Xiaomi could be 'adversely affected' by tax allegations in India
Chinese gadget giant Xiaomi has warned in its April-June 2022 earnings report that its troubles in India – related to allegations of improperly moving funds offshore – could noticeably affect business.[PDF] the investigations and allegations"could take a long period of time to settle, and the Group could receive judgments or enter into settlements that may adversely affect its operating results or cash flows.
"over $724 million of Xiaomi's bank deposits. The Department of Revenue said the amount was equal to funds sent abroad under the guise of paying royalties without any services provided in return.The company is also facing charges of customs duty evasion.
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