Vivo India remitted Rs 62,476 crore to China to avoid taxes: ED

Vivo India remitted Rs 62,476 crore to China to avoid taxes: ED

• Enforcement Directorate (ED) has said that mobile phone maker Vivo India has remitted about 62 thousand 476 crore rupees to China between 2017 and 2021 to avoid paying taxes in India. The ED said, 18 companies that were incorporated fraudulently helped the smartphone maker to transfer 50 percent of the turnover outside India, mainly China. So far, 119 bank accounts of entities with a gross balance of 465 crores have been seized under the provisions of the Prevention of Money Laundering Act (PMLA), the agency said.
• Meanwhile, External Affairs Ministry has said that Chinese companies operating in India need to follow the law of the land. MEA Spokesperson ArindamBagchi said Indian authorities are taking steps in the case in accordance with the law of the land

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Published date : 08 Jul 2022 06:07PM