Microsoft’s fortunes in China have been dented after the Chinese government charged it $140m in back taxes and interest in a rare case concerning cross-border tax evasion in the country.
A report in Xinhua, the official Chinese news agency, did not name Microsoft but said that a company whose name begins with “M” and with financial details identical to those of Microsoft had been penalised for transfer pricing.
Xinhua said that while Microsoft’s China-based businesses were officially lossmaking, the profits were being booked in offshore tax havens, adding that Microsoft had admitted to the tax evasion.
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