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Tag: tech giant

  • List of All the Companies That Suspended Operations in Russia Due to Ukraine Invasion

    A business can be spread when it will be able to entice the audience which will result in potential customers becoming actual customers.  A business grows only when its customers indulge themselves with it. Every company has some social responsibility that they need to fulfil, towards the world, nature and its people.

    The world is seeing some of the greatest humanitarian crises in the last few weeks, once again. The conflict between Russia and Ukraine has intensified when the latter declared war. Some of the most famous brands from different sectors, realising the depth of the issue started pulling out from Russia and freezing their activities there.

    All the major companies seem to condemn the invasion of Russia and the violence that its people are facing in Ukraine and they have done that by suspending their operation in the country. This is mainly done to create pressure in the Russian economy so that they can back off from this disaster called war.

    In this article, we will talk about the major firms that have ceased their operations in Russia due to the country’s invasion of Ukraine. Let’s take a look at the list of the companies leaving Russia.

    “You only have to do a few things right in your life so long as you don’t do too many things wrong.” – Warren Buffett

    List of all the major firms that suspended operations in Russia

    Apple
    Microsoft
    Dell
    Google
    YouTube
    Mastercard
    H&M Group
    Visa
    Meta
    PayPal
    Airbus
    Samsung
    Puma
    Nike
    Disney
    Netflix
    Ford Motor
    Adidas
    Adobe
    Amazon
    BMW
    Accenture
    Spotify
    McDonald’s
    Intel and AMD
    PepsiCo
    Coca-Cola
    Starbucks
    Oracle
    SAP
    Electronic Arts (EA)
    Carlsberg
    SONY
    TikTok
    Warner Bros
    Snapchat
    FIFA
    UEFA
    American Express
    Uber
    KPMG
    FedEx
    Airbnb
    Harley-Davidson
    Shell
    ExxonMobil
    General Motors
    Porsche
    Toyota
    Mercedes-Benz
    Infosys
    Tata Steel

    Apple

    This American multinational tech giant Apple stopped the sales of their popular products like iPhone, Ipad and others in Russia and started restricting most of the services like Apple pay that the company used to provide to the people of Russia. Apart from that, they have also blocked the access of the app store in the country. Although there is no physical stores of Apple in the country but the products used to get sold through third-party retailers.

    Microsoft

    Like its above acquaintance, the American multinational technology company Microsoft chose the same path and suspended all their activities in Russia. It includes their new products and services sale in the country. The company is also closely monitoring the situation and is on the lookout for the safety of its employees in Ukraine.

    Dell

    Texas-based technology company, Dell took a step forward and halted the sales of their products in both the countries Russia and Ukraine.

    Google

    The largest company that provides internet-related services in response to Russia’s behaviour towards Ukraine took down RT News and Sputnik from the Google Play Store in Europe. Google has also decided to stop monetizing any Russia funded media present on their platform

    YouTube

    The online video streaming platform, YouTube decided to block Russian channels from monetizing and the company said in a statement they are taking a number of actions against Russia.

    Mastercard

    After the devastating effects of the war on Ukraine by Russia, Mastercard Inc. one of the most popular financial service corporations, has suspended all its activities and has frozen every kind of transaction. The company stated that any cards issued by Russian banks will not be supported.

    H&M Group

    Clothing brand H&M halt their sales in Russia and said that the brand will refrain from doing any activities till the situation is resolved.

    Visa

    Another major financial corporation Visa stopped its operations and has decided to cease all their transaction in the coming days in Russia following its war against Ukraine.

    Meta

    Meta formerly known as Facebook decided to stop all the advertising in Russia, they have already blocked the advertisement and Russia owned media channels on their owned platforms like Facebook and Instagram.

    PayPal

    The major financial technology company PayPal especially dealing with online money transfers has halted their services in Russia and has also barred Russian users to use their services.

    Airbus

    The multinational aerospace corporation of Europe known for making products related to aerospace, Airbus has decided to stop functioning in the country. Airbus has been a companion of Russia for 30 years but the violence against Ukraine by the country has forced Airbus to pull out from the country. It was a big blow to the aviation industry in Russia.

    Samsung

    The tech giant Samsung famous for its electronic products has decided to stop the shipment of its products to Russia. Any kind of products like smartphones, semiconductors and other consumers electronics will no longer be shipped to Russia due to the current situation.

