India's Tax Crackdown: Govt Orders Samsung To Pay $601 Million For Import Violations
2 days, 8 hours ago

India's Tax Crackdown: Govt Orders Samsung To Pay $601 Million For Import Violations

ABP News  

India's tax authorities have ordered South Korean electronics giant Samsung and its executives in the country to pay $601 million in back taxes and penalties over allegations of misclassifying telecom equipment to avoid import duties. Customs Authorities Reject Samsung's Defence However, Indian authorities dismissed this defence in a confidential order dated January 8, reviewed by the news agency. Additionally, seven India executives, including network division vice president Sung Beam Hong, Chief Financial Officer Dong Won Chu, finance general manager Sheetal Jain, and indirect tax general manager Nikhil Aggarwal, have been fined a total of $81 million. Growing Tax Scrutiny on Foreign Firms Samsung responded to the allegations, stating, "The issue involves the interpretation of classification of goods by customs."

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History of this topic

India slaps Samsung with tax demand of ₹5,156 crore for telecom imports
2 days, 10 hours ago

India slaps Samsung with tax demand of ₹5,156 crore for telecom imports

The Hindu  

Tax authorities have ordered Samsung and its executives in the country to pay ₹5,156 crore in back taxes and penalties for dodging tariffs on import of key telecoms equipment, a government order showed, for one of the biggest such demands in recent years. Seven India executives face fines of ₹695 crore, among them the network division's vice president, Sung Beam …

Delhi High Court restores Samsung’s plea against ₹1,213-crore tax demand
3 months, 3 weeks ago

Delhi High Court restores Samsung’s plea against ₹1,213-crore tax demand

Live Mint  

In a reprieve for Samsung India, the Delhi High Court on Monday overturned an order by the Income Tax Appellate Tribunal that had dismissed the company’s plea to stay a ₹1,213 crore tax demand for the assessment year 2021-22. A bench comprising Justice Vibhu Bakhru and Justice Swarna Kanta Sharma restored Samsung’s stay application and directed the ITAT to decide …

Samsung India workers' strike: Production affected ahead of festive season
6 months, 2 weeks ago

Samsung India workers' strike: Production affected ahead of festive season

Hindustan Times  

Operations at Samsung Electronics' plant in southern India were disrupted for a second day on Tuesday by hundreds of employees striking for higher wages, in a rare episode of labour unrest for the South Korean company. Workers of a Samsung facility drink tea as they gather to take part in a strike to demand higher wages at its Sriperumbudur plant …

Samsung reports decline in profit but anticipates business improvement driven by chips
1 year, 1 month ago

Samsung reports decline in profit but anticipates business improvement driven by chips

Associated Press  

SEOUL, South Korea — Samsung Electronics on Wednesday reported an annual 34% decline in operating profit for the last quarter as sluggish demands for its TVs and other consumer electronics products offset hard-won gains from a slowly recovering computer chip market. The South Korean technology giant said it expects its business to improve throughout 2024, forecasting larger demands for semiconductors …

South Korea indicts ex-Samsung Electronics executive for alleged data leak to China
1 year, 9 months ago

South Korea indicts ex-Samsung Electronics executive for alleged data leak to China

The Hindu  

South Korean prosecutors said they indicted a former Samsung Electronics executive on June 12 on suspicions of stealing the company's technology to build a chip factory in China. The former Samsung executive allegedly tried to build the factory 1.5 kilometres away from Samsung's chip manufacturing facility in Xian after setting up a semiconductor company, prosecutors said. The attempt to build …

From mobile phones to chips, India manufacturing enters golden era
1 year, 9 months ago

From mobile phones to chips, India manufacturing enters golden era

India TV News  

In 2018, South Korean giant Samsung inaugurated the world's largest mobile factory in India. The 35-acre facility at Sector 81 in Noida, Uttar Pradesh, saw Prime Minister Narendra Modi and South Korean President Moon Jae-in officially inaugurating it together -- placing the country firmly on the global manufacturing map. Vedanta and Foxconn signed a Memorandum of Understanding with the Gujarat …

Samsung's India unit claims government owes it $110 million. Govt says...
2 years, 2 months ago

Samsung's India unit claims government owes it $110 million. Govt says...

