PetroVietnam's exploration arm dishonest about profit, owes huge taxes: inspectors

By Anh Vu, Thanh Nien News

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A PetroVietnam oil rig. Photo: N.T. A PetroVietnam oil rig. Photo: N.T.

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Tax authorities have ordered the exploration arm of the state-owned PetroVietnam to pay VND80.1 billion (US$3.56 million) of back taxes and penalties after inspectors found a misdeclaration of profit. 
PetroVietnam Exploration Production Corporation (PVEP) has been paying the common corporate tax rate of 25 percent on a large profit that it claimed had come from bank deposits. 
But inspectors recently found that the profit actually came from its oil exploration activities and should have been subjected to a higher tax rate of 50 percent, a senior official from the General Tax Department told Thanh Nien Friday.
Thus the company still owes VND44.5 billion of unpaid taxes and another fine of VND35.6 billion for failing to make the correct payment.

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