Thuduc House was forced to stop using invoices

Thu Duc House Development Joint Stock Company (Thuduc House – TDH) said it received the above decision on April 25. The tax amount that the company has not paid late payment interest is tax added value related to electronic components business from 2017-2019.

At the recent annual meeting, ThuDuc House’s leaders said that the company is continuing to work with the investigating police agency, recommending this agency to consult with the Tax Department of Ho Chi Minh City to recalculate the correct data on interest on late payment according to regulations. In the immediate future, TDH will divest from subsidiaries, joint ventures, associates and financial investments to have money to temporarily pay late payment interest according to the decisions of the Tax Department of Ho Chi Minh City. Business leaders identified this as the basis to remove the preventive measures for ThuDuc House. The company has made a specific plan and tries to fulfill its obligations in May.

This is the third time in the year that Thuduc House has been sanctioned by the Tax Department of Ho Chi Minh City. Previously on January 19, the company was forced to execute an administrative decision on tax administration with an amount of more than 111 billion VND. On April 12, Ho Chi Minh City Tax Department requested the Investment Goods Customs Sub-Department to stop carrying out customs procedures for TDH’s import and export goods.

Since the beginning of 2020, the company has received a total of 5 tax-related sanctioning decisions from the Tax Department of Ho Chi Minh City. According to information from the previous annual meeting, the principal debts have been temporarily paid in full by TDH, divided into 3 accounts. In which, 365 billion VND has been deposited into the custody account for the police investigation agency in 2021. This year, ThuDuc House continues to pay two amounts including 20 billion VND and 17 billion VND in accordance with the decisions of the police. Tax Department of Ho Chi Minh City.

Since there’s been a lot of tax ambiguity Many leaders are in trouble, TDH’s business results declined. In 2020, the business lost VND 363 billion, going to the step of having to sell subsidiaries, narrowing the scale of industries, and stalling business activities. In 2021, this business loss after tax 890.5 billion dongmarking the second consecutive year of record losses since its inception.

Along with declining business activities, TDH’s senior personnel also fluctuated continuously. At the end of March, Mr Duong Ngoc Hai was appointed the chair of the Board of Directors instead of Mr Lu Minh Son from 22/3. Earlier in early February, Mr Le Chi Hieu – held a leadership role at Thuduc House for nearly three decades, resigning due to health reasons. Not long after, two deputy general directors and one member of the board of directors submitted their resignations, including Mr. Le Chi Thu Khoa – Mr. Hieu’s younger brother.

Siddhartha