Sabeco to pay US$110 million in tax arrears
The Ministry of Industry & Trade (MoIT) instructed Saigon Beer Alcohol and Beverage (Sabeco) to pay nearly VND2.5 trillion (US$110 million) in tax arrears, following the conclusion of state audit.
"MoIT will cooperate with relevant government agencies in addressing issues presented in the report", stated MoIT in its press release on March 17.
Sabeco to pay US$110 million in tax arrears.
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Under state audit's assessment, before selling around 54% shares to Vietnam Beverage, a local unit of Thai Beverage, Sabeco held more than VND2.7 trillion (US$118.2 million) in profit after which it had not declared tax from 2016 backwards.
According to the audited financial results, Sabeco suffered a loss of VND445 billion ($19.54 million) from investing in banking, stocks, as well as pouring money into financial investment funds.
Besides, the state audit found that Sabeco had committed violations in paying the bonus of the board of directors. Notably, in the fiscal year of 2015 Sabeco spent over VND15 billion ($658,927) on the bonuses of the chairman of the board of directors, the general director, the deputy general director, the head of the controlling board, and the chief accountant, exceeding regulations by VND13 billion ($571,070).
Sabeco in 2017 has produced 1.77 billion liters of beer alone, an increase of 6.6% year-on-year, while the second largest domestic brewer, Hanoi Alcohol Beer and Beverage (Habeco), made 657.6 million liters, down 6.5%, according to Vietnam Beer Alcohol and Beverage Association (VBA).
In 2018, Sabeco set the target of increasing domestic market share to 42% and production to 1.84 billion liters, informed Sabeco at its shareholder meeting on January 12.
Sabeco expects to earn VND39.3 trillion (US$1.73 billion) in revenue in 2018, with net profit of VND 4.9 trillion (US$217 million), which is translated into growth rates of revenue and net profit of 11 and 2%, respectively.
Beer consumption in Vietnam was estimated to be over 4 billion liters, up 260,000 liters (6%) against 2016, according to VBA.
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