Sabeco no longer required to pay VND2.5 trillion in back taxes

The State Audit of Vietnam (SAV) has decided against foreign-controlled Saigon Beer, Alcohol and Beverage Corporation (Sabeco) paying around VND2.5 trillion (US$107 million) in back taxes.

The SAV recently sent a letter to Sabeco rejecting an earlier proposal which sought a tax payment from the corporation for undistributed post-tax profits up to late 2016, amounting to VND2.5 trillion.

The latest move by the audit regulator means Sabeco does not have to pay the back taxes to the State.

The Vietnamese Ministry of Industry and Trade divested its ownership in Sabeco in 2017.

In December 2017, Vietnam Beverage Co. Ltd, a local wholly-owned unit of Thai Beverage Public Co. Ltd, acquired more than 343 million shares in Sabeco, equivalent to a 53.59% stake, for over US$4.8 billion, or VND320,000 (US$14) per share.

So, Vietnam Beverage became the largest shareholder of Sabeco, while the ministry’s stake in the corporation was around 36%.

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