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Deepti Sri · · 1 min readByteDance ordered by Indian court to deposit $11m in tax evasion case
“An Indian court on Tuesday said China’s ByteDance must deposit around US$11 million that authorities believe the company owes in an alleged case of tax evasion, a decision the government said bars the firm from using existing bank funds for other purposes,” Reuters reported.
Details:
- The Bombay high court has ordered ByteDance to set aside the US$11 million in a state-run bank, after a government counsel said ByteDance owed the authorities the money.
- However, a court filing showed that ByteDance’s blocked bank accounts held only US$10 million. A counsel for the federal tax authority said that this amount can only be used for making the court deposit and will remain frozen until it is moved to a state-run bank.
Context:
- The development comes after an Indian tax intelligence agency froze ByteDance’s bank accounts in the country, a move the latter said amounted to harassment.
- In January, the company decided to reduce the size of its India team and said it is unsure about the company’s comeback in the country.
Editing by Collin Furtado and Jaclyn Tiu
(And yes, we’re serious about ethics and transparency. More information here.)
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