Hindustan Times  

Samsung Electronics Co. is struggling to collect manufacturing incentives it considers it’s owed by India, highlighting the sometimes complicated nature of such government programs. Samsung's India unit claims government owes it $110 million. Read here: Amazon Republic Day Sale: Here are top 6 picks in mobile phones, up to 37% off The smartphone giant’s India unit is seeking just under …

Samsung loses initial appeal against Dutch regulator's €40 million price-fixing fine
2 years, 3 months ago

Samsung loses initial appeal against Dutch regulator's €40 million price-fixing fine

NL Times  

Electronics and technology company Samsung is appealing a fine from the Dutch Authority for Consumers and Markets, the regulator announced. The South Korean company was given 40 million euros in fines last year amid accusations the company influenced the prices that shops were charging for Samsung televisions, which meant that customers paid more. According to the competition watchdog, Samsung decided …

Samsung logs sharp drop in profits- Reaffirms no production cut
2 years, 5 months ago

Samsung logs sharp drop in profits- Reaffirms no production cut

India TV News  

Samsung Electronics posted a sharp drop in profits for the third quarter of 2022, as its main semiconductor business faced major headwinds from weakening memory chip prices and demand. The world's largest memory chip and mobile phone maker said in a regulatory filing its third-quarter net profit declined 23.6 per cent from a year earlier to 9.38 trillion won, reports …

South Korea President Yoon pardons Samsung vice-chairman Jay Y. Lee
2 years, 7 months ago

South Korea President Yoon pardons Samsung vice-chairman Jay Y. Lee

The Hindu  

South Korea's President Yoon Suk-yeol pardoned Samsung Electronics vice-chairman Jay Y. Lee on Friday, with South Korea's Justice Ministry saying the business leader was needed to help overcome a "national economic crisis". "We sincerely thank the government's and people's decision to grant pardon, and Chairman Shin Dong-bin and staff members at Lotte will contribute to overcoming the complex global crisis," …

Chips drive highest Samsung Q2 profit since 2018, but demand cooling
2 years, 8 months ago

Chips drive highest Samsung Q2 profit since 2018, but demand cooling

The Hindu  

South Korea's Samsung Electronics Co Ltd turned in its best April-June profit since 2018 on Thursday, underpinned by strong sales of memory chips to server customers even as demand from inflation-hit smartphone makers cools. Smartphone demand weakens Rising inflation, concerns about a downturn in major markets, the war in Ukraine and China's COVID-19 lockdowns have resulted in slowing smartphone sales, …

Samsung Cutting Down Smartphone Production By 30 Million Units: Report
2 years, 9 months ago

Samsung Cutting Down Smartphone Production By 30 Million Units: Report

News 18  

After Apple, Samsung is now said to be cutting down production, according to a report. Samsung, which is currently the world’s leading smartphone maker, will ramp down production by 30 million units for 2022, a report in South Korea’s Maeil Business News has said. Now, Samsung’s news comes after the South Korean manufacturer became the top-selling smartphone manufacturer. Apart from …

Samsung Electronics reports 50 percent jump in quarterly profits
2 years, 11 months ago

Samsung Electronics reports 50 percent jump in quarterly profits

Al Jazeera  

Samsung Electronics Co Ltd on Thursday reported a 50 percent jump in quarterly operating earnings to post its highest first-quarter profit since 2018, as solid demand underpinned prices for memory chips. Although chip prices dipped in the first quarter, analysts said they had held up better than expected due to solid demand as well as cautious investment spending by chipmakers …

