According to the announcement of Sundiro Holding Co.Ltd(000571) ( Sundiro Holding Co.Ltd(000571) . SZ) on the evening of March 21, the company received the decision on preventing exit from Haikou Guilin Ocean Economic Development Zone Taxation Bureau of the State Administration of taxation. Because the listed company failed to settle the tax payable and overdue fine as required and could not provide tax guarantee, according to the provisions of the law, the company decided and notified the entry-exit administration authority to prevent Han Dongfeng, the legal representative and chairman of the company, from leaving the country from February 14.
It is reported that Sundiro Holding Co.Ltd(000571) in 2017, the income tax payable on the equity income of Xindazhou Honda Motorcycle Co., Ltd. (Dazhou Honda) was 51.076 million yuan. At present, the accumulated tax paid was 111696 million yuan (excluding overdue fine), the overdue tax was 39.838 million yuan (excluding overdue fine), and the overdue fine was 323421 million yuan.
has received several hundred million yuan of equity transfer
Previously, Sundiro Holding Co.Ltd(000571) was a listed company based on motorcycle and coal industry. In 2016, Sundiro Holding Co.Ltd(000571) decided to sell 50% equity of continental Honda, intending to dispose of motorcycle assets with low correlation with the company’s main business through major asset sales, highlighting the development of the main industry Sundiro Holding Co.Ltd(000571) said that capital can be obtained through this asset sale to support the expansion and strengthening of the main business, alleviate the capital pressure of the company, and realize business transformation and sustainable development in the future.
The counterparty is Xindazhou Equity Investment Co., Ltd. (hereinafter referred to as “Dazhou investment”). After negotiation between the two parties, the transaction price of the assets sold is determined as 892 million yuan according to the assessed value. Continental investment shall pay 50% of the remaining equity transfer, i.e. RMB 446 million, before December 31, 2017.
According to the agreement, during the transition period (i.e. the period from August 1, 2016 to December 31, 2016 after the benchmark date), the gains and losses realized by continental Honda shall be owned and borne by the listed company; After the above period, the gains and losses realized by continental Honda shall be owned and borne by continental investment.
According to the audit report, during the above transition period, it is confirmed that Dazhou Honda realized an income of 905336 million yuan, and the income during the transition period confirmed by the listed company according to the original 50% shareholding ratio is 452668 million yuan. The total transaction consideration payable by continental investment to listed companies is 491 million yuan.
On January 10, 2017, Dazhou Honda has completed the industrial and commercial change registration procedures, and 50% of the equity of Dazhou Honda held by the listed company has been transferred to the name of Dazhou investment.
As of December 25, 2017, Sundiro Holding Co.Ltd(000571) has received the above equity transfer price of 491 million yuan paid by continental investment, and the transaction has been completed in accordance with the agreement between the two parties.
due to tax arrears, the chairman is restricted from leaving the country
Clearly obtained hundreds of millions of yuan of equity transfer fee, but why did not pay the tax?
Sundiro Holding Co.Ltd(000571) the income tax payable on the equity income of Dazhou Honda from the sale of shares is 51.076 million yuan. At present, the accumulated tax paid is 111696 million yuan (excluding overdue fine), the tax still outstanding is 39.838 million yuan (excluding overdue fine), and the overdue fine is 323421 million yuanp align=”center” style=”text-align:center;”> Source: screenshot of announcement
On March 21, Sundiro Holding Co.Ltd(000571) received the decision of preventing exit from Haikou Guilin Yang Economic Development Zone Taxation Bureau of the State Administration of taxation.
According to the content of the decision, in view of the listed company’s failure to settle the tax payable and overdue fine as required, and unable to provide tax guarantee, according to Article 44 of the law of the people’s Republic of China on the administration of tax collection, it is decided and notified to the entry-exit administration to prevent Sundiro Holding Co.Ltd(000571) Chairman Han Dongfeng from leaving the country from February 14, 2022.
Sundiro Holding Co.Ltd(000571) said that the decision to prevent the company’s legal representative and Chairman Han Dongfeng from leaving the country will not have a significant impact on the company’s production and operation, but the company’s tax rating and credit rating will be significantly negatively affected. The company has communicated with the tax bureau and basically implemented the payment plan for 2021 according to the requirements of the tax bureau. It will actively raise funds and continue to pay the remaining taxes within 2023 according to the proposed plan.
