Bitmain, a Beijing-based crypto mining firm, reported for violating tax regulations in China, has been hit with huge fines by local authorities.
According to local news outlet Sina Finance, on April 11, Bitmain Technologies was subject to tax sanctions from the Beijing State Tax Administration Municipal Office.
The authorities fined Bitmain about 25 million Chinese yuan, or $3.7 million. The company was fined on April 4, 2023, for failing to pay income tax in accordance with Chinese law on taxation. The company is accused of failing to pay taxes on earnings from employees’ salaries, bonuses, dividends, wages, allowances, etc. of Bitmain employees.
The tax authority sent Bitmain a notice of tax violations in August 2022. So far, Bitmain has not paid personal income tax totaling RMB 16.6 million or $2.4 million.
Bitmain is one of the largest crypto mining companies in the world, founded in 2013. It is widely known for producing specialized hardware and solutions for crypto mining. The company was reportedly forced to cease operating in China in October 2021 due to the Chinese government’s ban on cryptocurrencies in September 2021.
Bitmain performs quite well during the downturn, Antminer mining machines sales explode, Bitmain’s founders also set up a fund to support the crypto industry affected by the downturn.
source LINK