    Puma

    German multinational athletic sportswear brand stopped all its activities in Russia and has shown solidarity to Ukraine, Puma has over 100 stores in Russia. This decision has led to the suspension of that store and its products.

    Nike

    The athletic sportswear brand from America, Nike has decided to follow the steps of all other big western brands and halted its activities in Russia and closed all its stores.

    Disney

    American multinational entertainment company, Disney decided to halt all their theatre release and production in Russia amidst the Russian invasion of Ukraine, they are the first ones to do that. Disney also stated that its future business in the country will depend on the situation.

    Netflix

    Streaming platform giant Netflix has stopped all its services in Russia after their invasion of Ukraine. It has decided to part away from all the future projects and collaboration scheduled to happen with the country. The shooting of Russian shows under Netflix has been put on hold due to the situation.

    Ford Motor

    Ford Motor has decided to stop its activities in Russia. The popular multinational automobile manufacturer was been a partner of Russia for a long time but the invasion has resulted in the ceasing of all operations in the country. Ford has also decided to donate money that will use for the Ukrainian refugees.

    Adidas

    The German multinational athletic sportswear brand has decided to suspend all its activities. They stopped all their online shop in Russia, apart from that, all the physical stores got shut down as well. Although the company is closed until further notice, Adidas claimed they will continue paying the employees there.

    Adobe

    One of the most prominent multinational software companies of America, Adobe has also decided to cut ties with Russia and has decided to stop all their sales in the country. They have also stopped Russia’s access to Adobe Creative Cloud and said that it will refrain from providing any service to Russia now.

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    Amazon

    The biggest cloud computing and e-commerce company in the world, Amazon also decided to stop all its activities in Russia and Belarus, it has stopped accepting customers from the two and has decided to not provide its web services to these two countries.

    BMW

    The Russian invasion of Ukraine has led to the decision of luxury car brand BMW to put a halt to their sales in the country. They have also stopped manufacturing products in the country and stopped their shipments as well.

    Accenture

    The Ireland-based multinational company, Accenture which deals with IT Services and consulting has decided to cut ties with Russia and stopped their services after Russia’s violence against Ukraine.

    Spotify

    Music streaming platform, Spotify has ceased all its services in Russia, after the country invaded Ukraine.

    McDonald’s

    Global fast-food chain brand McDonald’s has suspended their operation temporarily in Russia and has decided to close its outlets. It has over 850 stores in Russia.

    Intel and AMD

    Intel and AMD stopped their shipments of industrial chips in Russia, it has happened after the US Government lodged new export restrictions after Russia’s invasion continues.

    PepsiCo

    PepsiCo has suspended their sales and production of soft drinks in Russia amidst the Russia-Ukraine crisis.

    Coca-Cola

    Following the steps of its competitor, Coca-Cola has stopped selling their soda in Russia. The company also showed support to the people of Ukraine.

    Starbucks

    Starbucks, one of the world’s biggest chains of coffee houses has decided to stop its activities in Russia.

    Oracle

    The American multinational company that deals with computer technology has decided to stop all their operation and has suspended their sales in Russia and showed their solidarity to Ukraine.

    SAP

    The software and technology company that deals with software for developing enterprises have decided to stop their all activities and function in Russia.

    Electronic Arts (EA)

    The American Video Game company has cut their ties with Russia and has decided to stop selling its games and content in the country.

    Carlsberg

    Danish Brewer Carlsberg has decided to stop every kind of investment in Russia and has decided to provide aid to Ukraine at the time of the crisis. They halted and stopped all their exports of beverages in Russia.

    SONY

    Sony has made its decision to not launch its latest game Gran Turismo 7 in Russia, which was said to release worldwide but was suspended after its conflict with Ukraine intensified.

    TikTok

    One of the most popular videos sharing sites, TikTok has limited its services in Russia and banned content creation in Russia following its war with Ukraine.

    Warner Bros

    The multinational entertainment conglomerate Warner Bros has decided to stop all their theatrical release of their films in Russia.

    Snapchat

    Snapchat another popular social media platform has temporarily disabled its service called heatmap in Russia due to the ongoing war with Ukraine.

