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Nokia tax dispute
April 30 , 2018
2449 days
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- India and Finland have reached an accord on the tax dispute with Nokia under the Mutual Agreement Procedure (MAP)
- Nokia factory in Sriperumbudur was issued Income Tax notice and asset freeze was imposed on the factory.
- Nokia India was issued a demand notice for ₹2,500 crores in 2013, which was thereafter reduced to ₹1,600 crores.
- The issue surrounding the alleged tax payable by Nokia “has been resolved”, paving the way for the company to sell its plant shuttered for long in Chennai
- Under MAP, settling a case with the other government essentially means closing all pending proceedings related to a tax matter.
- It is increasingly seen as the preferred mode for settling cross-border disputes.
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