Chinese Communist Party (CCP) authorities have bolstered tax collection from listed companies that publicly traded in the Shanghai or Shenzhen exchange market, by multiple means such as backdating from 10 to 30 years or increasing consumption tax amounts by policies.
On June 13, VV Food & Beverage (600300. SH) released a statement saying its former controlling subsidiary, Hubei Zhijiang Wine Industry Group, has received notice from the local tax authority to pay back consumption taxes totaling 85,002,900 yuan (approximately $1,946,800) for the time between 1994 to 2009.
