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Investing.com -- South Korea’s Kia has been accused by India of evading taxes amounting to $155 million through misclassification of component imports, Reuters reported on Wednesday, citing a government document and two sources.
In April 2024, tax officers issued a confidential notice to Kia’s Indian unit, alleging tax evasion of 13.5 billion rupees, the report said, adding that the accusation is centered on the incorrect declaration of imports of components used for the assembly of Kia’s luxury Carnival (NYSE:CCL) minivan.
In response to these allegations, Kia India issued a statement denying any wrongdoing.
The carmaker told Reuters it has provided a detailed response, supported by comprehensive evidence and documentation, to substantiate its position. The authorities are currently reviewing the matter.
Kia India also stated its commitment to comply with all regulations and has consistently cooperated with the authorities. The company reiterated its dedication to upholding regulatory standards in its operations.
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