Nokia accused of $545M tax evasion in India

/ 4 years ago

Nokia may be in trouble as the offices of thee Finnish based mobile phone manufacturer in India have been raided. It is alleged that the company evaded tax of $545Million USD – that’s about 3000 Crore Rupees in Indian currency. The Income tax department raided their offices in Chennai and their factory in Sriperumbudur.

A Nokia represensative told to The Econominc Times, “Yes, the raids are on. I will call back.” but The Next Web got an update earlier today, they said that the tax officials “visited” their manufacturing unit and the company is fully cooperating to ensure that the necessary information is given, however the operations are not affected.

They’ve also said the following:

As a global company, Nokia consistently fields a large and steady number of tax queries, audits and assessments. Nokia’s commitment to being a good corporate citizen is firm and unwavering: we always observe applicable laws and rulings in the countries where we operate. This has been a core principle of our operations in India, where Nokia has been present since 1995.

Source: TNW | The Economic Times