SpaceX Mobile Network Could Cost Up to $130 Billion, Bernstein Says 
China Manufacturing PMI Contracts Again as Recovery Remains Fragile 
Brazil, US Resume Tariff Talks as Trade Tensions Persist 
Asian Currencies Weaken as Dollar Rises, Kiwi Slides After RBNZ Hike 
South Korea Unveils Record $597 Billion 2027 Budget to Boost AI and Chips 
Jefferies Names AMEC Top China Semiconductor Equipment Pick 
Gold Prices Steady as U.S.-Iran Tensions Lift Inflation Risks 
Aon Nears $17 Billion Deal to Buy USI Insurance From KKR 
Trump Secures Drug Pricing Deals With Nine Pharma Companies 
GM Canada Workers Approve C$1.1 Billion Investment Deal 
Trump Says ExxonMobil Among Oil Majors Planning Venezuela Return 
Asian Stocks Slip as Fed Rate Hike Bets and Oil Surge Weigh 
France Targets Shein, Temu With Fast-Fashion Fees 
Australia Current Account Deficit Widens to A$27.2 Billion 
Dollar Hits Two-Week High as Iran Conflict Lifts Oil and Bond Yields 
Japan Bond Yields Top 3% as Inflation, Fiscal Risks Rise 
German Retail Sales Drop 3.4% in July 
Add as a preferred source on Google
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.
