A senior official from China’s State Administration of Taxation has revealed that tax evasion in the country’s real estate industry has spiralled in recent years with many developers refusing to declare tax or disguising income.
Liu Taiming, head of the Inspection Department under the SAT, whilst addressing a tax seminar on Tuesday, cited the example of China’s Yunnan province where cases of tax evasion have increased twelve-fold in the last nine years.
In order to help combat the problem, Liu told the seminar that the government is developing a data-sharing network in conjunction with land management administrators, city planners and real estate management firms which is designed to track projects and their costs.
According to China Daily, the real estate sector contributes a relatively small proportion to the total revenues of local government at 7%.
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