As per reports, Bitmain, a Beijing-based cryptocurrency mining firm, violated the tax regulations in China by adding fines upon the local guardians, added Cointelegraph.
As reported by Cointelegraph, the Beijing Municipal Office of the State Administration of Taxation had already levied tax penalties on Bitman Technologies, Sina Finance, a local news agency, added further on April 11, 2023.
Sources revealed that Bitmain was fined a tax amounting to about 25 million Chinese yuan or $3.7 million, as per the data taken from Qichacha, China’s data registry of private and public companies, Cointelegraph highlighted. Reportedly, on April 4, 2023, Bitmain was penalized for not paying personal income taxes levied as per China’s laws on the administration of tax collection.
It is believed that the tax administrators mentioned that tax inspectors had given a notice to Bitmain in August 2022, for the violation of some tax. Furthermore, Bitmain’s Beijing unit has failed to pay personal income tax amounting to 16.6 million yuan or $2.4 million, Cointelgraph concluded.
(With insights from Cointelegraph)