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May 8, 2012

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10 held over 42m yuan export tax fraud scam

TEN people have been detained over an alleged electronic goods export tax scam, said to be the biggest uncovered in Shanghai.

The suspects netted 42 million yuan (US$6.66 million) in tariffs by declaring export goods at artificially high prices to enjoy the country's export tax rebate policy, Shanghai Customs authorities said yesterday.

From 2009, the operation involved a total of 288 million yuan - the biggest of its kind in Shanghai, said officers.

Customs officers said the 10 accused, all Chinese, in 2009 began exporting electronic components including capacitors and diodes to Hong Kong through six trade companies.

They allegedly purchased value-added tax invoices and declared the export items at prices more than 10 times higher than their market value.

They used a Hong Kong account to pay the trade companies so that the companies could get verification sheets for export earnings.

The suspects allegedly used these to apply for tax refunds.

The 10 were detained by Shanghai police on March 29. If convicted, they could face life in prison, custom officers said.


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