PwC India Probed in Inquiry on Possible Tax Evasion by Nokia
January 18, 2013 5:22 PM EST
The Indian affiliate of global accounting firm PricewaterhouseCoopersPWC.UL was questioned on Thursday by tax authorities looking into possible tax evasion by Finnish phone maker Nokia(NOK1V.HE), a spokesman for PwC confirmed.
Tax officials last week raided Nokia's production unit in Chennai, one of the company's biggest facilities.
A senior Indian tax official said the investigation related to allegations that Nokia may have evaded around 30 billion rupees in taxes. Nokia has said it was cooperating with the probe.
PwC's arm in India both audits and provides tax advice to Nokia, said Mike Davies, a spokesman for PricewaterhouseCoopers International Ltd. Auditor independence standards in India allow firms to both audit and provide tax advice to the same client, he added.
PwC's Indian affiliate has said they are fully cooperating with tax authorities on the matter.
Newspapers in India reported last week that PwC would be called in for questioning on the Nokia tax case.
British telecommunications carrier Vodafone Group Plc (VOD.L) is also being pressed for payment of $2 billion in disputed taxes in India on its 2007 acquisition of mobile telecom assets.
Tax disputes are becoming more common as governments around the world faced with large deficits crack down on tax avoidance in search of new revenues.
Most Popular Slideshows
- ‘Sons of Anarchy’ Season 7 Finale Spoilers: Kurt Sutter On Ending The Biker Series And Picking The Right Song For The Final Ride
- Prince Charles’ Wife Camilla Parker-Bowles In Drug Scandal - Reports
- Prince Harry Kissing Mystery Blond, Cressida Bonas & Camilla Thurlow Are Distant Memory
- St. Louis Rams 28, Seattle Seahawks 26 [PHOTOS]
Join the Conversation
- Galaxy Note 4 vs Redmi Note 2 vs iPhone 6: Samsung in Danger with Depressing Q3
- iOS 8 Jailbreak Release Date Likely this October 2014 with Pangu not Evad3rs Firming Up as Creator
- Apple Inc. (AAPL) Stock Set to Soar Beyond $100 Despite Decline After New iPad Launch
- iPhone 6 vs Nexus 6 vs Galaxy Note 4: Performance and User Interface Comparison
- Fappening: Message Board Posters Belittle Nude Photo Leakers As D-Listers Seeking Publicity
- Russia Beefs Up Gold Reserves To Offset Heat of Sanctions And Undercut Dollar
- Fappening: Lindsay Clubine, Wife Of Boston Red Sox Pitcher Clay Buchholz, & George Sampson Of Britain’s Got Talent, Are The Latest Victims Of Celebrity Nude Leaks