Home--News

Coca-Cola India has $1 Million Overdue Tax Liability
 
Financial Express
March 16, 2008

New Delhi, March 16: Indian arms of Ericsson, Daewoo Motors, Samsung and Coca Cola India figure among dozens of MNCs that have outstanding tax liability totalling over Rs 3,500 crore.

The revenue department, according to finance ministry figures, has to recover Rs 472.10 crore from Swedish telecommunications equipment maker Erricsson AB, Rs 442.72 crore from Daewoo Motors India and Rs 424.75 crore from Coca Cola India.

About three dozen MNCs operating in India have total outstanding tax liability of more than Rs 3,500 crore as of December 31, 2007, says the finance ministry figures on Companies with tax arrears of more than Rs 25 crore.

The list of Companies with high outstanding tax liability also include Samsung India Electronics (Rs 132.84 crore) and Star India Ltd (Rs 178.42 crore).

Other Companies against which there is a large outstanding tax liability include Niko Resources (Rs 139.72 crore), Cartier Shipping (Rs 174.79 crore), A P Moller (Rs 113.10 crore) and Gracemac Cocon (Rs 136.49 crore).

The revenue department, according to official sources, has set up a task force to monitor recovery of arrears in cases involving large sums.

Besides, the ministry has also requested Settlement Commission for speedy disposal of high demand cases, they said.

The Government has also requested the Income Tax Appellate Tribunal and Commissioners (Appeals) to expeditiously dispose of appeals involving substantial amount of arrears.

FAIR USE NOTICE. This document contains copyrighted material whose use has not been specifically authorized by the copyright owner. India Resource Center is making this article available in our efforts to advance the understanding of corporate accountability, human rights, labor rights, social and environmental justice issues. We believe that this constitutes a 'fair use' of the copyrighted material as provided for in section 107 of the U.S. Copyright Law. If you wish to use this copyrighted material for purposes of your own that go beyond 'fair use,' you must obtain permission from the copyright owner.





 


 

 

 
Home | About | How to Use this Site | Sitemap | Privacy Policy

India Resource Center (IRC) is a project of Global Resistance -- "Building Global Links for Justice"
URL: http://www.IndiaResource.org Email:IndiaResource (AT) igc.org