China's Audit Office Finds Tax Evasion at State-Owned Banks
The National Audit Office (CNAO) in China has found that Bank of China improperly avoided taxes by misclassifying private equity funds as public ones, resulting in a loss of approximately $348.36 million in tax revenue over two years. Additionally, Agricultural Bank of China was cited for issuing loans to non-compliant farmland projects totaling 11.07 billion yuan.
Topics: audit financial regulation state-owned banks tax evasion