Yeah1 is asked to pay $14,180 in tax arrears

Yeah1 is asked to pay $14,180 in tax arrears

According to Yeah1’s disclosure of information on the State Securities Commission’s portal and HSX, Yeah1 Group Corporation received Decision No.14845/QD-CCT from the Department of Taxation of Ho Chi Minh City on administrative sanctions for violations pertaining to taxation.

Accordingly, Yeah1 committed administrative violations by incorrectly declaring tax. Yeah1 failed to fulfil its obligations as a taxpayer as stipulated in Article 7 of the Law on Tax Administration No.78/2006 /QH11 dated November 29, 2006 as well as the Law on Amending and Supplementing Some Articles of the Law on Tax Management No.21/2012 /QH13 dated November 20, 2012. In addition, Yeah1 also used invoices which stated the business' previous address.

With the above violations, Yeah1 was fined for VND75.57 million ($3,285) and charged with VND192.37 million ($8,364) of tax arrears. In addition, Yeah1 also has pay VND58.2 million ($2,532) in late payment fee.

Yeah 1 will have to pay these fines within 10 days from the date of receipt of the decision.

Previously, in August 2018, Yeah1 also announced on its website that internal shareholder DFJ Vinacapital and Yeah1’s chairman of the board, Nguyen Anh Nhuoc Tong, were fined by the State Securities Commission of Vietnam (SSC) for illegal trading of YEG shares.

Yeah1 explained that on July 18, 2018, DFJ Vinacapital's internal shareholders sold 7.82 million shares of YEG to Nguyen Anh Nhuoc Tong, who in turn sold the shares to six other individual investors.

The negotiation process took place before Yeah1 was listed, and shareholders negligently failed to disclose information on the share sale.

As a result, the SSC fined DFW Vinacapital for VND130 million ($5,652) and Nguyen Anh Nhuoc Tong for VND65 million ($2,826).

Also, by the end of August, the SSC received a notice from Yeah1 Group about raising its foreign ownership ratio from 49 to 100 per cent.

The consolidated financial statement for the third quarter of 2018 published on Yeah1 Group's website shows that for the first nine months of 2018, Yeah1 posted net sales of VND1.034 trillion ($44.9 million), up 111 per cent compared to the same period of 2017. Profit after tax reached VND131.16 billion VND ($5.7 million).

At the extraordinary shareholders' meeting held on December 4, Yeah1 approved the issuance of nearly 62.56 million new shares to shareholders (ratio 1:2) to triple its charter capital, reaching VND938 billion ($40.78 million) by 2019.

On the stock market, YEG shares were priced at VND264,000 ($11.48) per share, with a market cap of over VND7.2trillion ($313.04 million).