India-TikTok war heats up: Money confiscated


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India TikTok war heats up Money confiscated

The war between India and TikTok is growing. The practice, which has been banned in the Asian country in recent months, now faces tax evasion charges. India seized the accounts of ByteDance, the parent company of TikTok, in two different banks. The company is prohibited from withdrawing money from these accounts and taking any action. ByteDance took the case to court.

India and TikTok go on trial

India has seized the Chinese social media giant’s accounts at HSBC and Citibank, according to Reuters. This is cited as a violation of TikTok’s tax policies in the country. In India, an additional “Equalization Tax” of between 6 and 12 percent has been imposed for non-indigenous organizations since 2016. The company allegedly failed to pay that tax. How the case, which has been brought to court, will play out remains to be seen.

India TikTok war heats up Money confiscated 1

ByteDance officials issued a statement. The company said all its business had ceased because its accounts had been blocked, and claimed that its rights to free trade had been violated. The social media giant added that various payments, such as employee salaries, would also be affected.

The app, which has millions of users in the country, is not the real problem with tax. Border tensions between India and China have caused problems between the two countries. Unfortunately, this also affects TikTok and its roofing company, ByteDance. But TikTok is not the only app that has problems. In the past month, many apps have experienced similar problems, especially WeChat, which is known for its proximity to the Chinese government.

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What about your views on the tension between India and Tiktok? Don’t forget to share your thoughts on the problems the popular app is experiencing.


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