26.02.2025, 18:33
Volkswagen was accused of tax evasion
Source: OREANDA-NEWS
OREANDA-NEWS The Indian tax Service has accused Volkswagen of tax evasion. This is reported by Business Standard.
The customs Administration notes that Volkswagen used an underground scheme to import car parts in separate batches in order to reduce taxes, which ranged from 30 to 35 percent. Thus, over 12 years, the company has underpaid $ 1.4 billion.
"You have to follow the law. The law is the same for everyone. Similar importers are already paying 30 percent. The company is to blame for misclassifying the goods," the Indian Customs Administration stressed.
If the German carmaker is found guilty, it will have to pay $2.8 billion in fines and interest for overdue import taxes.
Volkswagen, which left Russia, took the second place in sales in the world by the end of 2024 (about 9.02 million cars sold). Toyota retained the leadership for the fifth year in a row (10.8 million cars), while South Korean auto giant Hyundai Motor rounded out the top three (7.23 million cars).
The customs Administration notes that Volkswagen used an underground scheme to import car parts in separate batches in order to reduce taxes, which ranged from 30 to 35 percent. Thus, over 12 years, the company has underpaid $ 1.4 billion.
"You have to follow the law. The law is the same for everyone. Similar importers are already paying 30 percent. The company is to blame for misclassifying the goods," the Indian Customs Administration stressed.
If the German carmaker is found guilty, it will have to pay $2.8 billion in fines and interest for overdue import taxes.
Volkswagen, which left Russia, took the second place in sales in the world by the end of 2024 (about 9.02 million cars sold). Toyota retained the leadership for the fifth year in a row (10.8 million cars), while South Korean auto giant Hyundai Motor rounded out the top three (7.23 million cars).
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