Nokia's (NOK) Tax Bill in India Could Balloon to $3.4B
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Nokia Corp (NYSE: NOK) is lower Tuesday following word that its tax bill in India might be much larger than previously expected.
The WSJ commented today said Nokia could end up paying around $3.4 billion in taxes to India, from its current $340 million liability. The WSJ cited a tax official on the speculation.
India froze Nokia's assets in the country last September. Nokia is planning a $350 million settlement with the country and needs to have those assets back so it can complete its Devices & Services sale to Microsoft (Nasdaq: MSFT). The deadline for Nokia is Thursday this week, the WSJ noted.
Shares of Nokia are down about 2 percent in early trading.
The WSJ commented today said Nokia could end up paying around $3.4 billion in taxes to India, from its current $340 million liability. The WSJ cited a tax official on the speculation.
India froze Nokia's assets in the country last September. Nokia is planning a $350 million settlement with the country and needs to have those assets back so it can complete its Devices & Services sale to Microsoft (Nasdaq: MSFT). The deadline for Nokia is Thursday this week, the WSJ noted.
Shares of Nokia are down about 2 percent in early trading.
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