China goes after unpaid taxes

By Associated Press

Aug 09, 2024 12:11 am

BEIJING — Chinese authorities are chasing unpaid taxes from companies and individuals dating back decades, as the government moves to plug massive budget shortfalls and address a mounting debt crisis.

More than a dozen listed Chinese companies say they were slapped with millions of dollars in back taxes in a renewed effort to fix local finances that have been wrecked by a downturn in the property market that hit sales of land leases, a main source of revenues.

PURSUIT A man on an electric bike passes by the State Administration of Taxation in Beijing on Aug. 2, 2024. Chinese authorities are determined to collect unpaid taxes that go back decades to address the country’s economic problems. AP PHOTO

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