Nokia factory in India raided over unpaid $542M tax bill
A factory in India that makes <a href="http://macnn.com/rd/276883==http://www.electronista.com/articles/13/01/03/metal.body.to.help.nokia.compete.with.iphone/" rel='nofollow'>Nokia</a> phones has been raided by tax authorities, according to reports. The Finnish mobile phone manufacturer's factory in Chennai was raided by 20 officials, with authorities claiming that taxes amounting to 3000 Crore INR ($542 million) have not been paid by the company to the Indian government. <br />
A spokesperson and two factory employees confirmed the raid to <a href="http://macnn.com/rd/276884==http://economictimes.indiatimes.com/tech/hardware/tax-officials-raid-nokia-campuses-in-chennai/articleshow/17937666.cms" rel='nofollow' target="_self" title="">the</a> <em>Economic Times</em>, with the Nokia representative at the factory telling the publication "Yes, raids are on. I will call back." A statement from Nokia received <a href="http://macnn.com/rd/276885==http://thenextweb.com/in/2013/01/08/nokia-factory-in-india-is-raided-by-officials-over-reported-542-million-in-unpaid-taxes/" rel='nofollow' target="_self" title="">by</a> <em>The Next Web</em> claimed that the "operations in Chennai are continuing unaffected," continuing "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."
Nokia has been suffering financially over the last few years, with its cash stockpile shrinking from $11 billion five years ago to $2.7 billion in May last year. Cost cutting efforts have seen the company restructure, shedding <a href="http://macnn.com/rd/276886==http://www.electronista.com/articles/11/11/23/nokia.to.cut.23.percent.of.workforce.by.2013/" rel='nofollow' target="_self" title="">17,000 jobs</a> and closing factories, and has also carried out the sale and lease-back of <a href="http://macnn.com/rd/276887==http://www.electronista.com/articles/12/12/04/nokia.sells.espoo.headquarters.to.help.stem.cashfl ow.issues/" rel='nofollow' target="_self" title="">its headquarters</a> in Espoo, Finland.
|All times are GMT -4. The time now is 08:25 PM.||
Copyright © 2005-2007 MacNN. All rights reserved.
Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2014, vBulletin Solutions, Inc.