China International Star and Actress Fan Bingbing Probed for Evading Tax
China’s most recognised international star and 36 year-old-actress Fang Bingbing is being investigated by China tax authorities in the city of Wuxi in Jiangsu province for possibly using dual-contracts to reduce income tax.
“China International Star and Actress Fan Bingbing Probed for Evading Tax”
A former CCTV anchor had posted screenshots of 2 contracts on his social media account, Weibo, triggering investigations into dual-contract practices in the entertainment industry. Both contracts were implied to belong to Fan Bingbing, with one contract showing a 60 million yuan ($9.36 million) contract and another showing a 10 million yuan ($1.56 million) contract. Dual-contracts are sometimes used to reduce legal risks, tax payable or to evade tax.
In the 2017 Forbes China Celebrity list, she is listed as the highest paid actress in China earning an estimated 300 million yuan ($46.82 million). Already China’s superstar, she starred in Hollywood movie X-Men: Days of Future Past in 2014.
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