Ho Chi Minh City Tax Department has just issued a decision to sanction administrative violations related to taxes for Cholimex Food Joint Stock Company - Cholimex Food (CMF) after the 2024-2025 fiscal year tax inspection.
According to the decision, Cholimex Food falsely declared value-added tax, corporate income tax and personal income tax, leading to a shortage of tax payable. For the above act, the enterprise was fined 543.1 million VND. The tax authority determined that the case did not have aggravating or mitigating circumstances.
In addition to fines, Cholimex Food was retroactively taxed more than 2.71 billion VND, including more than 1.41 billion VND of value-added tax, more than 912 million VND of corporate income tax and more than 388 million VND of personal income tax.
This enterprise also has to pay 320.98 million VND in late payment interest. This amount is calculated until the end of August 7, 2026 and continues to be calculated from after this date to the time the enterprise actually pays the full amount according to regulations. The total amount of fines, arrears and late payments according to the decision is more than 3.57 billion VND.
This is not the first time this business has been sanctioned for incorrect declaration leading to a shortage of tax payable. In December 2024, the General Department of Taxation (now the Tax Department) also issued Decision No. 1986/QD-TCT on sanctioning administrative violations related to taxes through inspection of tax law compliance for Cholimex Food.
Accordingly, Cholimex Food had acts of false declaration leading to a shortage of tax payable as prescribed in Clause 1, Article 16 of Decree No. 125/2020/ND-CP. The Company was subject to administrative sanctions at a rate of 20% on the tax arrears with an amount of more than 1.1 billion VND.
At the same time, Cholimex Food is forced to pay enough tax arrears to the state budget of more than 5.3 billion VND. Of which, the missing value-added tax is more than 1.8 billion VND, the missing corporate income tax is nearly 3.2 billion VND, and the missing personal income tax is 304 million VND. In addition, the company also has to pay nearly 1.03 billion VND in late payment interest. Thus, the total amount that Cholimex Food is handled for tax this time is more than 7.4 billion VND.
Cholimex Food's financial report recorded revenue in the first half of 2026 increasing by 16% compared to the same period last year. Gross profit in this period is more than 624 billion VND, equivalent to a profit margin of nearly 29%.
This means that for every 100 VND of revenue, the company makes a profit of nearly 29 VND after deducting cost of goods sold. Cholimex Food reported pre-tax profit of 200 billion VND, an increase of nearly 18% compared to the first half of last year. It is estimated that the company makes an average profit of about 1.1 billion VND per day.
In June 2026, Cholimex Food announced that it no longer meets the conditions of a public company because a minority shareholder only owns 7.45% of capital, while 3 major shareholders currently hold up to 92.55% of capital here.
Previously, Chairman of the Board of Directors Huynh An Trung said that the company had researched a plan to increase charter capital and issue preferential shares to employees to improve the shareholder structure to maintain the status of a public company. However, this plan has not been agreed upon by major shareholders, so it has not yet been implemented.
