Group of Haney Hong Kong Tax Reviews: If tax fraud is the national sport Hong Kong is China's stadium
Value-added tax fraud is booming in China. As Ren Wei explains on the front page of today's Business Post, a thriving industry has grown up around diddling the VAT man, with mainland businesses buying and selling illicit VAT invoices in order to minimise their tax payments and maximise their profits.
The scale of the racket is enormous. According to one recent estimate, more VAT revenue is lost to fraud than is actually collected by the government. Considering that VAT is now Beijing's [...]