Nam Viet suffers tax recalculation
Nam Viet suffers tax recalculation
The Ho Chi Minh City Department of Customs decided on November 20 to officially apply a compulsory tax on Nam Viet Oil Company, collecting the funds by a direct withdrawal from one of its accounts with VPBank.
According to the department, the company was required to pay VND26 billion ($1.24 million) in back taxes for its imports that went into production for domestic production rather than export, as initially planned.
The amount includes import tax, VAT, and special consumption tax for the company’s imported petroleum in 2012.
In May the customs department passed its decision to assess and retrieve tax from the company.
Following regulations, once the tax department collects the funds from the company’s compulsory deposit, the remaining funds must be paid or the enterprise can be shut down by authorities.
Nam Viet Oil is just once case of several petroleum enterprises that are being hit with back taxes.
In early August, the General Department of Customs obligated Petect to pay VND66.6 billion ($3.17 million) in taxes. The recalculation came after it was realised that the company was not exporting but rather domestically distributing its products.
Petrolimex, with 60 per cent market share, faced a recalculation that upped their tax by VND 170 billion ($8.09 million).
PV Oil paid VND66 billion ($3.14 million), PEtimex VND56.5 billion ($2.7 million), and Mipeco VND19.7 billion ($938,095).
While Petrolimex and PV Oil have paid their full tax dues, they claimed the money back in a recent request to the Ministry of Finance.
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