Tokyo Core Inflation Stays Above BOJ Target, Strengthening Case for Further Rate Hikes 
Saks Global Weighs Chapter 11 Bankruptcy Amid Debt Pressures and Luxury Retail Slowdown 
Gold Price Breaks $4,500 as Safe-Haven Demand and Rate Cut Bets Fuel Rally 
South Korea Central Bank Warns of Rising Financial Stability Risks Amid Won Volatility 
Japan Approves Record ¥122.3 Trillion Budget as Takaichi Seeks Fiscal Balance 
BlackRock-Backed Global Ports Deal Faces Uncertainty Amid Cosco Demands 
Russian Stocks End Lower as Energy and Mining Shares Weigh on MOEX Index 
Oil Prices Ease in Asia as Geopolitical Risks Clash With Weak Demand Outlook 
Japan Plans $189 Billion Bond Issuance as Record Budget Signals Expansionary Fiscal Policy 
Texas App Store Age Verification Law Blocked by Federal Judge in First Amendment Ruling 
GLP-1 Weight Loss Pills Set to Reshape Food and Fast-Food Industry in 2025 
Oil Prices Edge Higher as Strong U.S. Growth and Supply Risks Support Market 
Boeing Wins $2.04B U.S. Air Force Contract for B-52 Engine Replacement Program 
BP Nears $10 Billion Castrol Stake Sale to Stonepeak 
U.S. Stock Futures Edge Higher as Holiday-Thinned Trading Persists 
DOJ Reaches Settlement With Blackstone’s LivCor Over Alleged Rent Price-Fixing 
Novo Nordisk Stock Surges After FDA Approves Wegovy Pill for Weight Loss 
China’s ByteDance, TikTok’s parent company, has been accused of tax evasion in India, and as a result, the government blocked two of its bank accounts. The Chinese internet company immediately asked the court to revoke the directive as its business operations may be negatively affected.
ByteDance’s case in India
As per Reuters, in January, ByteDance laid off many Indian workers after India decided to uphold the ban on its subsidiary video app, TikTok. The ban was initially imposed last year following the border confrontation of China and India.
China slammed India for banning TikTok and insisted that the decision violates World Trade Organization’s rules. ByteDance also contested New Delhi’s order to bar its video app and pointed out that it employs about 1,300 Indian workers. But still, the ban on TikTok was announced to be permanent, and so the Chinese company just cut its Indian workforce.
Apparently, these conflicts between China and India affected ByteDance, and the incidence morphed into another case which is tax evasion. The Indian authorities alleged ByteDance was not paying proper tax dues, so its accounts were frozen.
"At ByteDance, we are committed to abiding by local laws and regulations,” CNBC TV18 quoted.
ByteDance as saying with regards to the tax case. “While we disagree with the decision of the tax authority in this matter, we will extend our full cooperation to the government."
ByteDance’s blocked accounts
It was revealed that ByteDance’s bank accounts that were affected in the court’s order are its HSBC and Citibank’s accounts based in India. The tax evasion is said to be related to online advertising dealings between the Indian unit of ByteDance and TikTok Pte Ltd. in Singapore.
India directed the two banks to prevent ByteDance from taking out funds from any other bank accounts that are linked to the firm’s tax identification number.
Meanwhile, the trial for this tax evasion case against the company will be heard this week at the High Court in Mumbai. ByteDance vowed to fight the accusation and firmly stated that the court’s decision to freeze their accounts is a form of abuse since it will also place the company in a difficult position as it can’t pay salaries and taxes.
