The Hanoi Tax Department has issued a decision to fine Petrolimex Petrochemical Joint Stock Corporation VND628 million ($26,600) for tax violations.
Specifically, Petrolimex Petrochemical, listed on the Ho Chi Minh Stock Exchange as PLC, was fined VND6.5 million for making incorrect declarations in its tax records which did not lead to a lack of tax payable or an increase in the amount of tax exempted, reduced or refunded according to regulations.
The company was fined an additional VND100 million ($4,240), equal to 20% of the additional tax amount due to false declarations leading to a lack of tax payable.
In addition, it was fined and has to pay arrears of value-added tax and corporate income tax in 2021, with a total amount of nearly VND500 million ($21,200). The total amount of late payments for the two above taxes is nearly VND22.2 million ($940).
In 2022, PLC recorded net revenue of VND8,601 billion ($364.76 million), up 25.2% year-on-year, and after-tax profit of VND133.2 billion ($5.65 million), down 23.6%.
As of December 31, 2022, the company's total assets reached VND4,616 billion ($195.76 million), down 4.4% compared to the beginning of the year. Of this, inventory was VND1,432 billion and short-term receivables were VND1,431.6 billion, both accounting for 31%.
The PLC share price hit VND31,500 ($1.34) per unit at Monday's closing session.