Xinhua, the official news agency of the People's Republic, has announced that a company called 'M' has been fined $140m in back taxes and interest regarding transfer pricing across borders. Microsoft has not confirmed that it is M although the details of the Xinhua article match the company. Microsoft has said that it has paid $140m as a result of a 'bilateral advanced pricing agreement'. 

Big case - or the biggest?

Xinhua said that the M case represented the 'biggest tax evasion case in China'. But Liu Tianyng of the Hwuason law firm in Beijing, disputes this. He said it was certainly not the largest. Source: Financial Times