GTNFoods has to pay $10,323 in tax arrears

14:25 | 10/09/2018
GTNFoods JSC, which holds 22 per cent of Tael Partners, an investment fund from Singapore, will have to pay VND233.3 million ($10,323) in tax arrears, fines, and late payment fees, according to the decision of the Hanoi Department of Taxation.
gtnfoods has to pay 10323 in tax arrears
GTNFoods to pay $10,323 in tax arrears

According to information published on the website of GTNFoods, the company will have to pay VND185.75 million ($8,219) in additional corporate income tax after an inspection, VND8.35 million ($369.46) in late payment fee, and a fine of VND37.15 million ($1,643) for wrongful tax declaration and another fine of VND2.1 million ($90.08) as a general fine for its violations.

At present, Tael Partners is the largest foreign shareholder of GTNFoods with 22 per cent or 55 million shares.

GTNFoods specialises in producing industrial bamboo, constructing infrastructure, and trading agricultural products, among others. The two core business sectors are tea and dairy trading conducted through numerous brands, such as Moc Chau Milk and Vinatea.

Two deals which are typical of its M&A strategy are the investment into Ladofoods and the acquisition of Vinatea.

Notably, in March 2017, GTNFoods completed its acquisition of Vietnam Livestock Corporation (Vilico) and Vietnam National Tea Corporation (Vinatea) at a cost of over VND1.8 trillion ($79.2 million). VND1.3 trillion ($57.5 million) of this was spent on acquiring 65 per cent of Vilico, the parent company of Moc Chau Dairy Cattle Breeding JSC (Moc Chau Milk). At the time, Moc Chau Milk accounted for nearly 90 per cent of Vilico’s revenue and profit.

GTNFoods acquired a 35 per cent stake in Ladofoods in 2013.

At present, Tael Partners is the largest foreign shareholder of GTNFoods, with 22 per cent or 55 million shares. Meanwhile the largest shareholder is West Ocean Invest JSC with 28 per cent.

By Kim Oanh

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