Reported about 1 year ago
Two recent announcements from publicly-listed companies in June have left China's private enterprises feeling anxious. Wewe group disclosed that its former holding subsidiary, Zhijiang Liquor Industry, failed to declare consumption taxes for the period between January 1, 1994, and October 31, 2009, resulting in a tax bill of 85.029 million yuan. Concurrently, Ningbo Bohui Chemical Industry announced production halts due to operational difficulties stemming from tax obligations related to aromatic hydrocarbons. The series of events, coupled with the emergence of 'Joint Tax Enforcement Operations Centers' across provinces, raises concerns about stricter tax enforcement measures affecting businesses, amidst the backdrop of China's economic challenges like reduced tax revenues and increasing expenditures.
Source: YAHOO