Finland, Indian taxmen meet on Nokia case; talks continue
Nokia had offered to deposit Rs 2,250 crore, if the income tax (I-T) department agreed to detach its Chennai factory, but the government has rejected Nokia's offer.
December 11, 2013 / 09:07 IST
Officials from Finland and India’s tax department met to resolve the tax dispute between the Indian government and mobile handset maker Nokia. The stand-off has led to the Indian government freezing the Chennai unit of Nokia which has to be transferred to Microsoft under the recent deal between the two companies.
The talks were inconclusive and will continue, sources told CNBC-TV18, adding there was no scope for invoking the mutual agreement procedure (MAP).Nokia had offered to deposit Rs 2,250 crore, if the income tax (I-T) department agreed to detach its Chennai factory, but the government has rejected Nokia's offer.Around Rs 2600 crore is the company’s tax liability for the current year and Rs 10,000 crore is the prospective liability for the next year and a half. It is being levied on Nokia because the company is going to exit the country. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