Samsung’s fourth-quarter revenue is best ever
3 years, 2 months ago

Samsung’s fourth-quarter revenue is best ever

Live Mint  

SEOUL : Samsung Electronics Co. capped off a year where it surpassed Intel Corp. to become the world’s No. Samsung, the world’s largest maker of smartphones and televisions, is considered a tech-industry bellwether, as a major electronics manufacturer and components supplier to companies such as Apple Inc. and Sony Group Corp. For the full year, Samsung’s net profit rose 51% …

Dutch regulator fines Samsung €39 mil. for pumping TV prices
3 years, 5 months ago

Dutch regulator fines Samsung €39 mil. for pumping TV prices

NL Times  

Electronics and tech group Samsung was fined over 39 million euros by the Netherlands Authority for Consumers and Markets. According to the regulator, the South Korean company was guilty of influencing the prices that stores charged for Samsung televisions between 2013 and 2018, causing customers to pay more. Samsung systematically scoured the online offers of its TVs and put online …

Samsung offices searched by DRI over suspicion of customs duty evasion: Report
3 years, 8 months ago

Samsung offices searched by DRI over suspicion of customs duty evasion: Report

India Today  

Samsung’s offices in Mumbai and Delhi were searched by the Department of Revenue Intelligence officials over suspected customs duty evasion on imports of network equipment. The searches began on the South Korean firm’s offices on Wednesday, but there is no clarity on whether the DRI found any evidence of customs duty evasion. DRI officials had first visited Samsung’s Mumbai office …

Samsung reports profit jump on smartphone, TV sales
3 years, 10 months ago

Samsung reports profit jump on smartphone, TV sales

Associated Press  

SEOUL, South Korea — Samsung Electronics said Thursday its operating profit for the last quarter jumped 46% from a year earlier driven by increased sales of smartphones and televisions as its business continues to flourish amid the pandemic. The deal helped strengthen Lee’s control over the Samsung group, but the revelations about his corrupt ties with the Park government fueled …

Samsung First-Quarter Profit Likely Surged 45% on Bumper Smartphone, Appliance Sales
3 years, 11 months ago

Samsung First-Quarter Profit Likely Surged 45% on Bumper Smartphone, Appliance Sales

News 18  

Samsung Electronics Co Ltd likely saw a 45 percent jump in profit for January-March on robust sales of smartphones, TVs and home appliances, though chip division earnings are seen tumbling after a storm suspended production at its US plant. Operating profit for the South Korean tech giant in the quarter is expected to have climbed to 9.3 trillion won, according …

Samsung Relocating Display Factory from China to Uttar Pradesh, Will Give Push to Make in India Products
4 years, 3 months ago

Samsung Relocating Display Factory from China to Uttar Pradesh, Will Give Push to Make in India Products

News 18  

India’s northern state of Uttar Pradesh on Friday said it will give financial incentives to South Korea’s Samsung Electronics to set up a Rs 48.25 billion display factory. Samsung is re-locating the factory to the state from China, the Uttar Pradesh administration said in a statement, a move that will help boost Prime Minister Narendra Modi’s flagship drive to make …

Samsung to Make TVs in India from December in a Push for Atmanirbhar, Make in India Initiatives
4 years, 5 months ago

Samsung to Make TVs in India from December in a Push for Atmanirbhar, Make in India Initiatives

News 18  

Korean tech giant Samsung will begin manufacturing its TV sets in India starting December 2020, the company informed the government in a letter recently. Samsung’s decision to manufacture TVs locally carries forward Prime Minister Narendra Modi’s Atmanirbhar Bharat and Make in India initiatives to promote local manufacturing of goods sold in India. “Maintaining the current threshold volumes is pivotal for …

Samsung plans to produce mobile phones worth ₹3.7 tn in India over 5 years
4 years, 7 months ago

Samsung plans to produce mobile phones worth ₹3.7 tn in India over 5 years

Live Mint  

New Delhi: Smartphone maker Samsung is planning to produce mobile phones worth ₹3.7 lakh crore in India over the next five years, according to government sources. People aware of the discussion said the company will be manufacturing smartphones worth ₹2.2 lakh crore, priced above ₹15,000 per unit, under the production-linked incentive scheme. The government expects mobile phones worth ₹11 lakh …

