Daewoo Motors, Samsung, Coca Cola India among multinationals with Rs 3,500 crore outstanding taxes dues news
17 March 2008

New Delhi: Daewoo Motors, Samsung and Coca Cola India figure among dozens of multinational corporations (MNCs) that owe Rs 3,500 crore in taxes to the government.NNNNAccording to finance ministry figures, nearly three-dozen MNCs operating in India account for the total outstanding tax liability of more than Rs3,500 crore, with tax arrears of more than Rs25 crore, as of December 31, 2007, the finance ministry figures stated.

Swedish telecommunications equipment maker Erricsson AB is said to be in arrears to the extent of  Rs472.10 crore , Daewoo Motors India Rs 442.72 crore and Coca Cola IndiaRs424.75 crore.NN Others on the list of those with outstanding tax liability are Samsung India Electronics with Rs132.84 crore, Niko Resources (Rs139.72 crore), Cartier Shipping (Rs174.79 crore), A P Moller (Rs113.10 crore), Gracemac Cocon (Rs136.49 crore).and Star India Ltd Rs178.42 croreNNNNThe revenue department, according to official sources, has set up a task force to monitor recovery of arrears in cases involving large sums.

NNNBesides, the ministry has also requested Settlement Commission for speedy disposal of high demand cases, they said. NNNNThe government has also requested the Income Tax Appellate Tribunal and Commissioners (Appeals) to expeditiously dispose of appeals involving substantial amount of arrears.


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Daewoo Motors, Samsung, Coca Cola India among multinationals with Rs 3,500 crore outstanding taxes dues