Nam Song Hau Oil and Gas owes VND1,185 billion in taxes due to cash flow difficulties, and was forced by Hau Giang Tax Department to stop using invoices.
In the public list of tax debts of the Hau Giang Provincial Tax Department until November 30, 2023, Nam Song Hau Petroleum Investment Trading Joint Stock Company (NSH Petro) - one of 36 key petroleum trading enterprises, with 70 stores in the Mekong Delta - ranked first with a debt of VND 1,185 billion.
Therefore, in mid-December 2023, Hau Giang Provincial Tax Department enforced administrative measures by stopping the use of invoices for one year (until December 17, 2024) with NSH Petro.
Explaining the reason for the delay in tax payment, Nam Song Hau Oil and Gas said that since the end of 2022, due to economic impacts and fluctuations in the petroleum market, the company has encountered many difficulties in business. This enterprise recorded a loss after tax of 200 billion VND in 2022, while it had been profitable in the previous 5 years.
"In fact, the company is still doing business and paying taxes at 18% per occurrence. The company has explained to the Hau Giang Tax Department and has a plan to pay tax debts this year," according to NSH Petro.
Gasoline distribution station of Nam Song Hau Petroleum Investment. Photo: NSH Petro
This enterprise said it has completed tax obligations of more than a trillion each year, such as 1,775 billion in 2021, and 1,224 billion in 2022.
NSH Petro's late tax payment is also due to the fact that the company has recently focused on importing goods under the direction of the Ministry of Industry and Trade. This is to ensure supply and avoid disruptions in the petroleum market. On the other hand, in 3 months (April-July 2023), the company also bought back two bond packages ahead of schedule, with a total value of VND250 billion.
At the end of 2023, the People's Committee of Hau Giang province proposed to the Ministry of Finance and the General Department of Taxation to remove difficulties for businesses and create conditions for them to gradually pay tax debts.
Nam Song Hau operates mainly in the fields of import-export and trading of petroleum, refining - petrochemicals, and liquefied petroleum gas, chaired by Mr. Mai Van Huy and holding about 62.5% of the capital. The company is one of the leading petroleum enterprises with about 70 stores and 550 agents in the Mekong Delta region.
Not only Nam Song Hau Oil and Gas, many other petroleum companies have recently been forced by local tax departments to pay taxes. Most recently, Ms. Chu Thi Thanh, Chairwoman of Thien Minh Duc Group, was temporarily suspended from entering and leaving the country because the company still owes nearly a thousand billion VND in taxes and has under-declared environmental protection tax for many years.
The conclusion of the petroleum inspection announced by the Government Inspectorate on January 4 also showed that by the end of October 2022, many petroleum distributors had under-declared and owed thousands of billions of VND in taxes. Of which, the amount owed for environmental protection tax was up to VND 6,323 billion. However, the distributors lent thousands of billions of VND to some individuals.
Quynh Trang
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