Nam Long Real Estate paid a fine of over 2 billion VND for falsely declaring tax information

Nam Long Investment Corporation made false declarations, leading to a shortage of value-added tax and corporate income tax payable, causing the Ho Chi Minh City Tax Department to issue a decision to impose administrative penalties on this real estate company for tax violations.

Nam Long Investment Corporation said that this enterprise has strictly complied with the penalty decision of the Ho Chi Minh City Tax Department, with the total amount of compensation paid being more than 2 billion VND - Photo: NL

The Ho Chi Minh City Tax Department has issued a decision to impose administrative penalties on Nam Long Investment Joint Stock Company (stock code NLG) for tax violations, due to false declarations leading to a shortage of value added tax and corporate income tax payable.

For the above violation, Nam Long Real Estate was administratively fined nearly VND398 million by the Ho Chi Minh City Tax Department. In addition, the company also had to pay back nearly VND1.5 billion in under-declared taxes (including more than VND1 billion in corporate income tax arrears, nearly VND500 million in value-added tax arrears) and more than VND449 million in late payment fees.

In addition to the payable amounts, Nam Long Real Estate also reduced its loss in 2023 by more than VND 319 million due to adjusting taxable income for corporate income tax on production and business activities in the past year.

Speaking to Tuoi Tre Online on October 24, Nam Long Investment Corporation said that the company has strictly complied with the penalty decision of the Ho Chi Minh City Tax Department, with a total payment of more than 2 billion VND.

Previously in September 2024, the State Securities Commission also fined Nam Long VND 505 million for violations in information disclosure.

Nam Long net profit 16 billion VND in 9 months 2024

According to the recently announced Q3-2024 financial report, in the first 9 months of 2024, Nam Long's total net revenue recorded nearly 828 billion VND.

Of which, revenue from selling land, apartments, townhouses and villas still accounts for the largest proportion with more than 678 billion VND, followed by providing services with nearly 99 billion VND, leasing investment real estate with nearly 24 billion VND, and construction services with nearly 15 billion VND.

Regarding financial activities, Nam Long also recorded nearly VND 231 billion in profit from liquidating investments, helping the total financial revenue of this real estate enterprise to record more than VND 297 billion, 2.5 times higher than the same period. After deducting expenses, Nam Long earned a net profit of nearly VND 16 billion in the first 9 months of 2024.

In the third quarter of 2024 alone, Nam Long recorded a net loss of VND 40 billion.

Source: https://tuoitre.vn/dia-oc-nam-long-nop-phat-hon-2-ti-dong-do-khai-sai-thong-tin-ve-thue-20241024161044105.htm