China Tax Authorities Rattle Metal Market With Invoice Crackdown

MarketsChina Tax Authorities Rattle Metal Market With Invoice CrackdownFacebookXLinkedInEmailLinkGiftFacebookXLinkedInEmailLinkGiftGift this articleContact us:Provide news feedback or report an errorConfidential tip?Send a tip to our reportersSite feedback:Take our SurveyNew WindowFacebookXLinkedInEmailLinkGiftBy Bloomberg NewsApril 27, 2026 at 1:28 AM UTCBookmarkSaveA sweeping crackdown by China’s tax authorities is rattling traders in the world’s biggest metals market, with many firms grappling with severe reductions in invoicing quotas that underpin their trading activities. China has stepped up its scrutiny of so-called circular invoicing deals, where related parties execute trades between themselves and use the invoices to obtain bank funding. The State Taxation Administration saidBloomberg Terminal on Friday that it has intensified oversight of the practice to target fraudulent trading activity that has artificially inflated economic growth.