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How Did Bank of China Avoid $348M in Taxes?
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Subscribe25 JUN 2026 / ACCOUNTING & TAXES
The National Audit Office in China has reported that the Bank of China allegedly dodged about $348 million in taxes by misusing benefits designed for public mutual funds from 2023 to 2025. Additionally, the Agricultural Bank of China was flagged for dubious farmland loans and the China Everbright Group was criticized for insufficient supervision of its subsidiaries, underlining the importance of compliance and control in public purpose programs and corporate structures.
A tax benefit is not a costume. You cannot dress a private fund like a public mutual fund and hope nobody notices the shoes. That is the core issue in China’s latest audit findings. China’s National Audit Office says Bank of China avoided 2.37 billion yua...
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