Wednesday , July 24 2024

Fuel retailers falsify accounts to evade tax: government inspectors

Some fuel retailers fudged their sales figures for years to avoid paying environmental tax while others owe large amounts in back taxes, according to the Government Inspectorate.

One violator is Thien Minh Duc Corp, which often falsified figures to avoid paying VND3.3 trillion ($135.34 million) worth of tax between 2018 and 2021, according to inspectors who are currently investigating tax payments by retailers across the country.

In 2019 alone retailers evaded environmental tax to the tune of VND4.9 trillion.

Others made proper declarations but failed to pay the tax, and, as of last October, owed VND6.32 trillion.

Thien Minh Duc, for example, loaned nearly VND7.5 trillion between 2017 and 2022 to its deputy CEO Chu Dang Khoa and chairwoman Chu Thi Thanh.

At the time of inspection the two were owing VND1.4 trillion. They have been blocked from leaving the country.

Xuyen Viet Oil owed VND1.5 trillion in tax debt but still let its chairwoman Mai Thi Hong borrow VND3 trillion.

The inspectors have proposed that the government should thoroughly review regulations to prevent such violations in future.

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