TC Roundup: Microsoft to pay China $140 Million for "tax evasion"

TC Roundup: Microsoft to pay China $140 Million for "tax evasion"

Microsoft to pay China $140 Million for "tax evasion": China has levied about $140 million in back taxes from Microsoft in the first major case concerning cross-border tax evasion in the country, as regulators ramp up pressure on U.S. corporations doing business there.

According to an article published by China's Xinhua official news agency on Sunday, an unnamed U.S. multinational must pay the Chinese government 840 million yuan ($137 million) in back taxes and interest, as well as more than 100 million yuan in additional taxes a year in the future. (Recode)

Internet-connected device sector deals accelerating, report finds: Investment in the fast-growing market for Internet-connected devices gathered pace this year and is set to attract more top U.S. technology and telecoms buyers of firms active in the market, a report from a merger advisory firm said on Thursday.

Corporate finance adviser Hampleton Partners' report said that $9.4 billion has been spent in the past three years to acquire so-called "Internet of Things" suppliers, with $5 billion, or more than half of the total, in the first nine months of 2014. (Reuters)

Uber halts service in Nevada after legal setback: Following a court's ruling, Uber has shut down its ridesharing service in Nevada, a move the company said would cost 1,000 jobs.

The move came late Wednesday, according to Reuters, after a Nevada judge handed down a preliminary injunction that blocked Uber from continuing its statewide operations. (Venture Beat)

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