Hoang Khiem Gold Shop in Ca Mau Province has been found to have falsely reported the loss of 1,350 invoices in order to evade as much as US$2.96 million in tax.
According to the Tax Sub-Department of Dam Doi District where the shop is situated, the shop reported an average sale of VND714 million per month but the actual figure was 900 times higher: over VND642 billion (US$30.9 million) per month.
Hoang Khiem could sell as many as 8,000 taels of gold (1 tael is equal to 1.2 ounces) everyday and most of the gold was sold to the Saigon Jewelry Holding Company (SJC) in District 1, Ho Chi Minh City, said the tax authority.
From 2006 to June 2011, the shop reported a loss of 27 invoices rolls consisting of 1,350 invoices. Hoang Khiem also bought about 7 tons of gold last year and then processed the gold into 9999 gold products to sell but failed to prove the origin of the gold.
According to Dan Tri Newspaper, Ca Mau Province has set up a joint inspection team to determine whether Le Thanh Du, head of Ca Mau’s tax department, had abetted the shop.
Source: Tuoi tre