In the latest announcement, Rạng Đông Lightbulb Joint Stock Company (stock code: RAL) revealed that it had received an official dispatch from the General Department of Taxation regarding the administrative sanction decision for tax violations.
Specifically, Rạng Đông engaged in incorrect declarations, resulting in (and not resulting in) a deficiency in payable taxes, and misused invoices contrary to regulations. The company was also subject to aggravating circumstances due to repeated violations (regarding incorrect declarations that did not result in a deficiency in payable VAT).
As a consequence, RAL was fined nearly VND 769 million. Additionally, the company needs to pay over VND 3.2 billion in outstanding tax payments to rectify the situation. There is also a late tax payment penalty of VND 477 million, and a reduction in the VAT amount available for carry-forward to the next period for the tax calculation month of December 2023, amounting to nearly VND 846 million.
In total, the amount RAL is required to pay in relation to these tax violations is nearly VND 5.3 billion.
Rạng Đông is a familiar name to Vietnamese consumers, having been a household staple during the subsidy period and renowned for its lightbulbs and thermoses across generations. Aside from its enduring legacy, this legendary brand has also demonstrated impressive business growth.
For the first half of 2024, net revenue grew by 35% year-on-year to VND 4,950 billion, with a gross profit margin of 30%. After deducting expenses, RAL’s pre-tax profit increased by 14% to VND 351 billion. The EPS for the six-month period reached VND 14,096 – ranking among the top on the stock exchange.
For the full year 2024, RAL targets VND 7,050 billion in revenue and VND 388 billion in pre-tax profit. Remarkably, the company has already achieved 70% of its annual revenue target and over 90% of its profit goal just in the first half.
In the market, RAL shares closed at VND 138,000 each on September 18, 2024. Since the beginning of 2024, the stock has climbed 32%, resulting in a market capitalization of over VND 3,200 billion.
A Serial Securities Offender: Investor Fined 200 Million VND
The State Securities Commission (SSC) has recently issued an administrative fine of VND 200 million to Ms. Tran Thi Thu, a resident of Truc Bach, Ba Dinh, Hanoi.
The Taxman Cometh: Scrutinizing the Livestream Sellers
The General Department of Taxation has instructed local tax authorities to scrutinize and compile a comprehensive list of all organizations and individuals engaging in live-stream sales within their jurisdictions.
