Govt issues notice to Kia for $155 mn tax evasion, company denies charges

Quick Summary:

The latest available corporate filings in India show Kia's domestic annual sales of $4.45 billion in fiscal 2022/23 were its highest ever, up 53 per cent on the year, for net profit of $243 million.

Kia devised the strategy to ensure the imports "could not (be) detected by customs," it added in the notice, issued by a customs commissioner in the southern city of Chennai.

In a statement to Reuters, Kia India said it made "a detailed response, supported by comprehensive evidence and documentation to substantiate" its stand and the authorities were still reviewing the matter.

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Article Details

Category: BusinessFinance

Markets: IndiaSouth Korea

Topics: Kia tax evasion case Custom duty evasion Direct taxes Hyundai

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-05 @ 15:46:54 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 847 words

Reading Time: 5 minutes read

Sentences: 28 lines

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Copyright Owner: © Business Standard

News ID: 25907205

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