Vivo refuses to accept the charges that they send money to China to avoid payment of taxes in India.
Highlights
- Vivo is not accepting the charges made against them.
- The charges are for money laundering and financial terrorism.
- Reportedly, Vivo sent money to China to avoid paying taxes in India.
- They claimed the money to China was for the import of raw materials and other services.
- Viva said they want to increase manufacturing in India.
Vivo was charged by the government of India with money laundering and financial terrorism.
Vivo has officially refused any claim made against them. It was claimed that Vivo has been sending money to China so that they don’t have to pay taxes imposed on them by the Government of India.
Vivo refuses to accept that they send money to China not to avoid paying taxes but as a payment for more raw materials and services they require in manufacturing in India.
Vivo said they are trying to increase their manufacturing in India and they were sending money to China for that purpose only.
Vivo refuses to accept that they are not doing anything illegal to avoid taxes or any kind of money laundering but they are contributing to the financial and economic integrity of the economy.
They said that the money was exchanged between Vivo and China but it was nothing illegal or suspicious.
Vivo wants to make another manufacturing facility in India and to make that possible they were asking for services from China to make it easier for them.
They have claimed they pay all the necessary customs duties towards any imports from China and other countries.
ED (The Directorate of Enforcement) has seized all the documents related to the payment made to China by Vivo.
As of the High Court of Orissa in 2020, any kind of money laundering act is going to be termed financial terrorism.
ED also that Vivo might be trying to attempt to destabilise the financial system of the country and also threaten the integrity of the country.
