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VLF: Collected income taxes in the previous years
On 08 February 2011, Vinh Long Cereal And Food Import Export Company (HOSE: VLF) received Decision No. 46/QD-CT signed 28 January 2011 by Taxation Bureau of Vinh Long Province as follows:
• On 26 June 2010, Taxation Bureau of Vinh Long Province decided to impose 2007 & 2008 income taxes on Vinh Long Cereal And Food Import Export Co because the company defined incorrectly 31,347,563,097 dongs of tax remission and fine the company 3,134,756,310 dongs (10% of the amount) for the mistake.
• On 02 July 2010, Mr. Nguyen Thanh Hoang – the CEO and Representative of the company did not agree with the decision and appeal to the Taxation Bureau of Vinh Long Province for the decision. Ministry of Agriculture and Rural Development approved the company’s equitized plan under the Decision No. 2204/QD-BNN-DMDN on 01 August 2006 and the company was exempt under Decree No. 108/2006/ND-CP on 22 September 2006. The company completed enumerations and the Taxation Bureau approved of exempting from the company. Therefore, the company did not make false statements as well as mistakes and the company requested not to fine 10% of the amount as well as late payment.
• According to the documents, the Taxation Bureau of Vinh Long Province approved a part of the appeal that the company does not pay fine and late payment. However, the company has to pay 31,347,563,097 dongs of 2007 & 2008 income taxes because of defining wrong taxes. The implement time will be within 10 days as from the date of the decision. The company has a right to appeal to the higher court against under the Law.
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