Officials in cities in China that are struggling financially are chasing companies for tax debts dating back many years – “in some cases decades”, according to a report by CNN, which said the cities are trying to make up for the hole in their revenue caused by the country’s long-running real estate crisis.
At least eight major listed companies in China have disclosed that they’ve received demands to pay historical taxes, in one case going as far back as the 1990s, in a development that has caused an uproar online and damaged already fragile business confidence, the report said.
Read the full report: CNN.
ALSO SEE:
Warren Buffett Cuts Stake in China’s BYD to Less Than 6%
China Denies US Envoy’s Claim It Sabotages Embassy Events
China’s Retailers Fear Dismal Sales After 618 Shopping Flop
US Review of Chinese Telecom Firms for Internet, Cloud Risks
Chinese Firms Seek Malaysian Help to Avoid US Tariffs: FT
