$520 Million Tax - Business Outrank

Samsung defends itself against a ₹4,300 crore ($520 million) tax assessment from Indian tax authorities after claiming they followed the same import classification system that Reliance had used without any issues. The tax dispute emerged from Samsung's alleged incorrect "Remote Radio Head" equipment imports between 2018 and 2021 which the company distributed to Reliance Jio. The authorities charge Samsung with using tariff evasion to increase profits yet the company maintains the classification method was established and approved by the government. Samsung presented a 281-page submission to the Customs Excise and Service Tax Appellate Tribunal which demonstrated Reliance used identical import methods until 2017 while tax officials issued warnings that Reliance failed to disclose to Samsung. The South Korean company maintains that its import procedures were well known to the government throughout that period yet the authorities never expressed any concerns. Samsung claims the January tax order was hasty and prevented them from obtaining a proper hearing because of its substantial financial impact. The Indian authorities have demanded $520 million from Samsung while also imposing ₹675 crore ($81 million) in fines on seven Samsung employees which raises the total claim to $601 million against Samsung India’s 2024 net profit of $955 million. The tax dispute mirrors a previous case involving Volkswagen as the company fights against a $1.4 billion tax assessment. The dispute creates additional challenges for international businesses operating in India because the country continues to face challenges regarding retrospective taxation and customs inspections. Samsung asserts its procedures followed standard industry practices while requesting the tribunal to eliminate the order.

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Browsing: $520 Million Tax