Hoa Phat Steel increased its contribution to the Hai Duong Province’s State budget

Hoa Phat Steel Joint Stock Company contributed around VND1 trillion to the State budget of Hai Duong Province in the first half of the year, 2.6 times higher than the same period last year. Of which, its corporate income tax contribution saw the highest level. Statistics from the provincial Taxation Department showed that Hoa Phat Steel JSC was in the Top 10 largest taxpayers in the province.

Specifically, the company’s corporate income tax increased from VND106 billion in the first half of 2016 to VND503 billion in the first six months of the year, up 474 per cent. Mrs. Nguyen Thi Thuy, head of the company’s accounting department said the surging tax payment was because referential tax for Hoa Phat Steel Complex in Hai Duong Province has been gradually reduced after 10 years of operation. The company’s tax payment to the province would be higher than previous years since 2017.

In addition to the corporate income tax, the company’s other taxes contributed to the province were also surged. The value added tax (VAT) reached VND313 billion, increasing 2.5 times from the same period last year. Since the complex’s third phase came into operation in the first quarter of 2016, the VAT on imported goods (mainly iron ore) rose by 26 per cent from the first half of last year.

Hoa Phat Steel JSC was in the Top 10 biggest tax payers in the Hai Duong Province

Hoa Phat Steel JSC is the investor of the Hoa Phat Steel Complex in the province’s Kinh Mon District with capacity of 1.7 million tonnes a year. After 10 years of development, the company has become one of the most effective businesses in the province as well as an outstanding firm in implementing tax duties to the Government and social welfare programmes.

In the first half of the year, the company was in the Top 10 biggest tax payers in the province while spending dozens of billion đồng to repair schools, upgrading roads surrounding the factories.

Hoa Phat Steel JSC is paying VND900 million per year to Minh Nguyet Transport and Trade Company to collect and transport all waste of the commune twice a day.

Hoa Phat Steel JSC has taken the lead in the Top 10 most prestigious building material companies in Viet Nam.

Nghi Tran