corporate income tax.

As of October 15, 2018, REE also accumulated a fine of around VND560 million ($24,350) in late payment fee. The corporation will also have to calculate and pay further charges for delayed payment after this date.

REE has received investment from Jardine Cycle & Carriage (JC&C), a regional multi-industry business group established nearly 120 years ago. In Vietnam, JC&C holds 25 per cent in Truong Hai Auto Corporation (THACO), 23 per cent of REE, and 10.62 per cent of Vietnam Diary Product JSC (VNM).

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