5:48:19 PM PDT - Sunday, August 14th, 2022

India says Vivo’s local unit evaded over $280M in import tax  

By Editor - Wed Aug 03, 8:30 am

India’s anti-smuggling agency said that phone-vendor Vivo’s local unit had evaded customs duty of over $280 million, roughly a month after the country’s anti-money laundering agency raided the domestic offices of the Chinese company. The finance ministry said on Wednesday that its Directorate of Revenue Intelligence recovered “incriminating evidence indicating wilful misdeclaration in the description of certain items” imported by Vivo’s India unit while conducting searches at its factories. It resulted in “wrongful availment of ineligible duty exemption benefits” by the company, the ministry said in a press statement. The department issued a Show Cause Notice to Vivo India after completing its investigation and demanded a custom duty amounting to over $280 million (Rs. 2,217 crores), under the Customs Act, 1962, the ministry added. The finance ministry also stated that Vivo India “voluntarily deposited” $7.5 million as a part of its differential custom duty liability

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India says Vivo’s local unit evaded over $280M in import tax

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