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Seven held for VAT scam
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SEVEN suspects have been arrested for alleged involvement in a value added tax fraud that caused losses of more than 20 million yuan (US$3 million) in tax revenues to the government, police said yesterday.
Investigations began last June when police received a report from the tax authority in Jiading District that suspected fraud had been committed by a steel trading company registered in Nanxiang town.
Police found some firms to which the company issued the VAT invoices should not have needed anything like the amounts of steel recorded, meaning that they were likely to have sought the invoices to boost their purchase volumes and thus relieve their VAT obligations.
The gang behind the fraudulent behavior allegedly owned up to the accusation and confessed that they charged 6.5 to 7 percent of the face value of the fake VAT invoices to companies that sought them and since December 2012 had been involved in illegal deals with more than 70 companies from Shanghai, Jiangsu and Shandong.
Police said the total face value of the fake invoices was about 140 million yuan.
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