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VietNamNews

CEO gets 10 years on smuggling charges

Update: July, 14/2015 - 08:03
Nguyen Nguyen Ly, former CEO of the Dai Duong Xanh Co., is sentenced to 10 years behind bars yesterday after attempting to evade more than VND1 billion (US$45,500) in taxes. — Photo congan.com.vn

HCM CITY (VNS) — A CEO in HCM City was sentenced to 10 years behind bars yesterday after attempting to evade more than VND1 billion (US$45,500) in taxes.

Nguyen Nguyen Ly, former CEO of the Dai Duong Xanh Co., claimed to be importing organic products from Singapore worth more than VND100 million (US$4,500) for wastewater treatment.

Customs checks a day later discovered that the actual content of the shipment was 218 Panasonic air-conditioners worth more than VND2.5 billion ($113,600).

Air-conditioners back then were subject to a 30 per cent import tariff, 10 per cent special consumption tax and another 10 per cent in VAT. By falsely declaring the goods he was importing, Ly saved at least VND1.2 billion ($54,500) in taxes.

Ly's company later sent a document to Sai Gon Port Customs saying that their export partner had delivered the wrong cargo.

Documents provided by Ly were ruled by the HCM City People's Committee as insufficient to prove that his company's partner was at fault. — VNS

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