AsemconnectVietnam - Possessing VND22.3 billion in cash and having to delay paying dividends in 2022, Binh Duong ACC Investment and Construction Joint Stock Company (ACC code - HOSE) was also fined and arrested by the Binh Duong Provincial Tax Department and pay additional tax in the 2021 - 2022 tax period.

On July 2, Binh Duong Investment and Construction ACC said that it had received Decision No. 2225/QD-CTBDU dated June 21, 2024 from the Tax Department of Binh Duong province on additional payment of value added tax/Corporate income tax and late tax payment penalty for the 2021-2022 tax period amounting to more than VND3.11 billion.
The reason for additional payment and penalty is that Binh Duong Investment and Construction ACC has not declared fully, leading to a lack of tax payable.
It is known that as of March 31, 2024, Binh Duong Investment and Construction ACC only owned VND22.3 billion in cash, accounting for 1% of total assets but total debt amounted to VND771.49 billion, accounting 32.99% for of total assets.
In addition, also related to cash flow, in November 2023, Binh Duong Investment and Construction ACC suddenly approved the postponement of dividend payment in 2022 at a rate of 8% for the reason that in 2023, the ongoing construction projects has not been completed and accepted as expected, leading to delayed debt collection.
To prioritize cash flow to serve production and business plans for the fourth quarter of 2023 and the first quarter of 2024, the Company approved the postponement of dividend payments in 2022 as at the 2023 General Meeting of Shareholders passed.
In addition, at the 2024 General Meeting of Shareholders, the Company also approved not paying dividends in 2023.
In terms of business activities, in the first quarter of 2024, Binh Duong Investment and Construction ACC recorded revenue of VND111.37 billion, down 1.2% over the same period and profit after tax reached VND10.31 billion, a slight increase of 3.8% compared to implementation in the first quarter of 2023.
In 2024, Binh Duong Investment and Construction ACC plans a total revenue of VND1,104.87 billion, profit after tax of VND111.1 billion.
Thus, ending the first quarter of 2024 with a profit of only VND10.31 billion, Binh Duong Investment and Construction ACC has only completed 9.3% of the year's plan.
N.Nga
Source: VITIC/Tinnhanhchungkhoan