Samsung Electronics to halt production at its last computer factory in China
4 years, 7 months ago

Samsung Electronics to halt production at its last computer factory in China

Live Mint  

Samsung Electronics Co will halt operations of its last computer factory in China, the South Korean tech giant said on Saturday, the latest manufacturer to shift production from the world's second-biggest economy. Around half the 1,700 employees on contract at Samsung Electronics Suzhou Computer will be affected, excluding those involved in research and development, the South China Morning Post reported …

Samsung India's profit declines 58%, crosses $10-bn income milestone; company's total income rises 20% in FY19
5 years, 3 months ago

Samsung India's profit declines 58%, crosses $10-bn income milestone; company's total income rises 20% in FY19

Firstpost  

Samsung India’s revenue from operations in 2018-19 stood at Rs 70,627.7 crore, a rise of 19 percent as compared with Rs 59,370.9 crore in the previous fiscal. New Delhi: Samsung India Electronics’ consolidated net profit fell over 58 percent to Rs 1,540.5 crore in 2018-19, according to a regulatory filing. However, the company’s total income rose 20 percent to Rs …

Samsung to restart manufacturing TVs in India early next year after govt rolls back custom duty on display panels
5 years, 4 months ago

Samsung to restart manufacturing TVs in India early next year after govt rolls back custom duty on display panels

Firstpost  

Samsung is also in discussions with other contract manufacturers to meet the demand in the Indian market as the company is the largest player in the segment South Korean electronics major Samsung will restart manufacturing LED TVs in India through contract manufacturers from early next year, according to sources. Samsung, which had shifted its entire TV manufacturing to Vietnam from …

Samsung stock falls after profit drops 56% in second quarter
5 years, 7 months ago

Samsung stock falls after profit drops 56% in second quarter

CNN  

Hong Kong CNN Business — Samsung stock dropped on Wednesday after the world’s biggest smartphone maker reported a 56% fall in its operating profit for the second quarter, citing price declines in its memory chip business. Operating profit was 6.6 trillion Korean won for the three-month period that ended June, compared with 14.87 trillion Korean won the same period a …

Samsung staring at a big slump in Q2 profits: Report
5 years, 8 months ago

Samsung staring at a big slump in Q2 profits: Report

India TV News  

South Korean tech giant Samsung is staring at a big slump in its profits in the second quarter of 2019. Also, read: Samsung Galaxy Note 10 to feature ToF camera: Report "While Samsung hasn't explained what dragged it down this quarter, its performance early in the year suffered primarily due to a drop in memory chip sales. "While its increased …

Samsung braces for first profit drop in two years as China's economic growth slows
6 years, 2 months ago

Samsung braces for first profit drop in two years as China's economic growth slows

Firstpost  

Samsung is expected to see a 12 percent year-on-year drop in operating profit to 13.3 trillion. Samsung, due to publish preliminary fourth-quarter results on 8 January, is expected to see a 12 percent year-on-year drop in operating profit to 13.3 trillion won for the period, I/B/E/S data from Refinitiv shows. This headwind continued to buffet the industry in the fourth …

Samsung Electronics profit dips as smartphone sales fall
6 years, 7 months ago

Samsung Electronics profit dips as smartphone sales fall

Live Mint  

Seoul - Samsung Electronics on Tuesday said its second quarter net profit dipped slightly from a year earlier, with a fall in smartphone sales mitigated by strong demand for its memory chips. A sluggish market for premium mobile phones and stiff competition contributed to a decline in Samsung’s smartphone shipments and revenue compared to the previous quarter, denting demand for …

Samsung Electronics Q1 net profit up by more than half
6 years, 11 months ago

Samsung Electronics Q1 net profit up by more than half

Live Mint  

Seoul: South Korean telecoms giant Samsung Electronics saw net profit leap by more than half in the first quarter, it said Thursday, thanks to strong demand for memory chips and its latest high-end smartphone. The firm, the world’s biggest maker of memory chips and the flagship subsidiary of the sprawling Samsung group, has recovered from a series of setbacks to …

