Bank of China used disguised mutual funds to avoid paying US$348m in taxes, audit finds (opens original article in a new tab)

Bank of China used disguised mutual funds to avoid paying US$348m in taxes, according to an audit report.

• Bank of China evaded 2.37 billion yuan (US$348 million) in taxes by misusing preferential treatment for publicly offered mutual funds
• The bank used affiliated financial institutions and recruited employees as nominal investors to disguise private funds as public ones
• The National Audit Office's report highlights increased efforts to combat tax evasion in China's financial sector
• It is rare for the audit office to publicly name a major state-owned bank for tax evasion
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