Many real estate businesses have been stopped from customs procedures due to tax debts. (Photo: Int)
Recently, the Ho Chi Minh City Customs Department has decided to forcibly execute the administrative decision on tax management by suspending customs procedures for the import and export goods of Golden Hill Investment Joint Stock Company. The reason for the enforcement is that Golden Hill Investment Joint Stock Company has a tax debt of more than 90 days from the date of tax payment expiration, tax payment extension expiration as regulated. The amount of debt to be enforced is over 1,289 billion VND.
This agency also has a decision to forcibly execute by suspending customs procedures for the import and export goods of Danh Khoi Group Joint Stock Company, as this business owes a tax amount of over 97 billion VND that has exceeded the prescribed time limit.
At the end of January, the Ho Chi Minh City Customs Department issued a decision to forcibly execute the suspension of customs procedures for the import and export goods of Trung Nam Construction Investment Joint Stock Company (Trung Nam Group), as this business has a tax debt of over 27.5 billion VND that has exceeded the 90-day filing deadline.
In addition, many other businesses managed by the Customs Department of Investment Corporations, the Ho Chi Minh City Customs Department, have decided to enforce by suspending customs procedures for the import and export goods of investment construction corporation Truong Thinh Phat Real Estate Joint Stock Company, which owes nearly 84 billion VND in tax debt; Danh Khoi Holdings Investment Joint Stock Company, which owes nearly 58 billion VND in tax debt; Tan Hoang Minh Trade and Hotel Service Limited Company owes 160 billion VND in tax debt…
Several other businesses also have a very large amount of tax debt, such as Real Estate Development and Business Joint Stock Company, with a tax debt of over 445.5 billion VND; Viet Quoc Decoration Construction Limited Liability Company owes over 15.9 billion VND in tax debt; Nam Tien Construction Project Joint Stock Company (Thu Duc District, Ho Chi Minh City) owes nearly 1,250 billion VND in tax debt; H2O Logistics Limited Liability Company owes over 712 million VND in tax debt; High-Tech Financial Investment and Development Limited Liability Company owes overdue tax of over 515 million VND…
Currently, most of the businesses with tax enforcement are facing difficulties in business. For example, Trung Nam Group has not balanced its short-term cash flow in 2023, while the money from selling electricity to EVN is delayed in payment for up to 3 months, resulting in delayed tax payment.
Danh Khoi Group Joint Stock Company operated inefficiently in 2023, with net revenue of over 4.6 billion VND, a decrease of 97% compared to the same period. However, thanks to the recognition of 83 billion VND income from contract compensation and reduction in other expenses, Danh Khoi has another profit of up to 79 billion VND. From there, the business reported a pre-tax profit of nearly 40 billion VND.
Golden Hill Investment Joint Stock Company is in a “difficult” situation because until the end of December 2023, this company only announced its 2022 financial statements, which incurred a heavy loss of 275.7 billion VND, while in 2021, it only lost 5.78 billion VND. At the end of 2022, the company’s equity was only about 2,421 billion VND, the debt repayment / equity ratio increased sharply by 5.1 times, corresponding to 12.347 billion VND. In which, bond debt alone accounted for 5,810 billion VND, equal to 2.4 times the equity.