    FIFA

    The international governing body of the Football Association has kicked out Russia from World Cup. They got disqualified after the country launched a war against Ukraine.

    UEFA

    The Union of European Football Association has banned Russia from all international football competitions.

    American Express

    The multinational payment card service provider, AmEx has joined the list of companies and has shut down all its activities in Russia.

    Uber

    Uber after the escalation of the war on Ukraine by Russia has cut ties with a Russian ride-sharing service named Yandex.

    KPMG

    The Global network of professional firms for audit, Tax and other services has decided to end their services in Russia to show support against the war going on in Ukraine.

    FedEx

    The global express delivery service FedEx has informed that they are halting their shipment service in Russia as a result of the ongoing geopolitical conflict between Russia and Ukraine.

    Airbnb

    Airbnb, an American company that provides services for tourism activities like homestay, food and lodging has suspended all its services in Russia.

    Harley-Davidson

    The luxury bike brand Harley-Davidson has suspended its business in Russia after Russia invaded Ukraine.

    Shell

    One of the major oil companies, Shell has decided to stop buying crude from Russia as a result of the ongoing war with Ukraine.

    ExxonMobil

    Another oil company ExxonMobil decided to leave Russia and stop all the activities of oil production there.

    General Motors

    General Motors, the multinational automotive manufacturing company has stopped their activities in Russia and has suspended its business in the country as of now.

    Porsche

    The invasion of Ukraine by Russia has also caused one of the leading luxury car brands, Porsche to halt their production in the territory of Russia.

    Toyota

    Toyota has stopped their production in Russia and has informed their staff to return to Japan as Russia’s war intensifies with Ukraine.

    Mercedes-Benz

    Luxury car manufacturing company, Mercedes Benz has stopped their activities including the production of cars in Russia following its conflict with Ukraine.

    Infosys

    The Indian multinational company Infosys, which is the second-largest IT company in the country has decided to shut down their office in Russia.

    Tata Steel

    One of the biggest steel manufacturing plants Tata Steel has decided to stop doing business in Russia. They have decided to suspend and end ties with the country.

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    Conclusion

    The war invasion by Russia has led to some of the biggest companies and brands backing out from the country, most of the brands are American and European and this has been done to create a financial strain in the country. The future of all these companies in Russia depends on the situation now.

    FAQs

    Is McDonald’s closing stores in Russia?

    Yes, McDonald’s has suspended its operations in Russia and temporarily closed its 850 restaurants.

    Is Coca-Cola still operating in Russia?

    Coca Cola has ceased operations in Russia amidst Russia’s invasion of Ukraine.

    What are some of the major companies that are leaving Russia?

    Mcdonalds, Pepsi, Coca-Cola, Starbucks, Nike, Puma, Adidas, Accenture, KPMG, Ford, Mercedes Benz, Shell, Harley Davidson, Mobil, General Motors, Airbnb, Toyota, Porsche, EA, Oracle, AmEx, Uber, TikTok, Intel, AMD, Amazon, Netflix, PayPal, H&M, Disney, Visa, Mastercard, Samsung, Apple, Adobe, BMW, Spotify, Shell, Google, Microsoft, Dell, Airbus, Meta, Sony, FIFA, UEFA, Carlsberg, and Warner Bros are some of the major companies that suspended their operation in Russia.

  • What is G7 Corporate Tax Deal and How will it Benefit India?

    There were a lot of articles and discussions about the tax evasions done by the big tech companies, which include Amazon, Google, Facebook, Netflix, etc. The companies have said to be paid very little amount in tax as they use tax havens and shift their operational region to avoid huge tax which should be paid to certain countries. The G7 summit has introduced a new tax system. Let’s look at the new tax system and how it would benefit India

    Corporate Tax deal – Latest News
    Countries that have agreed to the Corporate Tax Deal
    G7 Corporate Tax Deal Proposal
    How will India benefit from the tax deal?
    FAQ

    Corporate Tax deal – Latest News

    The group of 7 countries that are commonly known as G7 countries has decided on implementing the historical tax system on the global tech and multinational companies which will be a global tax. This proposal and decision are made with the aim to reduce the tax evasions conducted by the companies where they generally shift their operation base to the regions with a lower tax rate.

