Tax officials inspect Nokia factory in India

Popular handsets: A business meeting of Nokia

FINNISH phone giant Nokia said on Tuesday (January 8) Indian tax authorities had visited a manufacturing unit in Chennai, without giving further details.

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?Earlier today, tax authorities visited Nokia?s manufacturing unit in Chennai. We are fully cooperating to ensure they get the necessary information to help in their inquiry,? a Nokia spokesman said in a statement.

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?We always observe applicable laws and rulings in the countries where we operate,? the Finnish handset maker added.

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India- one of the world?s fastest growing mobile phone markets - is Nokia?s second largest market, with the Chennai factory producing over 20 different models for the company.

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Chennai?s chief income tax commissioner S Senthamarai Kannan told reporters officials had conducted a ?survey? of Nokia?s factory, suspecting tax evasion of about Rs30bn ($545m/?339.53m), media reports said.

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Nokia is not the only multinational firm facing a tax probe in India.

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British mobile network firm Vodafone received a fresh notice last week from Indian tax officials stating it owes more than $2bn (?1.22bn) in taxes on its 2007 purchase of a stake in a domestic telecommunications company.

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Vodafone maintains it is not liable to pay any tax on the transaction.

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In November, an Indian minister said in parliament that the country is probing a local unit of candy giant Cadbury for evading millions of dollars in taxes.

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India?s finance minister, P Chidambaram, has vowed to clamp down on tax evasion to help to lower the country?s wide fiscal deficit.

Source: http://www.gg2.net/business/india-business/Tax+officials+inspect+Nokia+factory+in+India/4012

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