Caixin OnlineFinance & EconomicsTop Stories Finance Chongqing Hit Developers with Large Fines in 2011
08.29.2012 17:26

Chongqing Hit Developers with Large Fines in 2011

Special tax inspection netted the cash-strapped city government 4.5 billion yuan in fines
By staff reporter Deng Hai

A special inspection into tax payments in the real estate sector launched by the Chongqing government in 2011 collected 4.5 billion yuan in fines, recent data from the city's Finance Bureau shows.

A source closed to the bureau said that to alleviate fiscal pressure, several city government agencies, including the tax department, land bureau and the industry and commerce administration, jointly launched a special city-wide inquiry that targeted property companies.

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