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Former chairman of Vietnamese electronics maker Asanzo indicted for tax evasion

Former chairman of Vietnamese electronics maker Asanzo indicted for tax evasion

Sunday, June 23, 2024, 16:12 GMT+7
Former chairman of Vietnamese electronics maker Asanzo indicted for tax evasion
Pham Van Tam, former chairman of Asanzo Group JSC. Photo: Tuoi Tre

Investigators from the Ho Chi Minh City Department of Public Security launched legal proceedings against Pham Van Tam, former chairman of Asanzo Group JSC, for tax evasion, a source told Tuoi Tre (Youth) newspaper on Sunday.

The Vietnamese electronics company was discovered importing Chinese products and disguising them as locally made merchandise for sale in 2019.

Tam, 43, is also banned from leaving his place of residency.

Besides, Pham Xuan Tinh, legal representative and CEO of Asanzo, faced the same charges as Tam.

Investigation results showed that Tam had directed Tinh to sign in-principle contracts with several companies to purchase parts of air conditioners.

Asanzo assembled these components into finished air conditioners and sold the products without excise tax declarations and payments.

In 2017, the local electronics maker sold 2,531 air conditioners, while over 1,440 units were shipped to Asanzo Electric Refrigeration Company and Asanzo Electronic Technology Investment JSC in 2018.

After buying air-conditioner parts, Asanzo Group hired other firms to do some assembling steps, while the company completed the final process and labeled the finished air conditioners as ‘Asanzo products.’

The enterprise sold 10,990 air conditioners to Asanzo Electric Refrigeration Company in April 2019 and handed over 15,518 units to the latter in June 2019, but it did not issue value-added invoices and did not declare excise tax.

According to a conclusion made by the Ho Chi Minh City taxman, from 2017 to the second quarter of 2019, Asanzo Group evaded paying a combined VND15.7 billion (US$616,770) in value-added and excise duties.

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Tieu Bac - Tuyet Mai - Dan Thuan / Tuoi Tre News

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