    Countries that have agreed to the Corporate Tax Deal

    The deal is likely to be put forth in the G20 summit, which is going to be held in July 2021. As of now, a total of 7 countries agreed that includes Canada, Germany, France, Japan, Italy, the United Kingdom and the United States.

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    G7 Corporate Tax Deal Proposal

    The proposal contained of 3 major decisions that were taken during the meeting.

    1. The companies or the multinational corporations will be forced to pay taxes on the profit they earn overseas.
    2. A minimum corporate tax of around 15% will be imposed on the multinational corporations on a global basis.
    3. The countries can share taxes on the profit earned by the companies or multinational corporations in a specific country through digital sales where the company has not got a physical presence.

    The G7 finance ministers and the Central bank governors conveyed that they will be committed to reaching an equitable solution on the allocation of taxing rights, the market countries will have to agree to share at least a taxation of 20% on the profits earned by the multinational corporations.

    They also conveyed that they would provide a proper coordination in applying the new tax rules and to remove the digital service taxes and other similar taxes that are levied on the corporations. They further added that they were looking forward to getting into an agreement with regards to the corporate tax in the G20 summit held in July 2021.

    How will India benefit from the tax deal?

    In the year 2019 the Finance Minister of India, Nirmala Sitharaman had cut down the corporate tax rates for the Indian based companies to 22 % and for the new Indian based manufacturing companies to 15 %. This would add an advantage as the bilateral tax agreements between the countries are also around a similar range.

    Since the tax rate in India is around 15 %, which is similar to the tax rate announced in the G7 summit, the country will not have to increase its tax rates. This would be a positive approach as India will be able to attract a lot of investments into the country. Furthermore, the existing tax havens may become unattractive and we can see a lot of investments coming into India.

    The decision of the countries in taxing the multinational corporations that have a significant sale in the country without a physical presence will let India tax a lot of corporations that earn a huge amount of money through digital sales alone.

    Amit Maheshwari who is a Tax Partner at the consulting firm AKM Global has conveyed that India would be able to benefit a lot from the newly proposed corporate tax as they are a big market for the huge tech companies.

    However, it is to be noted that as part of the agreement India will have to stop collecting the Digital service tax that it has levied on the companies such as Amazon and Google. India levies a Digital Service Tax of around 2 % on the revenues generated in India through the digital services offered by these companies. This includes digital platform services, data-related services and digital sales.

    Who are “Silicon Six” and how they evaded $100 Bn in Tax?
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    Conclusion

    India is expected to gain a lot from the new corporate tax discussed and approved in the G7 summit but tax havens such as Ireland, Netherlands, Luxemburg, Hong Kong and the Cayman Islands are going to face the consequences of the deal.

    FAQ

    What is G7 tax deal?

    The Group of Seven or G7 countries have agreed on a tax deal to impose a global tax on multinational corporations. The proposal is aimed at reducing tax evasion committed by large multinational corporations that often shift their base of operations to regions with lower tax rates.

    Which countries come under G7?

    The seven G7 countries are Canada, France, Germany, Italy, Japan, the UK and the US.

    Why was G7 tax deal proposed?

    G7 corporate tax deal was proposed to reduce tax evasion committed by large multinational corporations that often shift their base of operations to regions with lower tax rates.

  • Who are “Silicon Six” and how they Evaded 100 Billion in Tax?

    The Silicon Six tech giants have been accused by the fair tax foundation for inflating the tax payments by almost USD 100 billion. It was found that during the year 2011 to 2020 the firms have paid less in tax than the national figures mentioned on their annual reports. In this article let’s look at What is “Silicon Six” and how they Evaded 100 Billion in tax?

    Silicon Six – Latest News
    The claim on Silicon Six by Fair Tax Foundation
    Total Tax paid by the Silicon Six
    Did Amazon Evade Taxes?
    Amazon’s Reply to the claim
    Did Facebook Evade Taxes?
    Facebook’s Reply to the claim
    What is a Tech Tax Deal?
    FAQ

    Silicon Six – Latest News

    Silicon Six is the US based tech giants which include Amazon, Facebook, Google’s parent company Alphabet, Netflix Apple and Microsoft. They include the largest companies in the Silicon Valley. These companies have been accused of inflating the tax payments of almost USD 100 billion for the past decade.

