Shark Thuy’s Apax Holdings (IBC) was banned by the Tax Department of Ho Chi Minh City. Hanoi enforces tax

On November 23, Apax Holdings Investment Joint Stock Company (code: IBC) announced the receipt of a decision on tax enforcement by blocking the account from the Tax Department of Ho Chi Minh City. Hanoi. The total amount of money being coerced was more than VND 5,625 billion, including personal income tax, corporate income tax, and late payment interest.

Previously, on November 16, 2022, the Tax Department of Ho Chi Minh City. Hanoi has issued a decision to enforce tax by deducting money from IBC’s account (address at 88 Lang Ha, Dong Da, Hanoi) with a total amount of more than VND 5,625 billion.

The reason for tax enforcement was because Apax Holdings opened deposit accounts at many banks, in order to avoid the banks deducting more than the coercive amount as prescribed, the Hanoi Tax Department issued 17 decisions sent to The 9 banks and branches are:

Vietnam Prosperity Joint Stock Commercial Bank (VPBank), Military Commercial Joint Stock Bank (MB), Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Tien Phong Commercial Joint Stock Bank (TPBank), Saigon – Hanoi Commercial Joint Stock Bank (SHB), National Commercial Joint Stock Bank (NCB), Southeast Asia Commercial Joint Stock Bank (SeABank) and Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank).

Recently, Apax English – a subsidiary of Apax Holdings has also announced a system restructuring since November 25 and is expected to end at the end of the first quarter of 2023.

This move comes after Apax English was recently criticized by many parents that the system had stopped teaching while receiving tuition fees. Many parents have asked Apax English to refund tuition fees when they do not fulfill their training commitments, even some facilities are closed and there is no specific information for parents and students.

Apax Holdings later acknowledged that the problems reported by the press were the existence of Apax English. Leaders of Apax English have been coordinating with Apax Holdings to have appropriate solutions.

Apax Holdings affirmed that Apax English’s information appearing in the press has no great influence on the company’s production and business activities as well as the management situation of the company because Apax Holdings is the parent company, operating completely independent.

Regarding the business situation, According to the consolidated financial statements of the third quarter of 2022, Apax Holdings recorded a net revenue of nearly VND 374 billion, down 5% over the same period.

Profit before tax decreased to only 2.6 billion VND, equal to 1/5 compared to the same period last year. Profit after tax is only VND 776 billion while in the third quarter of 2021, after-tax profit is VND 5.3 billion. In this quarter, the parent company’s after-tax profit was negative 6.4 billion dong.

Accumulated in the first 9 months, IBC’s net revenue reached VND 1,043 billion, down 25% compared to the same period last year. However, thanks to a decrease in selling expenses of VND 115 billion, profit before tax in the first 9 months still increased 12% to VND 38.5 billion.