Indian Court Orders ByteDance to Deposit USD11 Million For Alleged Tax Evasion -...

Indian Court Orders ByteDance to Deposit USD11 Million For Alleged Tax Evasion

Indian Court Orders ByteDance to Deposit USD11 Million For Alleged Tax Evasion

April 6, 2021 6:30 pm

Beijing (PingWest)- An Indian court on Tuesday said China’s ByteDance must deposit around USD11 million to fill the gap that authorities accused the Beijing-based company of tax evasion, a new announcement that came after the government said block ByteDance’s bank accounts for alleged tax evasion.

In mid-March, Indian authorities ordered two of ByteDance India’s bank accounts in Citibank and HSBC to be blocked because of alleged evasion of certain taxes in online advertising dealings between the ByteDance unit in India and its parent entity in Singapore,

In a court filing, ByteDance India said the blocking decision was an abuse of the legal process and it does not owe the tax.

Previously, ByteDance India has said that it had about USD10 million in its accounts.

ByteDance has hired 1,300 employees in India, most of whom service its overseas operations. In January, ByteDance started cut its Indian workforce to mitigate effect of Tiktok being banned in the country, which started last year following a border dispute between Chinese and Indian troops. 

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