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Property developers default huge taxes in Guangzhou

By  Zhao Tingting (chinadaily.com.cn)
Updated: 2008-08-13 14:33

Thirty-four property developers and construction and installment enterprises in Guangzhou were revealed to each be defaulting local taxes worth over 2 million yuan ($291,189), according to the Guangzhou Municipal Local Taxation Bureau.

The bureau issued a bulletin listing 48 tax defaulters with the amount of defaulted taxes totaling of 300 million yuan as of June 30. Property developers and construction and installment enterprises accounted for over 70 percent of the 48 enterprises.

Six of the seven newly-added tax defaulters in the bulletin were property developers. The seven enterprises have defaulted taxes as much as 57 million yuan.