Unfortunately, technology companies that operate successfully around the world cannot show the same success when it comes to commercial ethics. We see that many companies resort to various ways to avoid tax in some way.
Giant blame on Vivo
Vivo, which is in the top 5 in the smartphone market, is having troubled days in India. It is stated that Vivo has transferred an amount of around $ 8 billion to points in China to avoid taxes.
According to the Currency Exchange Act, companies operating in the country cannot transfer any foreign currency to legal entities located outside India. Xiaomi’s bank accounts were seized for a similar crime in the past months.
Parallel to the accusations, 119 bank accounts were seized while searching 40 locations of Vivo in India. In addition to 58 million dollars in banks, 2 kilograms of gold and 8.3 million dollars of collateral were also seized.
It is stated that Vivo avoids taxes by constantly showing losses and transfers the wasted money to China. Afterwards, it was noted that he deleted the digital transmission records and kept the evidence. Vivo normally has annual sales of $16 billion in India. So half of it was transferred to China. Vivo said in a statement that it is working closely with Indian organizations.
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