Income Tax officials conducted a raid at Nokia’s Sriperumbudur manufacturing unit in Chennai, India. Nokia spokesperson confirmed the raid in in the morning. According to ET, Income tax authorities said they suspect tax evasion to the tune of Rs 3,000 crore(approx $600 million) by Nokia.
We reached out to Nokia to get the following response,
According to the Nokia Spokesperson, â€œEarlier today, tax officials visited Nokiaâ€™s manufacturing unit in Chennai. Nokia is fully cooperating to ensure they get the necessary information to help in their inquiry.
As a global company, Nokia consistently fields a large and steady number of tax queries, audits and assessments. Nokiaâ€™s commitment to being a good corporate citizen is firm and unwavering: we always observe applicable laws and rulings in the countries where we operate. This has been a core principle of our operations in India, where Nokia has been present since 1995.â€
We hope Nokia comes out clean on this issue, otherwise this will get added to their long list of problems faced by them.