BUSINESSSCMP WORLD
Bank of China used disguised mutual funds to avoid paying US$348m in taxes, audit finds
Bank of China evaded 2.37 billion yuan (US$348 million) in taxes by misusing preferential treatment for publicly offered mutual funds between April 2023 and August 2025, according to a National Audit Office report. The audit found the bank used disguised mutual fund structures to avoid paying taxes, as Beijing intensifies financial compliance efforts.
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