LINE

Text:AAAPrint
Society

China cracks huge tax fraud scam

1
2017-03-30 09:42Xinhua Editor: Gu Liping ECNS App Download

Shanghai police busted a tax scam Wednesday that cost the state more than 200 million yuan (29 million U.S. dollars) in tax revenue, arresting more than 10 suspects.

The police found that the suspects counterfeited value-added invoices valued at over one billion yuan since 2013 and raked in around 10 million yuan in profit.

Two principal suspects, surnamed Xu and Dai, set up more than 10 companies to work on the scam under the guise of providing services such as consulting.

They charged 1 to 3 percent of the invoice value from clients who wanted the invoices to evade taxes, even though no transactions were actually made.

China has been pressing ahead with a reform plan to replace business tax with value-added tax since 2012 to ease the burden of businesses.

 

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.