    The claim on Silicon Six by Fair Tax Foundation

    A report by the campaign group Fair Tax Foundation ahead of the G7 Summit in the UK where chancellor Rishi Sunak has called on the world leaders to back a new tech tax before the G7 Summit have found that the tech companies which include Amazon, Facebook, Google’s parent company Alphabet, Netflix, Apple and Microsoft have paid USD 96 billion less in tax for the year 2011 to 2020.

    It is claimed that the companies have paid less amount of tax when compared to the national taxation figures they have shown in their financial annual reports.

    Total Tax paid by the Silicon Six

    Fair Tax Foundation has conveyed that the six tech firms have paid USD 149 billion less to global tax authorities than which they should have paid if the headline rates where they operate have been taken into consideration.

    It is found that overall, the companies have paid a tax of USD 219 billion in income tax over the past decade. That is 3.6% of their total revenue which was more than USD 6 trillion. Income tax is paid on the basis of profits earned by the company, but the researchers have conveyed that the silicon six companies have deliberately shifted their income to low-tax jurisdiction places in order to pay less amount of tax.

    Did Amazon Evade Taxes?

    The report based on the regulatory filings of the company has found that Amazon has collected a revenue of around USD 1.6 trillion and reported a profit of around USD 60.5 billion and has only paid a tax amount of USD 5.9 billion for the year 2011 to 2020.

    According to international tax rates, Amazon is supposed to pay an amount of USD 10.7 billion in taxes. The tax paid by Amazon over the past decade from 2011 to 2020 is the lowest of all the silicon six companies that are 9.8%.

    Annual net revenue of Amazon from 2010 to 2020
    Annual net revenue of Amazon from 2010 to 2020

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    Amazon’s Reply to the claim

    A spokesperson of Amazon had commented on the claims conveying that the calculations are extremely misleading. He added that Amazon is primarily a retail company whose profit margins are low and comparing to other tech companies who have an operating profit of more than 50% is completely irrational.

    The company has conveyed that the government writes the tax laws and Amazon has always tried to pay all the tax dues and always encourages the company to file the tax dues. They also mentioned that they have invested billions in creating jobs and infrastructure and said that these investments coupled with low margins would naturally result in a lower tax rate.

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    Did Facebook Evade Taxes?

    Facebook the social media platform that is run by Mark Zuckerberg has just paid USD 16.8 billion in income tax during the years 2011 to 2020. The company has reported a profit of USD 133 billion and a revenue of USD 328 billion. The tax paid as a percentage of profit was just 12.7% which is the second lowest among the silicon six companies after Amazon.

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    Annual net revenue of Facebook from 2010 to 2020

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    Facebook’s Reply to the claim

    A Facebook spokesperson has mentioned that all companies pay taxes on their profits and not their revenues. He added that the previous year, the company has paid USD 4.23 billion in corporate income taxes globally and added that the company had paid an average tax rate of 20.71 % over the last 10 years. This is considered to be roughly in line with the Organisation for Economic Co-operation and Development (OECD) average.

    What is a Tech Tax Deal?

    Chancellor Rishi Sunak has conveyed that he would want the President Joe Biden’s administration to sign up for a tech tax deal and added that the tech companies are not paying the right tax amount at the right places which is not fair and which he wants to fix.

    The US government’s proposals to reform the global tax systems by imposing a minimum of 15% corporate tax would end the profit sharing to tax havens of the big tech companies. Global agreements on tax would have a really big impact on the tech giants with them having to pay billions of additional taxes across the world.

    Conclusion

    However, the rest companies of Silicon six which include Alphabet, Apple, Netflix and Microsoft have not responded to the request on the feedback and have declined to comment on the situation.

    FAQ

    Which companies come under the Silicon Six?

    Facebook, Amazon, Apple, Netflix Microsoft, and Google are known as the Silicon Six.

    Do Big companies pay tax?

    Large multinational companies save billions of dollars by using foreign subsidiaries and tax havens and avoid taxes.

    What big companies pay no taxes?

    In a report it was found that FedEx and Nike are among those who avoided U.S. tax liability for three straight years and atleast 55 large companies paid no taxes in America.

