Chinese cities demand historical taxes from companies to fill budget gaps due to real estate crisis.
Cash-strapped Chinese cities are chasing companies for taxes dating back to the 1990s as they attempt to fill budget gaps caused by the real estate crisis. At least eight listed Chinese companies have received demands to pay historical taxes, with one case dating back to the 1990s, causing uproar online and damaging business confidence. This tax enforcement trend highlights local governments' desperation to find new revenue sources amid economic stagnation and a decline in real estate profits.
June 21, 2024
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