SEATTLE: China has levied about US$140mil in back taxes from Microsoft Corp in the first major case concerning cross-border tax evasion in the country, as regulators ramp up pressure on US corporations doing business there.
According to an article published by China’s Xinhua official news agency on Sunday, an unnamed US multinational must pay the Chinese government 840 million yuan (US$137mil) in back taxes and interest, as well as more than 100 million yuan in additional taxes a year in the future.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
