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3 held for smuggling gold in earphones
By Peng Bo |
July 26, 2012, Thursday
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Online Edition
Online Edition
THREE people have been arrested for export tax evasion exceeding 2.6 million yuan by inlaying gold into earphones destined for overseas destinations, Shanghai police announced today.
The suspects purchased earphones at a wholesale price of 4.8 yuan each from April to June 2009. They inlaid each headphone with gold worth about 500 yuan and then sold the product to Hong Kong at the price of US$88 each via trade agencies.
The Hong Kong company then extracted the gold pieces from the earphones before sending the plain earphones back to the Shanghai trio.
China's tax law rules that the export of items like earphones are entitled to a tax rebate of 17 percent, while valuables such as gold can't be eligible.
Shanghai police teamed up with their counterparts in southern Guangdong and Jiangxi Province before nabbing the suspects on February 8.
The suspects purchased earphones at a wholesale price of 4.8 yuan each from April to June 2009. They inlaid each headphone with gold worth about 500 yuan and then sold the product to Hong Kong at the price of US$88 each via trade agencies.
The Hong Kong company then extracted the gold pieces from the earphones before sending the plain earphones back to the Shanghai trio.
China's tax law rules that the export of items like earphones are entitled to a tax rebate of 17 percent, while valuables such as gold can't be eligible.
Shanghai police teamed up with their counterparts in southern Guangdong and Jiangxi Province before nabbing the suspects on February 8.
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