Samsung disappoints as iPhone screens prove no match for the won
7 years, 2 months ago

Samsung disappoints as iPhone screens prove no match for the won

Live Mint  

Seoul: Samsung Electronics Co. missed analyst profit estimates as South Korea’s surging currency and year-end bonuses outweighed display orders from Apple Inc. for the new iPhone X. The won’s 7% jump against the dollar in the final quarter to a three-year high is now creating headwinds for South Korea’s biggest company “Impact from currency is inevitable,” said Sanjeev Rana, a …

Samsung to buy Harman for $8 billion, South Korea's biggest overseas deal
8 years, 4 months ago

Samsung to buy Harman for $8 billion, South Korea's biggest overseas deal

Firstpost  

Samsung Electronics announced an $8 billion deal on Monday to buy Harman International Industries, marking a major push into the auto electronics market and the biggest overseas acquisition ever by a South Korean firm. The electronics giant previously shunned big acquisitions, and the latest deal underscores a strategic shift as the company tries to break into the high-barrier automotive industry …

Samsung Electronics posts highest profit since 2014, ships 30 million more phones than Apple
8 years, 7 months ago

Samsung Electronics posts highest profit since 2014, ships 30 million more phones than Apple

Firstpost  

South Korean tech giant Samsung Electronics Co Ltd said on Thursday it expects solid earnings to continue in the second half of 2016 South Korean tech giant Samsung Electronics Co Ltd said on Thursday it expects solid earnings to continue in the second half of 2016, with stronger components demand likely offsetting heightened margin pressures for smartphones. 1 maker of …

Samsung urges US court to overturn $120 million patent verdict for Apple
9 years, 2 months ago

Samsung urges US court to overturn $120 million patent verdict for Apple

Deccan Chronicle  

Washington: Samsung Electronics Co Ltd urged a US appeals court on Tuesday to find that a jury in 2014 should not have made the South Korean company pay nearly $120 million to Apple Inc for infringing three patents. Apple's "quick links" patent, which accounts for more than $98 million of the damages award, was the main focus in Samsung's latest …

Samsung Electronics posts double-digit growth in Q3 profit
9 years, 4 months ago

Samsung Electronics posts double-digit growth in Q3 profit

China Daily  

A student walks past an electronic display promoting Samsung Electronics products at the company's headquarters in Seoul, South Korea, October 27, 2015. SEOUL - Samsung Electronics, the world's largest maker of smartphones, memory chips and TVs, posted a double-digit growth in the third-quarter operating profit thanks to a record high quarterly profit in the chip-making business, the company said Thursday. …

Samsung earnings miss estimates as Galaxy S6 disappoints
9 years, 7 months ago

Samsung earnings miss estimates as Galaxy S6 disappoints

Live Mint  

Seoul: Samsung Electronics Co.’s second-quarter profit missed analysts’ estimates after misfiring on its Galaxy S6 sales strategy and losing ground in emerging markets to Chinese smartphone brands. The company advanced the release date of its next device for high-end users to combat slowing demand in China amid gains by Xiaomi Corp. “Samsung’s new S6 helped fatten up component profits but …

Samsung posts $5.9b operating profit in Q2
9 years, 7 months ago

Samsung posts $5.9b operating profit in Q2

China Daily  

SEOUL - Samsung Electronics' second-quarter operating profit missed market estimates for its flagship Galaxy S6 smartphone and lack of supply in curved-screen Galaxy S6 Edge, the company said Thursday. Operating profit at Samsung's mobile phone division reduced to 2.76 trillion won in the second quarter from 4.42 trillion won a year earlier. Operating profit at the semiconductor business, which produces …

India seeks to avert summons for Samsung boss Lee Kun-Hee: Reports
10 years, 11 months ago