  • Paytm Launches A Mini App Store For Indian Developers

    The digital payments company Paytm has launched a mini app store in order to support Indian app developers and entrepreneurs. It has now become a direct competitor to the Google play store and its dominance in the market. Paytm has come up with Mini app store, following the temporary ban it faced from Google Play store on 18thSeptember for violating the developer guidelines on real money gaming.

    Phonepe which is Paytm rival, had launched its own in app platform in June 2018, which was later rebranded as PhonePe Switch in October 2019. Instead of giving local apps and developers, Paytm is hosting links to Progressive Web Pages (PWAs) which are light apps that can run within a web browser without requiring any installation.

    Mini apps are custom-built mobile websites that offer users an app-like experience without having to download them, thereby helping users save their data and memory. The mini app store only has a few apps listed, but’s plans to list out 300 services in the coming days. According to Paytm’s press release, the mini app store has been designed to help small developers and businesses in India to set up low cost and easy to build apps using HTML and Javascript.

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    The Listed Apps on Paytm mini app store

    More than 300 apps, including Decathlon, Ola, Rapido, Netmeds, 1MG, Domino’s Pizza, Fresh Menu, NoBroker have joined the Paytm app store. The startup founders such as Paytm’s Vijay Shekhar Sharma and Razorpay’s Harshil Mathur, along with 50 other founders discussed on the possibility of building an Indian app store to challenge Google.

    The various apps that are included into the mini app store
    The various apps that are included into the mini app store

    Paytm said that the Mini app store has been in its beta testing phase with select users in the country for some time and has seen over 12 Million visits in the month of September. It also has apps like AQI monitor, EMI calculator, Mojo Pizza, Horoscope, Speedtest and Unit converter. While more apps are expected to join soon.

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    Google enforcing 30% in app fees in India

    The companies move indicates a fallout from google as it is mandatory for the developers listed on its Play Store to use its billing service. Google charges a 30% commission on any transaction made for a digital product or service through its in app billing system. Paytm aims to help developers in reaching out their products to the masses.

    These apps open within a window inside the Paytm app itself and the listing will also be free. It will also provide developers with free payment avenues including Paytm Wallet, Paytm Payments Bank and UPI. However it should be noted that a 2% extra charge is levied for payments that use credit cards. Paytm is also providing the developers with a dashboard for analytics, payment collection and various marketing tools to better engage with users.

    Accessibility to Mini App store

    To access the Mini App Store, open your Paytm app. On the home page, click on Show More > Mini App Store from the pop-up menu. The portal allows direct access to users to explore, use, and make payments through the apps, without any additional downloads or installs.

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    Indian App makers want an alternatives to Google Play

    When Google had recently accounted that it would enforce its 30% fee for apps, the Indian app developers and entrepreneurs to demand for a national app store alternatives to google play. Google play store then pushed back the 30% commission in India until March 31, 2022. The tech giant says that the delay has been so the Indian developers have enough time to implement the UPI for subscription option that will be made available on Google play.

    When asked about the issue Vishwas Patel, The Chairman of Payments Council of India and a member of IAMAI said that, “Just because Google owns the gate and the gateway to the digital ecosystem of this country they should not act arbitrarily and enforce their rules and regulation that are contrary to our country laws”.


    Google stand in courts is that is does not need RBI authorization as it is not a payment system operator but now it is mandatory that Indian apps use only Google proprietary billing and payments systems. “Google should not exercise its dominant position rather allow a level playing field for everyone” he added.

    The Indian developers plan to lobby the government and come up with an alternative to Google. The business channel ET now also reported that the government is planning to ramp up its Mobile Seva app store, which has mostly catered to MSMEs, to act as an alternative to Google and Apple platform. On twitter, Razorpay founder Harshil Mathur added that, India needs a local app store long-term, as it will otherwise eat up most businesses and asked if anyone trying to build one.

    On 29thSeptember google said that, “Play distributed apps must use Google Play billing and as the method of payment if they require or accept payment for access to features or services, including any app functionality, digital content or goods. This applies only to apps and has been purportedly done to prevent revenue leakages to Google Play from January 2021.”

    The government is reportedly planning to make the Mobile Seva app store mandatory on all smartphones. Paytm recently listed on the store, which mostly has Government apps. In the absence of any legal means, the government will have its work cut out for making a viable alternative to Google and Apple, experts said.