New Delhi. On Thursday, the Enforcement Directorate (ED) on smartphone company Vivo said that Chinese smartphone maker Vivo has moved around 50 per cent of its entire business overseas to avoid tax liability in the Indian unit. This simply means that Vivo has remitted Rs 62,476 crore overseas to avoid tax. Now it is feared that Vivo may send a large part of it to China to avoid tax.
On this also, the Central Investigation Agency further said that Vivo India has sent a large part of its revenue to China and some other countries to avoid paying taxes in India. The amount sent by Vivo India abroad is being estimated to be around Rs 62,476 crore. For information, let us tell you that this is about half of Vivo’s business.
Significantly, the ED had launched a massive search operation on Vivo Mobile India Pvt Ltd and 23 companies related to it. After this, an amount of Rs 465 crore deposited in their bank accounts and cash worth Rs 73 lakh and two kilograms of gold bars has also been confiscated by the ED.