China tax crackdown reduces metal trading volumes and invoicing quotas

8 articles · Updated · Bloomberg · Apr 27

Tax authorities in China have imposed severe cuts to invoicing quotas for metal traders in the Shanghai hub, disrupting trading activities.
The crackdown targets circular invoicing deals, where related parties trade among themselves to secure bank funding, aiming to curb fraudulent activity.
China's State Taxation Administration intensified oversight to address practices that artificially inflate economic growth, impacting the world's largest metals market and raising concerns among industry participants.

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