India seeks to avert summons for Samsung boss Lee Kun-Hee: Reports

Firstpost  

India’s government is scrambling to prevent the boss of South Korea’s Samsung Electronics from being forced to appear in an Indian court on criminal charges over a $1.4-million payment dispute, reports said Friday. The Supreme Court ordered Lee Kun-Hee, South Korea’s richest man, to appear in a local court within six weeks to answer fraud and other criminal charges stemming …

Samsung slashes price of Galaxy Gear again
11 years, 1 month ago

Samsung slashes price of Galaxy Gear again

The Hindu  

South Korean electronics giant Samsung has slashed the Galaxy Gear price for the second time in India to Rs. “To spur increased demand, the price of the Galaxy Gear is now Rs. Data on Galaxy Gear sales in India was not available. Galaxy Gear works with Samsung smartphone and tablets powered by Android 4.3 operating system.

Jury orders Samsung to pay Apple $290 million
11 years, 4 months ago

Jury orders Samsung to pay Apple $290 million

Firstpost  

A Silicon Valley jury on Thursday added $290 million more to the damages Samsung Electronics owes Apple for copying… A Silicon Valley jury on Thursday added $290 million more to the damages Samsung Electronics owes Apple for copying vital iPhone and iPad features, bringing the total amount the South Korean technology titan is on the hook for to $930 million. …

Samsung Electronics apologises to China consumers for mobile phone glitches
11 years, 5 months ago

Samsung Electronics apologises to China consumers for mobile phone glitches

Firstpost  

South Korea’s Samsung Electronics Co Ltd, the world’s biggest smartphone maker, has apologised to Chinese customers for problems with some mobile phones after a broadcast on China Central Television criticised Samsung repair policies. “As far as management problems caused inconvenience to our customers, we offer our sincere apologies,” Samsung Electronics said in a notice on its Chinese website. In a …

Apple wins import ban on select Samsung products
11 years, 7 months ago

Apple wins import ban on select Samsung products

The Hindu  

Apple won a partial victory in its long-running patent dispute with Samsung on Friday when a U.S. administrative panel found Samsung in violation of two Apple patents and blocked imports of some Samsung devices. Apple could Samsung spokesman Adam Yates said the company was disappointed in the ban, but he said the ruling did reject Apple’s effort “to use its …

Tax evasion, bribery and price-fixing: How Samsung became the giant that ate Korea
12 years, 1 month ago

Tax evasion, bribery and price-fixing: How Samsung became the giant that ate Korea

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Eight years ago politician Roh Hoe-chan lobbed a grenade …

Samsung sells 10 million Galaxy devices in India
12 years, 3 months ago

Samsung sells 10 million Galaxy devices in India

The Hindu  

Korean company Samsung Electronics on Friday said it has sold more than 10 million Galaxy devices in the Indian market since the launch of the first Galaxy device, ’Galaxy S’, in June 2010. “Innovative devices like the Samsung Galaxy S, Galaxy SII and SIII, Galaxy Note, Galaxy Note 2 and Galaxy Y have caught the imagination of customers and helped …

Samsung triples India handset output with Rs 315 cr investment
13 years, 6 months ago

Samsung triples India handset output with Rs 315 cr investment

Firstpost  

With this, the total investment by Samsung in mobile production in India has reached close to $100 million. New Delhi: Korean mobile phone major Samsung Electronics today said its production capacity in India has been tripled from today, following the commissioning of new facilities at its Noida manufacturing plant through an investment of approximately $70 million. Till yesterday, the production …

Samsung expects strong fourth quarter profit
15 years, 2 months ago

Samsung expects strong fourth quarter profit

The Hindu  

Samsung Electronics Co. predicted on Thursday an operating profit of up to $3.44 billion for the fourth quarter of 2009 after racking up its first ever loss a year earlier. Samsung, the world’s largest manufacturer of computer memory chips and flat screen televisions, reported a consolidated operating loss of 740 billion won in the same period last year, according to …

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