Tax revenue from Big C acquisition estimated at VND3.6 trillion

VietNamNet Bridge - According to tax authorities, the estimated amount of taxes collected from the transfer of Big C supermarket chain from Casino Group of France to the Central Group of Thailand is about VND3,600 billion ($161.4 million).


Tax revenue from Big C acquisition estimated at VND3.6 trillion, vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam breaking news



In documents recently sent to the parties involved in the transfer of Big C supermarket chain in Vietnam, the General Department of Taxation requested them to declare and pay tax on capital transfers. The agency also said if they pay taxes late, the change of ownership will not be completed.

As of June 20, nearly two months since the Casino Group transferred Big C Vietnam to the Central Group, the tax authorities had not received the declaration on tax payment of the deal.

Meanwhile, under the provisions of Vietnam, the deadline for submission of the tax declaration is the 10th day since the date of the agreement on transfer of capital.

According to tax authorities, the estimated amount of taxes collected from the transfer of Big C Vietnam is about VND3,600 billion ($161.4 million).

Earlier, in a writing document sent to the Ministry of Industry and Trade, the Central Group and Nguyen Kim Group announced that it would acquire Big C Vietnam from the Casino Group on April 29, with the transfer value of $1.04 billion.

In documents recently sent to the units involved, the General Department of Taxation asked the parties to cooperate to declare and pay tax for the Big C Vietnam transfer.

An official from the General Department of Taxation said under the Vietnamese laws and the agreement to avoid double taxation between Vietnam and France, the transfer tax in the Big C deal is 20%, in which the right to tax the deal belongs to the tax agency of Vietnam.

Earlier, the Central Group said that it had no obligation to declare and pay tax on the deal.

The Casino Group and the managers of Big C Vietnam did not comment.

Savior Mwambwa, Tax Power Campaign Manager at ActionAid, told Tuoi Tre Newspaper that the Group Casino would have to pay taxes to the Vietnamese Government.

He said that Big C registered for business in Vietnam so it has to comply with laws of Vietnam so it has to pay taxes for the transfer deal.

Vietnam tax authorities can assign the Central Group to collect the taxes as this is a huge deal and the buyer will pay for the seller in installments.

 

related news

Taxation agency ready to collect tax from Big C transfer deal

Do local firms still hold 97% of Vietnam’s retail market?

Seven more Big C supermarkets planned for this year 

Minh Phu

Tax revenue from Big C acquisition estimated at VND3.6 trillion, vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam breaking news
 
*
*
*
  Send