The Chairman of Phu Quy Gold Company was accused of tax evasion by selling gold without issuing invoices, leaving more than 2,000 billion VND off the books to evade taxes.
Chairman of Phu Quy Company Le Xuan Tung (left) and Le Thuy Quynh - Photo: Ministry of Public Security
Concluding the case of "smuggling" and "tax evasion" that occurred at Lao Bao border gate, Quang Tri province, by Phu Quy Gold Investment Joint Stock Company, the investigation agency accused the company's chairman of evading 6.1 billion VND in taxes.
Mr. Le Xuan Tung (Chairman and General Director of Phu Quy Gold Investment Joint Stock Company) was accused of directing employees to use 4 software to record daily gold trading, but omitted some transactions without invoices or documents to evade taxes.
In the same case, Ms. Nguyen Thi Hoa (residing in Quang Tri province) and her sister-in-law Nguyen Thi Gai and 21 others were proposed to be prosecuted for smuggling, accused of setting up a gold smuggling ring from Laos to Vietnam to sell to gold shops in Hanoi.
In just 1 year, Phu Quy Gold Company left more than 2,000 billion off the books.
According to the conclusion, Phu Quy Gold Investment Joint Stock Company has a charter capital of 250 billion VND, headquartered on Tran Nhan Tong Street (Hai Ba Trung District, Hanoi), with Mr. Tung as chairman.
To manage the actual daily gold trading, Phu Quy Gold Company uses 4 software.
In which, ERP software is used to track import, export, purchase, and sale of raw gold and fine art gold (such as SJC gold, plain rings, zodiac statues...).
Jewelry software is used to manage the purchase and sale of gold jewelry. The two accounting softwares Misa and FAST are used to account for purchase and sale transactions, allocate costs, and collect costs for tax and financial reporting.
The investigation results determined that Mr. Tung directed his employees to record all sales activities on the ERP software, Jewelry.
At the same time, Mr. Tung directed two accountants to update part of the data into Misa or FAST accounting software to serve the reporting and tax declaration. For some transactions without invoices or documents, they will be left out of the books.
Mr. Tung stated that the gold trading activities of Phu Quy Gold Company have 3 sources: SJC gold, Phu Quy gold, and market gold purchased from organizations and individuals.
When buying and selling gold, individual customers often transact in cash without issuing invoices, while the chairman of Phu Quy Gold Company directed accountants to only record transactions with invoices on the software, leading to incorrect declarations, the conclusion stated.
The investigation results determined that in 2021 alone, Phu Quy Gold Company had actual revenue of more than 3,900 billion VND but only declared more than 1,800 billion, a difference of more than 2,000 billion VND.
The above behavior of the chairman of Phu Quy Gold Company led to incomplete declaration of tax payable, causing a loss to the State of 6.1 billion VND.
Of which, the loss in value added tax is more than 2.1 billion VND and corporate income tax is more than 3.9 billion VND.
Seizing 21 properties of the "boss" of gold smuggling
According to the investigation, Nguyen Thi Hoa led and operated a gold smuggling ring from the capital Vientiane (Laos) to Karon market, Savannakhet province (Laos). The gold was then transported from Laos to Vietnam via Lao Bao border gate (Quang Tri province), and then sold at 6 gold shops in Hanoi.
Investigation results determined that from December 2022 to June 2023, Hoa smuggled 310kg of gold, with a total value of more than 454 billion VND.
Defendants Nguyen Thi Hoa (left) and Nguyen Thi Gai - Photo: Ministry of Public Security
On June 14, 2023, the investigation agency's working group searched 21 suspects at 29 locations in Hanoi and Quang Tri, seizing more than 8.4 billion VND, 4.2 million USD, and 36 gold bars. At the same time, another working group caught 3 suspects in the ring delivering 21 kg of smuggled gold to gold shops in Hanoi.
The investigation agency has seized 36 real estate properties, including 21 properties owned by Nguyen Thi Hoa and 5 properties owned by the sister of the gold smuggling "boss".
Recommendations for qualified businesses to import and trade raw gold
The investigation agency recommended that the State Bank urgently advise the Government to amend the relevant decree in the direction of "granting licenses to qualified enterprises to import, produce, and trade raw gold".
The above recommendation, according to the investigation agency, aims to ensure gold supply to the market. At the same time, it is recommended that the authorities strengthen management and supervision measures to improve the effectiveness and efficiency of management work to meet the people's gold needs and prevent speculative smuggling activities.
Recommend that market management agencies strengthen inspection, examination and control of gold trading activities, and prevent speculative smuggling activities.
Source: https://tuoitre.vn/chieu-dung-4-he-thong-ke-toan-cua-chu-tich-cong-ty-vang-phu-quy-20250214173351489.htm
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