The tactic used by the chairman of Phu Quy Gold Company involves four different accounting systems.

The chairman of Phu Quy Gold Company is accused of tax evasion by selling gold without issuing invoices, keeping over 2,000 billion VND off the books to avoid paying taxes.

Chairman of Phu Quy Company Le Xuan Tung (left) and Le Thuy Quynh - Photo: Ministry of Public Security

In its conclusion regarding the "smuggling" and "tax evasion" case at the Lao Bao border gate in Quang Tri province involving Phu Quy Gold Investment Joint Stock Company, the investigating agency accused the company's chairman of evading 6.1 billion VND in taxes.

Mr. Le Xuan Tung (chairman and general director of Phu Quy Gold Investment Joint Stock Company) is accused of instructing employees to use four software programs to record daily gold trading, but omitting some transactions without invoices or documents from the books to evade taxes.

In the same case, Ms. Nguyen Thi Hoa (residing in Quang Tri province), her sister-in-law Nguyen Thi Gai, and 21 others were recommended for prosecution for smuggling, accused of establishing a gold smuggling ring from Laos to Vietnam to sell to gold shops in Hanoi .

In just one year, Phu Quy Gold Company concealed over 2,000 billion VND from its books.

According to the findings, Phu Quy Gold Investment Joint Stock Company has a charter capital of 250 billion VND, its headquarters are located on Tran Nhan Tong Street (Hai Ba Trung District, Hanoi), and Mr. Tung is the chairman.

To manage its daily gold trading operations, Phu Quy Gold Company uses four software programs.

This includes ERP software used to track the import, export, purchase, and sale of raw gold and gold art (such as SJC gold, plain gold rings, zodiac figurines, etc.).

The Jewelry software is used to manage the buying and selling of gold jewelry. The two accounting software programs, Misa and FAST, are used to record buying and selling transactions, allocate expenses, and aggregate costs for tax and financial reporting.

The investigation determined that Mr. Tung instructed his employees to record all buying and selling activities into the ERP software, Jewelry.

At the same time, Mr. Tung instructed the two accountants to update some of the data into the Misa or FAST accounting software to facilitate reporting and tax declaration. For some transactions without invoices or supporting documents, they would be excluded from the accounting records.

Mr. Tung stated that Phu Quy Gold Company's gold trading activities have three sources: SJC gold, Phu Quy gold, and market gold purchased from organizations and individuals.

Individual customers buying and selling gold often transact in cash, without issuing invoices. However, the chairman of Phu Quy Gold Company instructed the accountant to only record transactions with invoices in the software, leading to incorrect declarations, the conclusion stated.

The investigation revealed that in 2021 alone, Phu Quy Gold Company had actual revenue of over 3,900 billion VND but only declared over 1,800 billion VND, a difference of over 2,000 billion VND.

The actions of the chairman of Phu Quy Gold Company resulted in the under-declaration of taxes payable, causing a loss of 6.1 billion VND to the State.

This includes losses of over 2.1 billion VND in value-added tax and over 3.9 billion VND in corporate income tax.

Authorities seize 21 properties belonging to the "queenpin" of gold smuggling.

According to the investigation's conclusions, Nguyen Thi Hoa led and operated a gold smuggling ring that transported gold from Vientiane (Laos) to Karon Market in Savannakhet Province (Laos). The gold was then transported from Laos to Vietnam via the Lao Bao border gate (Quang Tri Province) and subsequently sold at six gold shops in Hanoi.

The investigation determined that from December 2022 to June 2023, Hoa smuggled 310 kg of gold, with a total value of over 454 billion VND.

Suspects Nguyen Thi Hoa (left) and Nguyen Thi Gai - Photo: Ministry of Public Security

On June 14, 2023, a task force of the investigative agency raided 21 suspects at 29 locations in Hanoi and Quang Tri, seizing over 8.4 billion VND, 4.2 million USD, and 36 gold bars. At the same time, another task force caught three suspects in the same ring red-handed while delivering 21 kg of smuggled gold to gold shops in Hanoi.

The investigating agency has seized 36 properties, including 21 houses and land plots registered under the name of Nguyen Thi Hoa, and 5 houses and land plots registered under the name of the sister of the "kingpin" of gold smuggling.

Proposal to allow eligible businesses to import and trade raw gold.

The investigating agency recommended that the State Bank of Vietnam urgently advise the Government to amend the relevant decree to "grant licenses to qualified enterprises to import, produce, and trade raw gold."

The above proposal, according to the investigating agency, aims to ensure the supply of gold to the market. It also recommends that authorities strengthen management and supervision measures to improve the effectiveness and efficiency of management in order to meet the people's gold needs and prevent speculation and smuggling.

We propose that market management agencies strengthen inspection, examination, and control of gold trading activities, and prevent speculation and smuggling.

Source: https://tuoitre.vn/chieu-dung-4-he-thong-ke-toan-cua-chu-tich-cong-ty-vang-phu-quy-20250214173351489.htm