How is the business of tycoon Xuan Thien doing in the tax scandal?

The General Department of Taxation has issued a document requesting the Dak Lak Tax Department to review the tax evasion behavior of enterprises in capital transfer at Ea Sup 3 Joint Stock Company - a member of Xuan Thien Group.

Ea Sup 3 solar power project of Xuan Thien Group in Ea Sup district, Dak Lak - Photo: DN website

In a recent document, the General Department of Taxation stated that the decision by the Director of the Dak Lak Provincial Tax Department to fine Ea Sup 3 Company in 2022 for false declaration leading to tax arrears, due to submitting tax declarations more than 90 days after the deadline "is not in accordance with regulations".

Therefore, the General Department of Taxation requests the Dak Lak Tax Department to review the records, and if any criminal acts are detected, transfer the records to the competent authority to conduct proceedings for handling according to regulations.

Ea Sup 3 is known as a solar power company belonging to Xuan Thien Group - a famous corporation in Ninh Binh with Mr. Nguyen Van Thien as chairman of the board of directors .

On Xuan Thien Group's website, the group introduces itself as owning many solar power projects in Dak Lak, including Ea Sup 1, 2, 3, 4 and 5.

According to the financial information report, in the first 6 months of this year, Ea Sup 3 Joint Stock Company reported a profit of nearly 84 billion VND, while in the same period last year it lost nearly 7.5 billion VND.

In recent years since the Dak Lak Solar Power Plant was put into operation, Ea Sup 3 has mostly reported losses. In 2023, it lost more than 31 billion VND, in 2022 it lost nearly 3 billion VND, and in 2021 alone, it made a profit of more than 31 billion VND.

At the end of June 2024, Ea Sup 3 had equity of VND 5,612 billion and liabilities of about VND 1,900 billion.

At Ea Sup 1, the company reported a profit of nearly VND40 billion in the first half of this year, about 2.6 times higher than the same period last year. Similarly, Ea Sup 3 and Ea Sup 5 also reported a profit again after losses in the same period last year.

Of which, Ea Sup 3 reported a profit of more than 83 billion VND compared to a loss of nearly 7.5 billion VND in the first half of last year. Meanwhile, Ea Sup 5 made a profit of nearly 70 billion VND compared to a loss of nearly 25 billion VND in the same period.

Regarding Xuan Thien, information from a meeting between Dak Lak province and this group on the implementation of investment projects in the province taking place in 2022 revealed a large scale of revenue.

Specifically at the meeting, Xuan Thien Group said that the unit has more than 80 domestic and foreign member companies with a total charter capital of more than 100,000 billion VND, specializing in investing in the fields of energy production, high-tech agriculture, construction materials, banking and finance and a number of other service industries.

Accordingly, the group's member companies own many energy and construction material factories that have stable and sustainable revenue, with annual revenue of 20,000 billion VND.

Who did Xuan Thien Group's owner transfer capital to?

Previously, as reported by Tuoi Tre , the Dak Lak Provincial Tax Department administratively sanctioned Ea Sup 3 for many acts, including penalizing the personal income tax declaration on behalf of the company's shareholders in the capital transfer.

Specifically, on February 20, 2020, Mr. Nguyen Van Thien - Chairman of the Board of Directors of Xuan Thien Group - transferred 706,000 shares worth over 7 billion VND to Mr. Vu Canh Tuan - General Director of Xuan Thien Group - but did not directly declare personal income tax.

On March 25, 2020, Ea Sup 3 Joint Stock Company changed its shareholder list but did not declare personal income tax from capital transfer on behalf of Mr. Thien.

Similarly, on September 16, 2021, Nguyen Van Thuy - Vice Chairman of the Board of Directors of Xuan Thien Group - transferred to Mr. Pham Van Tuat more than 38.1 million shares worth more than VND 381 billion at Ea Sup 3 Joint Stock Company but did not directly declare taxes.

On the same day, September 16, 2021, Ea Sup 3 changed the list of shareholders but did not declare personal income tax from capital transfer on behalf of Mr. Thuy.

On August 26, 2022 (more than 2 years and 6 months later - PV), the tax inspection team of Dak Lak Provincial Tax Department inspected Ea Sup 3 Company.

On October 17, 2022, Ea Sup 3 Joint Stock Company submitted personal income tax declarations on behalf of Mr. Thien (more than 7 million VND) and Mr. Thuy (more than 381 million VND).

Source: https://tuoitre.vn/doanh-nghiep-cua-dai-gia-xuan-thien-vuong-lum-xum-ve-thue-lam-an-ra-sao-2024110718084868.htm