Placeholder canvas

‘Phantom Factory’ costs Cadbury £62m

Date:

Chocolate maker Cadbury on Monday was hit with a new Rs 5.7 (£62m) tax claim in India in relation to allegations that it claimed excise benefits on a “phantom” factory.

India, under pressure to reduce its budget deficit, has sought to boost fiscal revenue, not least by pursuing billions of dollars in unpaid tax claims against large multinationals, including Cairn Energy, British-based oil group, and Vodafone, the telecoms giant.

India’s authorities suggest Mondelez International-owned Cadbury, provided inaccurate information when claiming an excise tax exemption linked to a factory in the northern Indian state of Himachal Pradesh.

The Fruit and Nut bar maker has launched a battle against the tax bill. “The issue is one of interpretation, and it will be inappropriate on our part to discuss the details externally at this time since the matter is sub-judice and in the legal domain,” the company said in a statement.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

NewsMobile Morning Brief

Lok Sabha Polls: EC Extends Poll Timings In Bihar...

Lok Sabha Polls: EC Extends Poll Timings In Bihar LS Seats Due To Heatwave

New Delhi: The Election Commission (EC) has announced an...

IPL 2024: Delhi Capitals Defeat Gujarat Titans By Four Runs In Last-Ball Thriller

New Delhi: A stellar all-round performance by Delhi Capitals...