The British insurance company Aviva mentioned on Saturday that its Indian branch is currently in discussions with state and local governments regarding suspicions of tax dodging activities. Click here to message us on WhatsApp.
News outlet Reuters disclosed on Friday that a tax authority in India has discovered Aviva India’s violation of national rules limiting the commissions that sales representatives could earn, by engaging in the use of counterfeit invoices and secret cash transactions from 2017 to 2023.
The tax authorities identified that Aviva’s operations in India had made payments of approximately $26 million to supposed marketing and training suppliers. However, it was revealed they were in fact a cover for diverting money to Aviva’s representatives, as detailed in a notice issued on August 3.
It was claimed that Aviva used counterfeit bills to obtain tax deductions and avoid paying $5.2 million in taxes in India. The firm could be liable to pay up to $11 million in fines, which is about its earnings for the year from the life insurance sector in the nation.
On Saturday, a spokesperson for a company based in the UK discussed the issue, calling it a concern across the industry and noting that their Indian joint venture was “being actively involved” with the necessary agencies. Additionally, the spokesperson mentioned that the matter was “an issue affecting the entire sector”. Further details:BLS International buys a controlling 51% share of SLW Media for a total of Rs 80.24 croresDantewada’s government slapped NMDC with a fine of Rs 1,620.5 crores for breaking rules by the Dantewada administration has imposedThis section includes:BLS International buys SLW Media’s controlling stake for 80.24 croresNext, Dantewada’s government fines NMDC for 1.62 crores on account of violationsLT Foods enhances its Ready-to-Cook (RTC) and organic products to expect double-digit increasesFMCG giant Emami to gain the remaining 49.6% of ‘The Man Company’F Goldman
Aviva holds 74 per cent in its India joint venture with Dabur Invest Corp, a prominent local firm.
This matter is linked to a wide-ranging probe targeting more than a dozen Indian insurance companies accused of dodging $610 million in unpaid taxes, interest, and fines.
Aviva mentioned it is dealing with a “minor possible tax liability” and “it has encountered no negative verdicts or fines against Aviva”.
(Only the headline and image have been changed by the staff at Business Standard; the remaining part of the report is automatically generated from a third-party source.)Additionally,
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