December 23, 2011
A Petrolimex gas station in Hanoi Economists suspect that Vietnam’s biggest fuel companies, particularly Petrolimex, may have deliberately reported huge losses and shifted profits to subsidiaries to evade tax. A recent inspection of major oil importers, including Petrolimex, found that they paid retailers, many of them its own subsidiaries, higher commissions than allowed and reported huge losses. [...]
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December 22, 2011
A Petrolimex gas station in Hanoi The Finance Ministry has found that major Vietnamese importers of oil products made smaller losses than they previously reported. Petrolimex, the largest fuel trader with a market share of around 60 percent, had reported losses of VND1.8 trillion (US$85.7 million) in the first six months. However, the actual loss [...]
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October 23, 2011
Tax officials said they have strengthened surveilance on companies reporting losses Around half the foreign companies operating in the southern province of Binh Duong have reported losses for several years in a row, provincial tax officials said. They suspect that the firms have been submitting false reports to evade tax, the officials said. Among the [...]
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May 15, 2011
A file photo taken at a tax office in Vietnam Enterprises need to refrain from tax avoidance practices and it is time for them to stop prioritizing profits over social responsibilities, the Ho Chi Minh City tax authority has said. Nguyen Trong Hanh, deputy director of the city’s tax department, told a gathering of mostly [...]
Tags: companies, corporate, Corporate Taxpayers, Corporate Taxpayers And, economic, enterprises, Foreign, Ldquo, losses, Over The Past, partner, pricing:, Rdquo, reported, Reported Losses, Tax Administrations, Tax Avoidance, Tax Officials, The past, Their Part, transfer, Transfer Pricing, Vietnam, Vietnam Tax
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February 18, 2009
A lot of listed companies reported losses for 2008 while twelve share items have been put under the state watchdog’s control. However, they have been reassured that the situation should not be worried about too much. In January 2009, REE got the pre-tax profit of VND 20 billionFinance and securities companies seemed to be [...]
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