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Tax evasion in Chinese textile firms - discovers GDF
Aug '10
A widespread tax evasion across the country and an avoidance of around EUR 300 million (US $400 million) in taxes has been discovered by the Guardia di Finanza (GDF), which is Italy's financial police. Over a thousand Chinese textile companies are involved in the tax evasion.

The whole tax evasion scheme was observed while GDF was making other, non-connected, surveys in to the use of secret workers. Through ten Chinese companies, situated in Emilia Romagna, Tuscany, Marche and Lombardy and with the issuance of their false invoices, mandatory for reducing their earnings, GDF unveiled the tax evasion scheme. None of these firms had ever made a tax declaration.

GDF, towards the end of their investigations found that a total of 1,200 Chinese companies in Italy, were involved in false invoice scam, with around EUR 250 million in income tax and EUR 45 million in unpaid value added tax. Second-generation Chinese, graduates of Italian universities who work as financial advisors to Chinese trade in Italy were the major minds behind the scam.

Fibre2Fashion News Desk - India

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