Tax system recovers US$300m
Print Edition
A NEW system to monitor tax collection as well as simplifying invoice issuance and declaration led to the recovery of 2 billion yuan (US$305 million) in value-added tax last year.
Shanghai analyzed more than 130 million invoices last year and found 2,214 companies involved in malpractices, Hu Lanfang, deputy head of the Shanghai Bureau of Taxation, said yesterday.
The authorities recovered 2.25 billion yuan in tax from the irregularities and handed over details of 24 companies, suspected of violating laws, to the police. The new system, implemented last year, demands that companies issue invoices online, allowing tax authorities to inspect the data real time.
Previously, companies had 180 days to register the invoices with the authorities.
The new system also collects more information from the invoice and is connected to a national network.
In the largest seizure last year, tax authorities found two trading companies issuing more than 6,400 false VAT invoices to nearly 200 companies in 20 regions in China. The false invoices involved a combined 1.07 billion yuan of tax.
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