Comments on: Beware of Fake Receipts From China! http://www.savagexi.com/2007/08/07/beware-of-fake-receipts-from-china/ Fri, 21 Nov 2008 08:00:51 +0000 http://wordpress.org/?v=2.5 By: 8wire.org » Blog Archive » Markets in Everything - Fake Receipts http://www.savagexi.com/2007/08/07/beware-of-fake-receipts-from-china/#comment-5280 8wire.org » Blog Archive » Markets in Everything - Fake Receipts Wed, 29 Aug 2007 16:25:37 +0000 http://www.savagexi.com/2007/08/07/beware-of-fake-receipts-from-china/#comment-5280 [...] ” … Most countries allow companies to deduct certain expenses against their income, thereby reducing their taxes. China is no exception, and showing typical Chinese ingenuity, there are now Chinese companies that are happy to sell you fake receipts that look just like the real thing.” [Link] [...] […] ” … Most countries allow companies to deduct certain expenses against their income, thereby reducing their taxes. China is no exception, and showing typical Chinese ingenuity, there are now Chinese companies that are happy to sell you fake receipts that look just like the real thing.” [Link] […]

]]> By: mike http://www.savagexi.com/2007/08/07/beware-of-fake-receipts-from-china/#comment-5275 mike Tue, 21 Aug 2007 01:24:51 +0000 http://www.savagexi.com/2007/08/07/beware-of-fake-receipts-from-china/#comment-5275 """However, western taxation agencies such as Britain’s Inland Revenue or the U.S’s IRS probably have stricter requirements for receipts from abroad to qualify for tax exemptions.""" LOL I assure you they don't. And neither do corporate expense departments. Hell, on my expense reports, I don't even *NEED* receipts for expenses under $75! “”"However, western taxation agencies such as Britain’s Inland Revenue or the U.S’s IRS probably have stricter requirements for receipts from abroad to qualify for tax exemptions.”"”

LOL I assure you they don’t. And neither do corporate expense departments. Hell, on my expense reports, I don’t even *NEED* receipts for expenses under $75!

]]> By: Dave http://www.savagexi.com/2007/08/07/beware-of-fake-receipts-from-china/#comment-5274 Dave Mon, 20 Aug 2007 21:41:52 +0000 http://www.savagexi.com/2007/08/07/beware-of-fake-receipts-from-china/#comment-5274 This sounds similiar to the vendors by the subway exits selling receipts. I think the idea is that you take the subway (for 3 yuan) and buy an unused taxi receipt to be re-imbursed for the cost to take a taxi. This sounds similiar to the vendors by the subway exits selling receipts. I think the idea is that you take the subway (for 3 yuan) and buy an unused taxi receipt to be re-imbursed for the cost to take a taxi.

]]> By: Caliban Darklock http://www.savagexi.com/2007/08/07/beware-of-fake-receipts-from-china/#comment-5273 Caliban Darklock Mon, 20 Aug 2007 21:19:06 +0000 http://www.savagexi.com/2007/08/07/beware-of-fake-receipts-from-china/#comment-5273 Keep in mind, it's not just governments and taxes - it's also business expense reports. When I worked in D.C., there was a garage next door to my building which printed receipts with a machine that accurately reflected the charges. Half a block away, there was a garage with slightly higher rates that simply provided blank receipts you filled in yourself. While the automated machine was more popular with tourists and the self-employed, corporate employees preferred the blank-receipt method, where they could not only be reimbursed for the higher cost, but actually "pad" the amount and make a profit. Keep in mind, it’s not just governments and taxes - it’s also business expense reports. When I worked in D.C., there was a garage next door to my building which printed receipts with a machine that accurately reflected the charges. Half a block away, there was a garage with slightly higher rates that simply provided blank receipts you filled in yourself.

While the automated machine was more popular with tourists and the self-employed, corporate employees preferred the blank-receipt method, where they could not only be reimbursed for the higher cost, but actually “pad” the amount and make a profit.

]]> By: The Dog http://www.savagexi.com/2007/08/07/beware-of-fake-receipts-from-china/#comment-5268 The Dog Thu, 09 Aug 2007 20:32:44 +0000 http://www.savagexi.com/2007/08/07/beware-of-fake-receipts-from-china/#comment-5268 I can understand the use of fake tax receipts being common within the PRC for Chinese Companies and foreign corporations doing business here that must report to China's government tax authorities. However, western taxation agencies such as Britain's Inland Revenue or the U.S's IRS probably have stricter requirements for receipts from abroad to qualify for tax exemptions. I don't see how legitimate western businesses could take part in such a scam without being found out, considering the heavier scrutiny they have to undergo from China's regulators and from their home countrie's tax authorities. I can understand the use of fake tax receipts being common within the PRC for Chinese Companies and foreign corporations doing business here that must report to China’s government tax authorities.

However, western taxation agencies such as Britain’s Inland Revenue or the U.S’s IRS probably have stricter requirements for receipts from abroad to qualify for tax exemptions.

I don’t see how legitimate western businesses could take part in such a scam without being found out, considering the heavier scrutiny they have to undergo from China’s regulators and from their home countrie’s tax authorities.

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