Hai Ha Waterway Transport Company Limited (Hai Ha Petro) and Thien Minh Duc Group Joint Stock Company are two enterprises that the Government Inspectorate has pointed out for violations in tax debt and serious violations in the management of the Petroleum Price Stabilization Fund.
While Hai Ha Petro has had its Certificate of Eligibility to be a Key Trader in Petroleum Trading revoked by the Ministry of Industry and Trade, Thien Minh Duc Group Joint Stock Company has not had its license revoked by the authorities. Public opinion has questioned why, despite violations in tax and the Petroleum Price Stabilization Fund, some businesses have their licenses revoked, while others remain "safe".
Talking to Lao Dong about this issue, Ms. Nguyen Thuy Hien - Deputy Director of the Domestic Market Department (Ministry of Industry and Trade) said that the reason why the Certificate of Eligibility to be a Key Trader in Petroleum Trading for Thien Minh Duc Group Joint Stock Company cannot be revoked is because the Petroleum Price Stabilization Fund formed at this enterprise has not been processed yet.
"We are handling the matter according to the procedures and regulations of the law; consulting and coordinating with relevant ministries and branches to implement it in each country. For the same violation, each enterprise will have a different handling process; no two enterprises are the same. We are working very closely on this issue," said Ms. Hien.
Regarding Thien Minh Duc Group Joint Stock Company, the Ministry of Finance requested the Ministry of Industry and Trade to determine the balance of the price stabilization fund, continue to coordinate with the State Bank and commercial banks where traders open price stabilization fund accounts, and recover the fund to the budget before the enterprise's role as a key trader is terminated.
The Ministry of Finance also requested the Ministry of Industry and Trade to proactively and synchronously handle the Petroleum Price Stabilization Fund when revoking the petroleum import and export business license, including closing the balance of the Petroleum Price Stabilization Fund with this enterprise.
The latest report on the balance of the Petroleum Price Stabilization Fund in November 2023 sent by the two enterprises to the Ministry of Industry and Trade said that Hai Ha Waterway Transport Company Limited had a stabilization fund balance of more than 612.7 billion VND, and Thien Minh Duc Group Joint Stock Company had more than 466.7 billion VND.
Therefore, the Ministry of Industry and Trade has sent a letter to the Ministry of Finance to inspect and supervise key petroleum traders to properly implement regulations on setting up and using price stabilization funds.
According to the conclusion of the inspection of the implementation of legal policies in the state management of petroleum, the Government Inspectorate pointed out a series of shortcomings, limitations and violations related to the Petroleum Price Stabilization Fund. Of which, 7/15 key traders used the fund for the wrong purpose of price stabilization, did not transfer it to the price stabilization fund account but left it in the regular payment account of the enterprise, with an amount of nearly 8,000 billion VND.
Among these companies that are continuously named are Hai Ha Waterway Transport Company Limited, Xuyen Viet Oil Company and Thien Minh Duc Group Joint Stock Company.
Not only violations related to the Price Stabilization Fund, the inspector also pointed out shortcomings and inadequacies in the declaration and payment of environmental protection tax. A typical case is that of Thien Minh Duc Group Joint Stock Company, with the amount of re-declared tax from 2018 to the end of 2021 increasing by more than 3,287 billion VND; 6/15 key traders are owing tax with the amount of 3,219 billion VND...
Despite owing the budget money, some traders have lent money to individuals, and the debt for personal use amounts to thousands of billions. Of which, Thien Minh Duc Group Joint Stock Company lent Mr. Chu Dang Khoa and Ms. Chu Thi Thanh (Chairman of Thien Minh Duc Group Joint Stock Company) 7,485 billion VND (at the time of inspection, these two individuals still owed 1,396 billion VND).
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