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Vietnamese electronics firm Asanzo fined for tax evasion

Vietnamese electronics firm Asanzo fined for tax evasion

Thursday, October 24, 2019, 14:15 GMT+7
Vietnamese electronics firm Asanzo fined for tax evasion
Television sets being assembled at an Asanzo Vietnam JSC factory in Binh Tan District, Ho Chi Minh City. Photo: Ngoc Hien / Tuoi Tre

Ho Chi Minh City’s tax department has ordered local electronics brand Asanzo Vietnam JSC to pay more than VND68 billion (US$2.92 million) for tax evasion from 2016 to mid-2019.

The agency recently finalized its inspection of Asanzo’s business operations between 2016 and July 2019 and issued their conclusion on October 15.

The firm had been ordered to pay its penalty prior to October 22.

Asanzo was instructed to pay tax arrears totaling VND40.6 billion ($1.7) for failing to pay its VAT, excise, corporate income, and personal income taxes, as well as a late payment penalty of VND1.6 billion ($68,800).

The firm was also fined a total of VND26.3 billion ($1.1 million) for failing to issue sale invoices and using illegal invoices in order to evade taxes.

The case has been transferred to the Ho Chi Minh City Department of Police and Ministry of Public Security for a criminal investigation.

Headquartered in District 11, Ho Chi Minh City, Asanzo Vietnam JSC manufactures affordable electronic products such as televisions, air conditioners, refrigerators, and other household appliances.

In June, Tuoi Tre (Youth) newspaper published an exposé accusing Asanzo of importing Chinese electronic products and components and claiming them as Vietnam-made goods.

Competent agencies stated they would announce the result of an investigation into the allegations on August 30 but no conclusion has been made thus far.

Asanzo organized a press meeting in late September to rebuke the allegations of, according to local media.

The firm was quoted as saying it had resumed business operations following a brief shutdown. 

However, Sharp Electronics (Vietnam) Company Ltd., a sales subsidiary of popular Japanese-Taiwanese electronics manufacturer Sharp Corporation, later accused Asanzo of producing fake documents to “prove” that the firm was using Sharp technologies in its production chain.

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