Tax Pressure Mounts on Nokia (NOK) in Massive Growth Market
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Nokia Corp (NYSE: NOK) is fighting for its right to remain compliant in one of the most robust growth markets in which it operates.
According to reports out Thursday, Indian authorities were looking for tax payments from the Espoo, Finland-based mobile device giant, but the Delhi High Court has suspended the order following an appeal filing made last week.
Nokia insists that it has fully complied with local laws and a India-Finland tax treaty, said the WSJ.
Specific amounts weren't officially confirmed, but one local news source in India said the amount might be 20 billion rupees ($368.3 million) or more.
Nokia's offices in Chennai, India, were raided last January by Indian tax authorities, which prompted a complaint from the company. Nokia claimed the raid was tied to taxes paid for supply software to devices made in India, which came for the company's Espoo headquarters.
Shares of Nokia are indicated lower Thursday.
According to reports out Thursday, Indian authorities were looking for tax payments from the Espoo, Finland-based mobile device giant, but the Delhi High Court has suspended the order following an appeal filing made last week.
Nokia insists that it has fully complied with local laws and a India-Finland tax treaty, said the WSJ.
Specific amounts weren't officially confirmed, but one local news source in India said the amount might be 20 billion rupees ($368.3 million) or more.
Nokia's offices in Chennai, India, were raided last January by Indian tax authorities, which prompted a complaint from the company. Nokia claimed the raid was tied to taxes paid for supply software to devices made in India, which came for the company's Espoo headquarters.
Shares of Nokia are indicated lower Thursday.
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