• Wed
  • Oct 1, 2014
  • Updated: 1:58am

Tax Avoidance and Tax Evasion

Tax officials to home in on hot property sector

Tax authorities on the mainland have targeted the red-hot property sector for special checks this year, as prices in some cities remain stubbornly high despite macroeconomic controls to rein in the industry.

Sunday, 15 April, 2007, 12:00am

Mainland should be bolder with tax reform

The mainland's decision to impose a maximum tax rate of 25 per cent for foreign and domestic companies alike should be applauded as a welcome reform. But the policy would be even better if it presaged a thorough simplification of a tax code that remains open to abuse.

10 Mar 2007 - 12:00am

Beijing acts to beat tax cheats

The Beijing city government has increased its efforts against tax evasion by thwarting sellers' efforts to understate sale prices on second-hand property.

From October, sellers must pay either a minimum tax or a 5.5 per cent business tax on the resale value of the property, whichever is higher. The move is also aimed at curbing property speculation.

19 Jul 2006 - 12:00am

Two months' jail for tax evasion

Man made false claims for parents totalling $660,000

A man was jailed for two months yesterday after pleading guilty to six counts of evading salaries tax by making false statements.

12 May 2006 - 12:00am

Taxpayers understate $4.47b of earnings, profits

Taxpayers have understated $4.47 billion of earnings and profits to the Inland Revenue Department up to February 28 in the current financial year, it emerged yesterday.

The figure was reported in the Inland Revenue Department's reply to a budget-related question posed by legislator Jeffrey Lam Kin-fung of the Liberal Party.

11 Mar 2006 - 12:00am

Income tax plans find little favour

For the first time, most citizens will pay

Having survived war and decades of poverty, Vietnamese citizens are now facing a more common scourge: income tax.

Vietnam's Ministry of Finance has announced plans to eliminate the minimum salary level, currently about US$325 a month, at which income taxes are payable.

9 Mar 2006 - 12:00am

TSL makes $26m provision amid probe

Jewellery retailer Tse Sui Luen Jewellery (International) has warned of tax liabilities and penalties in conjunction with a continuing anti-corruption probe and related allegations of tax evasion.

15 Jul 2005 - 12:00am

Expensive habit

The practice of businesses entertaining clients has got so out of hand that the government has been forced to take action to curb the excesses. From this year, the national tax office requires companies to submit detailed information about entertainment costing more than 500,000 won (HK$3,300).

21 May 2004 - 12:00am

Nanjing developers dodge $47m in tax

Only one of Nanjing's 88 property developers paid their taxes last year. The others owe the taxman 50 million yuan between them.

A Nanjing Administration of Taxation spokesman said it was shocked when auditors found 87 of the 88 developers in the city had falsified their books to avoid paying taxes.

11 Jan 2004 - 12:00am

Taxman thwarted by corporate cash

Chinese authorities face an uphill struggle to crack down on corporate tax dodgers due to the mainland's preference for dealing in cash, according to Deloitte Touche Tohmatsu.

4 Oct 2002 - 12:00am

Cadres to face execution for major tax fraud

Mainland civil servants convicted of major tax fraud will face execution under a Supreme Court ruling that came into force yesterday.

24 Sep 2002 - 12:00am

Foreigners among high-fliers under tax watch

Guangzhou tax authorities have targeted more than 7,000 high-income earners, including Hong Kong business people and foreign managers working in the city, in a bid to fight widespread income tax evasion.

The 7,000 people are from 11 high-income sectors, and include mainland owners of private businesses.

26 Jul 2002 - 12:00am

SAR-invested firms on evaders' list

Hong Kong-invested companies, including the popular Shenzhen Lowu Hotel and Shenzhen Kaiyue Hotel near the Lowu border, have been found owing a large amount of taxes and may be subject to tough sanctions if they fail to comply.

11 Jul 2002 - 12:00am

Lottery aims to outwit evaders

Beijing city is offering incentives to stem rampant tax evasion. A week after Premier Zhu Rongji chided the mainland's richest people for allegedly avoiding taxes, city tax officials plan to give Beijingers the chance to collect up to 5,000 yuan (about HK$4,686) if they win a lucky draw with their restaurant receipts, mainland media reports.

The lowest prize is 100 yuan.

11 Jul 2002 - 12:00am

Businessman fined $812,000

Businessman Kan Tak-chu, 58, was fined $812,000 in Tsuen Wan Court after pleading guilty to four counts of tax evasion between 1994 and 1998. Kan's tax returns said his firm - Yau Shing Kan Kee - had annual assessable income ranging from $54,933 to $975,269 between 1994/95 and 1997/98. The true figures were $1.2 million to $2.5 million.

19 Apr 2001 - 12:00am