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MNCs owe government Rs 8,020-cr in taxes
August, 25th 2007
The Income Tax Department has issued notices to recover Rs 8,020 crore of additional taxes from foreign companies as on July 31 this year, the Lok Sabha was informed on Friday.

The additional taxes demanded and outstanding from foreign companies are to the tune of Rs 8,020 crore as on July 31, 2007, Minister of State for Finance S S Palanimanickam said in a written reply.

The I-T Department has issued notices to all these companies for payment of additional tax demanded in accordance with the provisions of the Income Tax Act, he said.

Appropriate action under the law has been undertaken to recover the outstanding demand, the minister said.

The declared income of foreign companies is subject to scrutiny under the provisions of the Income Tax Act, as a result of which additions to the total income have been made in some cases, he said.

Such additions emanate from taxability of certain incomes on the ground of their being permanent establishment, disallowances of expenses and difference with regard to the interpretation of tax treaties, he said

Certain adjustments to the income have also been made on account of transfer pricing regulations, Palanimanickam said.
 
 
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