China Determined to Fight Tax Rebate FraudChina is determined to crack down on fraud involving tax rebates for exports, the Ministry of Foreign Trade and Economic Cooperation (MOFTEC) said Thursday, December 14.Tax fraud is considered as serious a crime as smuggling and arbitrage, MOFTEC sources said. The ministry recently withdrew the license of the Guangdong-based Yingyuan Group, which was found cheating on export tax rebates worth US$2.27 millions, in addition to dodging US$578,000 in taxes. To fight such fraudulent activities, MOFTEC will take steps to regulate the conduct of trading companies and prevent fraudulent activities in their business operation. In the upcoming annual auditing, superintendents across the country are asked to pick out trading companies involved in fraud and penalize them accordingly. In particular, the ministry has called for a thorough check on the business operation of trading companies throughout south China's Guangdong Province. |
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