Microsoft owes Chinese Government over $130 Million Dollars Due to Tax Evasion Probe

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Thought the U.S was the only one in debt, well think again. Apparently Microsoft is over $130 Million dollars behind on taxes the the country of China. According to a report from a Chinese news agency Microsoft had some heavy losses in Chinese based subsidiary and has also been avoiding taxes, (Also known as tax evasion).   According to the Chinese based news Xinhua report Microsoft Corporation was said to have an investigation started due to many anomalies found within the profit loss of the subsidiary between Microsoft and China (an approximate loss of  $320 Million U.S dollars or 2 Billion yuan Chinese) Although it was an allegation Microsoft did admit to the tax evasion and agreed to pay about $130 Million dollars ( or 840 Million Yuan) in back taxes as well as interest. In the future Microsoft has also agreed to pay about $16.2 Million (or 100 Million Yuan) in taxes each year in the future due to the findings. Now at least Microsoft admitted to this and agreed upon an amount and there won’t be much dispute between China and Microsoft Corp. For more info check out http://www.electronista.com/

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