All data is delayed
See More

Indian tax officials raid Nokia

Jan 08 2013 14:08

Chennai/Helsinki - Finnish phone maker Nokia's said Indian tax officials raided its production unit in the southern city of Chennai on Tuesday. 

A company spokesperson said it was cooperating with the probe, although he could not elaborate on what local authorities were looking for. The Chennai plant is one of Nokia's biggest facilities. 

A senior Indian tax official said the investigation related to allegations that the company may have evaded around 30 billion rupees ($543m) in taxes. 

"We are suspecting a default in TDS (tax deducted at source) on payments to other countries against software supplies," said the Indian tax official, who declined to be named. 

Nokia shares fell 2.3% to €3.20 by 11:42 GMT. 

India's finance minister, P. Chidambaram, has vowed to clamp down on tax evasion to help the country plug a widening fiscal deficit. 

In November, a junior finance minister said India was investigating the local unit of chocolate maker Cadbury over taxes.


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

nokia  |  india  |  tax evasion


Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


With infrastructure spending having been identified as one of the key focus areas of the National Development Plan, tradesmen will continue to play a critical role in growing the South African economy through their skills.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

A 30% a month return on investment is:

Previous results · Suggest a vote