PXT has bank accounts frozen for tax delays

10:15 | 28/05/2019
The bank accounts of Petroleum Pipeline & Tank Construction JSC (code: PXT) have just been frozen for its long delay in paying VND845 million ($36,407) in taxes.
pxt has bank accounts frozen for tax delays
Ba Ria-Vung Tau ordered banks to provide information on PXT's transactions

The Ba Ria-Vung Tau Tax Department on May 20 issued Decision No.4050/QD-CT outlining the freezing of PXT’s seven bank accounts at Vietinbank, Agribank, BIDV, PVcomBank, VIB, NCB, and LienVietPostBank, after more than 90 days of delay in paying taxes.

In addition, the tax department also required the banks to provide the balance sheets of these accounts, detailing the firm's transactions between May 27 and June 26 to be able to calculate the applicable tax charge on these accounts.

PXT on May 17 organised its shareholders' meeting. Accordingly, the company set the target of VND195 billion ($8.48 million) in production value in 2019, down nearly 6 per cent on-year. PXT also expects to reach VND222 billion ($9.65 million) in revenue this year, but the pre-tax profit is forecast to hit VND700 million ($30,450), sharply down by 64 per cent on-year.

At current, its stock is valued at VND1,500 ($0.06)

By Hoang Van

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