Date
19 October 2017

Shenzhen tax office backs developers on CCTV claims, paper says

Tax authorities in Shenzhen have countered claims in a China Central Television report that several big developers in the city have not paid land value-added tax, the 21st Century Business Herald reported Monday, citing Yang Long, deputy director of Shenzhen’s Administration of Local Taxation. Yang said the tax is prepaid and settled after projects reach a certain stage. He said the city followed the rules to collect the tax but collection is not easy for projects outside the city. Developers, including China Vanke Co., Ltd. (000002.CN), Overseas Chinese Town Group and Gemdale Corp. (600383.CN), were named by the state broadcaster on the weekend as being in arrears, the report said.

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TL/AC/SK

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