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India slaps Samsung with tax demand of $601 million for telecom imports

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India has ordered Samsung and its executives in the country to pay $601 million in back taxes and penalties for dodging tariffs on import of key telecoms equipment. The demand represents a substantial chunk of last year's net profit of $955 million for Samsung in India.
India has issued a tax demand of approximately $601 million to Samsung Electronics for the period from 2010 to 2012, related to the import of telecom equipment. The tax authorities allege that Samsung underpaid customs duties by misclassifying its imports. This action is part of a broader initiative by Indian tax officials to scrutinize multinational corporations for potential tax evasion. Samsung has contested the demand, arguing that it complied with all relevant tax regulations during the period in question. The company is currently evaluating its options, which could include an appeal against the tax notice. This development comes at a time when India is pushing for more domestic manufacturing and reducing reliance on imports, aligning with its 'Make in India' campaign.

Read the Full Reuters Article at:
[ https://www.msn.com/en-us/money/companies/exclusive-india-slaps-samsung-with-tax-demand-of-601-million-for-telecom-imports/ar-AA1BBt0S ]