Samsung fined 4.36 billion yuan for tax evasion

Samsung and its executives in India must pay $601 million in back taxes and fines for evading tariffs on key telecom equipment, the largest such expense in recent years, according to a government order. The expense accounted for a large portion of Samsung's $955 million net profit in India last year. Samsung imports telecom equipment through its network division and received a warning in 2023 for misclassifying imported goods to evade a 10% or 20% tariff on a key transmission component used in mobile communication towers.