The Ministry of Finance said it had received an official dispatch dated December 20, 2023 from the People's Committee of Hau Giang province requesting to remove difficulties for Nam Song Hau Petroleum Investment and Trading Joint Stock Company (NSH Petro).

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Nam Song Hau Petroleum owes large tax debts. Photo: NSH Petro.

Citing Clause 5, Article 124 of the Law on Tax Administration No. 38/2019/QH14 of the National Assembly and Clause 2, Article 66 of Circular No. 80/2021/TT-BTC of the Ministry of Finance guiding the dossier for gradual payment of tax arrears, the Ministry of Finance said that NSH Petro is being subject to tax debt enforcement measures by the tax authority.

To gradually pay tax arrears, the company must prepare a complete dossier as prescribed in Clause 2, Article 66 of Circular No. 80/2021/TT-BTC (including a letter of guarantee from a credit institution) and send it to the Hau Giang Provincial Tax Department for consideration and processing of gradually paying tax arrears according to the prescribed authority.

"In case the company fails to complete the dossier to gradually pay the tax debt, the Hau Giang Provincial Tax Department will take coercive measures against the company in accordance with the provisions of law," said the Ministry of Finance.

According to tax management data at the Hau Giang Provincial Tax Department, in 2023, NSH Petro paid more than VND 595 billion in taxes. The total tax debt as of January 7, 2024 of NSH Petro is nearly VND 1,135 billion, including: late payment (as of December 31, 2022) of more than VND 286 billion; environmental protection tax of more than VND 573 billion; value added tax of more than VND 148 billion; special consumption tax of more than VND 101 billion; corporate income tax of more than VND 15 billion; personal income tax of more than VND 10 billion.

“Due to force majeure, our company has worked with and received approval from the People's Committee of Hau Giang province to "gradually pay tax debt", in accordance with the spirit of the General Department of Taxation's official dispatch. Currently, our company is implementing many feasible solutions to fulfill tax obligations to the state as soon as possible, no later than June 30, 2024,” NSH Petro committed.

Being forced to pay over 1,100 billion VND in taxes, the oil and gas giant speaks up. Being forced to pay over a thousand billion VND in taxes, Nam Song Hau Petroleum Investment and Trading Joint Stock Company pledges to implement many feasible solutions to fulfill its tax obligations as soon as possible, no later than June 30.