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EID: Explanation for the difference in the profit after tax in consolidated FS in Quarter I.2014 year on year
On 28/05/2014,
Hanoi Education Development and Investment JSC explained the difference in the
profit after tax in consolidated FS in Quarter I.2014 year on year as follows:
- HEID (Holding
Company) moved its Head Office to HEID Building (HEID Building belongs to the
ownership of Hong Ha Thanh Co.,Ltd – HEID owns 100% of capital) in Quarter
II.2013; however, HEID still paid Office rental to Hong Ha Thanh Co.,Ltd. Thus,
the cost in consolidated FS in Quarter I.2014 increased by VND 808 million in
comparison with Quarter I.2013, so the profit after tax decreased by VND 808
million accordingly (equivalent to 41%.)
- Quarter I.2013,
HEID did not pay the corporate income tax (tax rate: 10%) in accordance with
Decree No. 122/2011/ND-CP dated 27/12/2011 of the Government on modifying some
Articles of Decree No. 124/2008/ND-CP dated 11/12/2008 of the Government on
guiding the implementation of some article of Law on Corporate Income Tax: “Tax
rate 10% for the corporate income tax applied to the income of enterprise
obtained from the fields: education-training, vocational training, health,
culture, sport and environment (hereinafter called socialization fields) and
the income from publishing activity as
the regulation of Publishing Law”, starting since 02/2013, etc. Thus, the
corporate income tax of Quarter I.2014 was more than Quarter I.2013, so the
profit after tax in consolidated FS in Quarter I.2014 decreased by VND 370
million (equivalent to 28%) in comparison with Quarter I.2013.
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