The Beijing Local Taxation Bureau recently announced that it has collected over 150 million yuan (US$18.1 million) in taxes evaded by overseas businesses based in China for the first eight months of this year.
According to the Bureau, this figure comes from just half of the cases under examination between January and August 2001. Among them, two foreign-funded companies alone were found to have evaded taxes worth 130 million yuan, or $15.67 million.
The Bureau established an inspection branch late last year for the purposes of examining the tax affairs of overseas-financed businesses, Beijing based foreign companies, and their associates and employees. In addition, the provincial authorities, in association with the Central Government, recently announced that they would be attempting to beef up tax revenue by focussing their attention on high income individuals, those in management positions and working in lucrative sectors such as the financial services, telecommunications, property development, and professional soccer clubs.
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