TikTok owner’s account in India blocked! What is the problem?


Parent company’s ByteDance bank account Tick ​​tock in India reportedly recently frozen by local authorities. The reason was the allegation of tax evasion.

In a report by NDTV on Wednesday (March 31, 2021), ByteDance asked the court to overturn the policy, fearing it could affect the company’s operations.

In mid-March, two ByteDance bank accounts at Citibank and HSBC were blocked by the authorities on suspicion of advertising tax evasion.

The embezzlement took place in an online advertising transaction between the ByteDance unit in India and the parent company in Singapore. Tick ​​tock Pte Ltd.

In addition to the two accounts, authorities ordered Citibank and HSBC not to allow ByteDance India to withdraw funds from other bank accounts linked to their tax identification number.

The order to freeze ByteDance’s bank accounts came after tax authorities checked documents in the company’s offices last year. They also interviewed several executives about advertising and other transactions with the parent company.

In a lawsuit soon to be heard in the Bombay High Court, ByteDance India argues that the decision to freeze their accounts is an abuse of due process. This makes it difficult for the company to pay salaries and taxes.

ByteDance reportedly also cut its workforce in January after India decided to keep the app banned Tick ​​tock.

The app was banned last year after border collisions between India and China. 20 Indian soldiers are said to have been killed in the clashes at the border.

ByteDance alone still employs around 1,300 people in India, most of whom work abroad and work on activities such as content moderation, among other things.

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