Suspected Expense Fraud: Risks and Remediation from Tax and Forensic Perspectives
According to PwC's Global Economic Crime Survey, 60% of China-based respondents said that they had been affected by fraud, corruption or other economic crimes during the previous two years. This is much higher than the global average and other countries in the region.
Increasingly, fraud issues in China are being brought to light by external factors and parties, such as external whistle-blowers, police investigations, and tax authority inquiries. When a suspected fraud comes to light, especially when under an external authority's scrutiny, what do companies need to do to establish the facts, take appropriate measures, and minimise impact?
We are delighted to invite you to join our seminar where PwC Tax and Forensic specialists will share their experience of real-world scenarios. For instance, a recent case involves local tax authorities initiating inquiries into a foreign company, in relation to suspicious Fapiaos issued to company. The Fapiaos were issued by shell companies and used by employees to claim business expenses. The company was required to gather information and respond to the authorities within a very tight timeframe.
The PwC specialists will share considerations in regards of dealing with tax authorities and conducting internal information gathering to assess fraud and compliance risks.