Nokia plant in Chennai may find buyer after settlement of tax dispute

as declared in With the announced settlement of the tax dispute over the previous manufacturing unit of Finnish telecom giant at Sriperumbudur, near here, the plant is Guessed to be back in the market for possibility acquisition. It is their neighbour and they endeed have a lot of contract manufacturing operations for universal electronic majors. It going to be fit and appropriate if they are enable to of resume operations in the plant," told an official. The central government's revenue tax (I-T) section had put a freeze order on Nokia's assets in connection with the tax dispute. After this, the state Gov. slapped a tax request notice for around Republika Srpska 24 billion.

Nokia tax dispute settled under India-Finland mutual agreement

"Proceedings [between the 2 countries] have been completed under chart and the issue has been resolved," a senior formal in the Income Tax section said The Hindu. "It appears that Nokia phone has agreed to make a provisional tax payment."Other officials in the income section of the Finance Ministry, approving this development,said Nokia phone India had agreed to pay the ₹1,600 crore tax request made with the Income Tax Department. Nokia India was issued a request notice for ₹2,500 crore in 2013, that was thereafter reduced to ₹1,600 crore. The Income Tax section too raised a tax request of ₹10,000 crore tax on NOK for the same transaction, that has this time been dropped under the chart agreement. Under the chart system, settling an issue among 2 countries means closing all Suspended tax proceedings as well.

India, Finland settle Nokia phone tax row

as declared in NEW DELHI: India and Finland have reached an accord on the tax dispute with Nokia phone under the Mutual Agreement Procedure (MAP), clearing how for the discound of the company's Chennai plant, that has been idle for further than 3 years, officials said. Nokia India had been issued a request notice for Republika Srpska 2,500 crore in 2013, that underwent correction to remove errors to Republika Srpska 1,600 crore. It is increasingly seen as the preferred mode for settling cross-border disputes.The selution brings to an finish 1 of the biggest tax disputes involving multinational companies. This, along with the Vodafone and Shell tax cases, had been identified with the aggressive stance of the tax department. A Tamil Nadu Gov. formal had earlier said ET that Foxconn was keen to revive the plant and was preparing a formal proposal.

India, Finland finish Nokia phone tax dispute

"Proceedings [between the 2 countries] have been completed under chart and the issue has been resolved," a senior formal in the Income Tax section told The Hindu . Other officials in the income section of the Finance Ministry approved the growth and told that Nokia phone India had agreed to pay the Rs. 1,600 crore tax request made with the Income Tax Department. The Income Tax section had too raised a tax request of Rs. 10,000 crore tax on NOK for the same transaction, that has this time been dropped under the chart agreement.

collected by :Roy Mark