Crystal Plastic (PLP) was fined and had to pay back nearly 1.8 billion VND in taxes.

Recently, Pha Le Plastic Production and Technology Joint Stock Company (PLP) received a decision to sanction administrative violations of tax from the Hai Phong City Tax Department.

Specifically, Pha Le Plastic made an incorrect declaration, leading to an increase in the amount of value added tax to be refunded. The company also made an incorrect declaration, leading to a shortage of corporate income tax payable.

Pha Le Plastic was fined and had to pay back nearly 1.8 billion VND in taxes (Photo TL)

For the above error, Pha Le Plastic was administratively fined 214 million VND, and had to apply remedial measures such as paying the full amount of corporate income tax owed of 1.1 billion VND plus late tax payment of 460 million VND.

The total amount of fines, tax arrears and late tax payment of Pha Le Plastic is nearly 1.8 billion VND.

Regarding business performance, according to the Q3 financial report, Pha Le Plastic achieved revenue of VND444 billion, down 19% year-on-year. Gross profit reached VND36 billion, equivalent to a gross profit margin of 8.1%. Profit after tax reached VND7.5 billion, up 50% year-on-year.

However, the losses in the first two quarters of the year still dragged down Pha Le Plastic's business results. Cumulative revenue in the first nine months of the year reached VND1,617.6 billion, down 23.4%. The company lost VND86.5 billion after tax while in the same period last year it made a profit of VND50.7 billion.

Notably, from September 14, 2023, the Ho Chi Minh City Stock Exchange (HoSE) decided to remove PLP shares from the warning list. However, PLP's share price has not shown any signs of recovery. Since the peak of VND 18,600/share at the end of March 2022, PLP has decreased in price to only trading around VND 4,200/share, down 78% from the peak.

Source: https://www.congluan.vn/nhua-pha-le-plp-bi-phat-va-truy-thu-thue-gan-18-ty-dong-post277873.html