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India asks Xiaomi to pay $88 million in import taxes it found it evaded

Wednesday, January 5, 2022
India asks Xiaomi to pay $88 million in import taxes it found it evaded © Reuters. FILE PHOTO: Xiaomi logo is seen next to a smartphone of the same brand in this illustration taken September 28, 2021. REUTERS/Dado Ruvic/Illustration

NEW DELHI (Reuters) - India on Wednesday said it had asked the local unit of Chinese smartphone giant Xiaomi (OTC:XIACF) to pay 6.53 billion rupees ($87.80 million) in import taxes after an investigation found that the company had evaded some duties.

A probe by India's Directorate of Revenue Intelligence showed that Xiaomi India's payment of royalty and licence fees to Qualcomm (NASDAQ:QCOM) USA and Beijing Xiaomi Mobile Software Co Ltd, China was not added in the transaction value of imports by the company and its contract manufacturers, the government said in a statement.

"By not adding "royalty and licence fee" into the transaction value, Xiaomi India was evading customs duty being the beneficial owner of such imported mobile phones, the parts and components thereof," the statement said.

Three show cause notices have been issued to Xiaomi for the tax demand and recovery of 6.53 billion rupees for the period April 2017 to June 2020, it added.

"At Xiaomi India, we give utmost importance to ensuring we comply with all Indian laws. We are currently reviewing the notice in detail. As a responsible company, we will support the authorities with all necessary documentation," a spokesperson for the company said.

($1 = 74.3710 Indian rupees)

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18-01-2022 11:10:49 (UTC+7)

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 USD/CAD1.2529↑ Buy
 EUR/JPY129.93↑ Sell
 EUR/CHF1.0397↑ Sell
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 Allianz225.88↑ Buy
 Adidas255.57↑ Sell
 Lufthansa7.147↑ Buy
 Siemens AG142.91↑ Buy
 Deutsche Bank AG11.924↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,115/ 6,155
(-5/ -5) # 1,167
SJC HCM6,110/ 6,170
(0/ 0) # 1,183
SJC Hanoi6,110/ 6,172
(0/ 0) # 1,185
SJC Danang6,110/ 6,172
(0/ 0) # 1,185
SJC Nhatrang6,110/ 6,172
(0/ 0) # 1,185
SJC Cantho6,110/ 6,172
(0/ 0) # 1,185
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