Brewer (SAB) warns of ‘legal action’ against Vietnamese taxman after $133mn debited from bank account

Jan 1st at 14:32
01-01-2019 14:32:16+07:00

Brewer (SAB) warns of ‘legal action’ against Vietnamese taxman after $133mn debited from bank account

Saigon Alcohol Beer and Beverages Corporation (Sabeco), the largest brewer in Vietnam, has accused the Ho Chi Minh City taxman of breaking the law by coercively debiting over VND3.1 trillion (US$133 million) from the company’s bank account as payment of fines for its alleged economic violations.

 

Sabeco, now run by the Thais, insists it is not guilty and warns that “immediate legal action” will be taken to protect its rights in the case.

According to the tax department of Ho Chi Minh City, the whopping fines include more than VND2,645 billion ($113.8 million) in excise tax that Sabeco failed to pay between 2007 and 2015, as well as an additional VND494 billion ($21.25 million) administrative penalty.

On December 28, the taxman announced it had coercively deducted the sum from a bank account owned by Sabeco at the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), citing the brewer’s failure to voluntarily pay its fines.

The municipal taxman said it had informed Sabeco of the liabilities on December 24 and given the company three days to make their payment, but they did not comply.

In a statement on Sunday, Sabeco general director Neo Gim Siong Bennett underlined the company does not violate any regulation on declaring, calculating, or paying excise tax on its products.

Sabeco has always complied with instructions from the Ministry of Finance, the General Department of Taxation, and the Tax Department of Ho Chi Minh City since state auditors concluded auditing the company’s business activities in 2015, Bennett said.

He accuses the Ho Chi Minh City taxman of “breaking the law” by coercively debiting the company’s bank account without an effective administrative penalty decision.

This is in contradiction to instructions from the finance ministry, the General Department of Taxation, and the taxman of Ho Chi Minh City, he stressed.

This inconsistency in the viewpoints of different government agencies threatens the legal interests of Sabeco, Bennett said.

Sabeco does not agree to the coercive action from the Tax Department of Ho Chi Minh City and will be forced to take the “immediate legal action” it deems necessary to protect its interests, he underscored.

tuoitrenews



RELATED STOCK CODE (1)

NEWS SAME CATEGORY

SCIC takes over Sate capital in construction firm LICOGI

The Ministry of Construction on Wednesday transferred ownership of State capital at the Infrastructure Development and Construction Corporation (LICOGI) to the...

Lao Cai Gold JSC to trade on UPCoM

The Lao Cai Gold JSC has gained approval from the Ha Noi Stock Exchange to trade its 10.5 million shares on the Unlisted Public Company Market (UPCoM), making it...

SCMC buys 165 million shares of Vietnam Airlines

The State Capital Management Committee has bought nearly 165 million shares of the national flag carrier Vietnam Airlines, bringing its total stake to more than...

Digiworld (DGW) easily achieves finance targets

Digiworld Joint Stock Company on Monday reported it achieved its annual profit and sales targets by November.

SSI wins Asset Triple A Country Awards in 3 categories

SSI Securities Corporation has won in three categories at the Asset Triple A Country Awards for 2018.

VNPT achieves profit growth of more than 20% for five straight years

The Viet Nam Posts and Telecommunications Group (VNPT) posted a profit of nearly VND6.45 trillion (US$275.43 million) in 2018, a year-on-year increase of 25 per...

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

Beside tax-related administrative violations, Yeah1 used illegally invoices, therefore, the firm is fined VND75.57 million ($3,284), collected arrear of VND192.37...

PV Oil estimates 2018 revenue at $2.5b

PetroVietnam Oil Corporation (PV Oil) estimates its total revenue in 2018 may reach VND57 trillion (US$2.5 billion), beating its forecast by 15 per cent.

Techcombank (TCB) chairman’s son raises stake to 3.95%

The private-equity financial institution Techcombank has announced shareholder Ho Anh Minh has bought 44.7 million shares to increase his ownership to 3.95 per cent...

PVD in nosedive after arrest of former chairman

PVD stock plunged since the news of arresting former chairman to investigate abuse of position as PVEP’s CEO to receive money of Oceanbank.


MOST READ


Back To Top