Friday, April 25, 2014   

US$3b India tax claim hangs over Nokia and its assets
(12-10 16:31)

Finnish mobile phone maker Nokia faces a tax bill of more than 210 billion rupees (US$3.4 billion) in India from liabilities arising out of unpaid charges and penalties since 2006, a report said.
Indian tax authorities froze some of Nokia's assets in October including bank accounts and buildings over a dispute which ended in court.
Nokia has reportedly offered to pay about 30 billion rupees (US$490 million), but the income tax department “has informed the Delhi High Court that Nokia India and its parent Nokia Corp have a tax liability adding up to 211.53 billion rupees,’’ the Times of India reported today.
The paper said the submission was made by the income tax department in reply to Nokia's plea to free up its assets.
Nokia's Indian unit was not immediately available for comment.
The case is due to be heard in court today.
The alleged tax evasion involves software royalty payments to Nokia's parent, on which 10 percent tax should have been deducted and paid to India.
Software giant Microsoft agreed in September to acquire Nokia's devices and services business for US$7.2 billion.--AFP



   
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