Largest State-owned Enterprise Tax Fraud Case Exposed

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Last updated at: (Beijing Time) Tuesday, June 03, 2003

Largest State-owned Enterprise Tax Fraud Case Exposed

The State Taxation Administration issued its first judgment Monday in a tax fraud case involving 193 million yuan (about 23.3 million US dollars).

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The State Taxation Administration issued its first judgment Monday in a tax fraud case involving 193 million yuan (about 23.3 million US dollars).

Shijiazhuang Intermediate People's Court of north China's HebeiProvince, in the first instance ruling, fined Hebei Baoxiang Import-Export Group Company 480 million yuan (about 57.8 million US dollars) and sentenced its responsible individual Zhang Baoxiang to life in prison.

The Baoxiang case is the largest export tax rebate fraud case of state-owned enterprises since 1949 according to the State Taxation Administration.

From April 1997 to February 2000, Baoxiang earned 193 million yuan by creating 1,545 fake value-added receipts for export tax rebate.

Two companies of the Baoxiang group, under the direction of Zhang Baoxiang, also evaded tax of 9.75 million yuan (about 1.17 million US dollars) and 2.1 million yuan (about 252,000 US dollars), respectively.

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