BMW says it’s under India inspection after report of tax probe

 

Mumbai: Bayerische Motoren Werke AG (BMW) said it’s cooperating with Indian authorities after a newspaper reported the German company is being investigated for possibly owing $120 million in taxes.

“An inspection is in process by the authorities at the BMW plant in Chennai,” Abhay Dange, a BMW India spokesman, said in a text message. “We are cooperating with the authorities in the inspection process.”

Indian authorities are examining whether BMW owes additional taxes for auto-parts imports stretching back to 2011, the Wall Street Journal reported, citing a person familiar with the matter it didn’t identify. Inspectors have seized a shipment of engines and transmission equipment as part of the probe, according to the report.

Dange declined to comment on details of the investigation.

Sandeep Bhatnagar, joint secretary for customs at the Central Board of Customs and Excise in New Delhi, didn’t answer after-hours calls to his office. Bloomberg

 

wahab khan

pgdm 1st.