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VAT scam a can of worms.
(From Vietnam Investment Review)
Byline: Vu Long
NGUYEN Viet Thin, director of the Hanoi Attar Processing and Production company Ltd, was recently sentenced to eight years imprisonment for tax fraud.
His company cooperated with a state-owned enterprise, the Soc Son Service, Forestry and Agricultural Company to fraudulently acquire a VND7.2 billion ($470,000) VAT return from the state.
The companies took advantage of loose tax return procedures to set up a bogus VND72 billion ($4.7 million) trade contract. Soc Son provided VAT invoices to Hanoi Attar for payments which were never received for goods never traded.
This is just one of over a hundred cases of VAT fraud which have recently been discovered by …
