Indian authorities have blocked at least two of ByteDance’s bank accounts for alleged tax evasion, prompting it to ask a court to quash the directive that it fears will hit its operations, reported Reuters.
ByteDance, which issued a statement contesting the Indian decision, has around 1,300 employees in India, most of whom service its overseas operations, including work on activities, such as content moderation.
In mid-March, authorities ordered two of ByteDance India’s bank accounts in Citibank and HSBC to be blocked because of alleged evasion of certain taxes in online advertising dealings between the ByteDance unit in India and its parent entity in Singapore, TikTok, two Reuters sources said.
The authorities also directed Citibank and HSBC to prevent ByteDance India from withdrawing funds from any other bank accounts linked to its tax identification number, reported Reuters.
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