Bank of China Evaded 2.367 Billion Yuan in Taxes by Disguising Private Funds as Public Funds

An audit report revealed that from April 2023 to August 2025, Bank of China arranged for two of its subsidiary financial institutions to act as conduits. By including a large number of its own employees as nominal investors with contributions ranging from 1 yuan to 100 yuan, the bank repackaged 11 private equity funds as public funds. Exploiting the tax exemption policy for public funds, it evaded taxes amounting to 2.367 billion yuan. Bank of China responded by stating that it sincerely accepts audit supervision and will immediately implement corrective measures.

Source: The Paper (澎湃新闻)