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Sunday, September 25, 2022

FLC stripped of right to issue invoices

The Saigon Times

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HCMC – The Hanoi Tax Department on September 8 announced a decision stripping FLC Group (FLC) of its right to issue invoices for transactions due to tax arrears of VND325.8 billion.

The taxman at the end of July announced nine decisions to fine FLC VND11.5 million for the late income tax declaration and took tough measures against FLC over its tax debt.

These included deducting money from its bank accounts to pay debt and had its accounts frozen at VPBank, VIB, OCB, Agribank, Vietcombank, VietinBank and BIDV.

The Quang Binh Tax Department, by the end of August, also decided to seize VND448 billion from FLC’s accounts due to its late tax payments.

In the first half of 2022, FLC incurred a loss of over VND1.1 trillion compared to earnings of over VND96 billion in the same period last year.

Heavy losses in the second quarter of this year were attributed to a loss of over VND317 billion in its affiliated companies and a plunge of 90% year on year in revenue from financial activities.

The income of FLC in the first half of 2022 stood at some VND1.66 trillion, a drop of 60% against the same period last year.

As of June 30, FLC saw debts payable totaling VND27.5 trillion, surging VND3.5 trillion against early this year. Equity also plummeted by VND1 trillion due to poor business performance.

The debt volume was way bigger than equity, leaving FLC’s equity-to-asset ratio at 24%.

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