Binh Minh Plastics to pay $353,000 in fines, tax arrears 

Binh Minh Plastics JSC, a subsidiary of Nawaplastic Industries which is a member of Thailand’s Siam Cement Group (SCG), will pay over VND8.6 billion ($352,800) in fines and tax arrears per a decision by the General Department of Taxation.

Binh Minh Plastics, listed on the Ho Chi Minh Stock Exchange (HoSE) as BMP, had reported unusual information to the exchange, and tax authorities have concluded that it had repeatedly made false declarations, leading to insufficient taxes payable as prescribed, including value added tax (VAT).

Therefore, the General Department of Taxation has decided to fine the company VND1.3 billion ($53,300) for incorrect declarations and collect VND7.3 billion ($299,500) in tax arrears, it reported.

In the first six months of this year, BMP recorded net revenue of more than VND2.78 trillion ($117.4 million), down 4%, and after-tax profit of VND575.4 billion ($24.3 million), up 111%.

The Ho Chi Minh City-based firm aims to reach a revenue of VND6.36 trillion ($270.3 million) this year, and an after-tax profit of VND651 billion ($27.7 million). In the first half, it fulfilled 88% of its yearly profit target.

As of June 30, BMP's total assets stood at VND3.53 trillion ($149 million), up 16% compared to the beginning of the year. Of which, cash and bank deposits accounted for nearly 60%, equivalent to VND2.05 trillion ($86.7 million), while inventories were at VND449 billion ($18.98 million), down 22%.

BMP recorded VND770 billion ($31.6 million) in liabilities, with taxes payable reaching VND195.5 billion ($8.02 million).

At the end of June, the firm had a charter capital of VND818 billion ($33.56 million), of which 54.99% was held by Nawaplastic Industries.

On the stock market, BMP closed the Friday session at VND88,500 ($3.63) per share.