Name calling of big tax debtors in HCMC
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The real estate sector has a large amount of tax debt. Photo: TH |
Over VND29,000 billion of tax debt
According to the list of tax debtors, there are 586 enterprises with a total debt amount of VND4,657 billion. Topping the list with a debtof over VND200 billion are four enterprises, including: Xuyen Viet Oil Travel and Transport Trading Co., Ltd owing VND373 billion, HCMC Plant One Member Limited owing VND234 billion, PhuDinh Port Joint Stock Company owing VND222 billion and the Nhut Thanh Consultancy - Investment - Construction - Trading - Production Joint Stock Company owing VND220 billion. These enterprises account for nearly a quarter of the total tax debt amount announced.
According to Le Hoang Chau, Chairman of the HCM City Real Estate Association, the impact of the Covid-19 pandemic is seriously reducing sales and profit, even causing many enterprises to lose liquidity in cash flow when inventories and outstanding debts are increasing. Besides, the impact of the pandemic increases investment costs, capital costs and interest costs, leading to the risk that debts will turn into bad debts. The cost of business management is therefore also increases compared to the modest sales and profit amid the pandemic. The largereal estate enterpriseswith a huge amount of employees will face more difficulties, so the tax amount paid to the State budget will also decline. |
In addition, there are seven enterprises with tax debt of over VND100 billion, including: Bach Khoa Viet Trading,-Consultancy-Investment-construction Joint Stock Company owing VND168 billion, Phu My Development Investment Joint Stock Company owingVND136 billion, the Branch of Binh Duong Construction Stone Company in Ho Chi Minh City owing VND130 billion, Tan Tao Investment and Industry Corporation owing VND120 billion, Phu My Construction Investment Joint Stock Company owing nearly VND115 billion, Lo Hoi Trading Co., Ltd owing VND112 billion and Thai Son Investment Development Corporation(Ministry of National Defense) owing VND111 billion.
Also in the list of tax debtors, there are 10 enterprises with tax debt amount from VND50 billion to less than VND100 billion, 51 enterprises with debt amount from VND10 billion to less than VND50 billion and the rest mostly owe taxes from VND1 billion to less than VND10 billion.
It is known that the total domestic tax debt in Ho Chi Minh City as of October 31, 2020 is VND29,184 billion. Of which, the recoverable debts are VND13,044 billion, accounting for 44.7%, an increase of 19.82% compared to the beginning of the year. HCMC Tax Department collected VND 4,735 billion of tax debts, reaching 61.67% of the debts transferred from 2019. The total numberfor debt freezing as of October 31, 2020 was 47,091, accounting for 22.22% of the number oftaxpayers subject to debt freezing with the frozen tax debt of VND2,729 billion, accounting for 37.07% of the tax debts subject to freezing.
Huge debt from real estate
Director of HCMC Tax Department Mr. Le Duy Minh said that large tax debtors are mainly related to revenues from land and corporate income tax on real estate activities. Specifically, debt for land and water surface rent is VND2,961 billion, up 7.44% over the previous year, equivalent to an increase of VND205 billion.
According to analysis byHCM Tax Department, the biggest tax debt group falls on real estate business and construction. Of which, there are 78 enterprises with tax debt of over VND5 billion. The total tax debt of these 78 enterprises is VND2,921.5 billion, accounting for 10.17% of the total tax debt as of September 30, 2020 in HCMC.
Debts from land use fees total VND1,022 billion, of which, tax debt of over VND5 billion includes 18 enterprises with a total debt of land use fees of VND886 billion, accounting for 86.69%. The total tax debt of these 18 enterprises is VND1,533 billion, accounting for 5.35% of the total tax debt. Besides, debts from corporate income tax of real estate enterprises is VND327 billion, up 20.22% over the previous year, equivalent to an increase of VND55 billion. Tax debt of over VND5 billion includes 29 enterprises with a total corporate income tax debt on real estate of VND295 billion, accounting for 90.21%. Generally, the total tax debt of these 29 enterprises is VND1,186 billion, accounting for 4.14% of the total tax debt as of September 30, 2020 in HCMC.
According to the Ho Chi Minh City Tax Department, there are some enterprises owing of hundreds of billionsof VND in taxes for a long time. The first is Gamuda Land Joint Stock Company with a debt of VND541 billion, of which the land rent is VND421 billion and the late payment interest is VND120 billion. Followed by Duc Khai Joint Stock Company with a debt of VND441 billion, of which the land use fee is VND334 billion and late payment interest is VND107 billion. In addition, HCMC Tax Department identifies many enterprises unable to fulfill financial obligations, with debts of VND254 billion; public companies with large tax debts of VND468 billion; local state-owned enterprises with large tax debts of over VN400 billion.
![]() | HCMC: More than VND 30,000 billion of domestic tax debts VCN- By the end of July, total domestic tax debt in Ho Chi Minh City wasVND30,171 billion. ... |
In order for tax debt collection, especially tax debts in the real estate sector to be highly effective, in the last months of 2020, HCMC Tax Department has worked with the Department of Natural Resources and Environment and the Department of Finance of Ho Chi Minh City to review all projects, land revenues; the collection and payment of land use fees, land rent and water surface rent in the area.
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