The Indian government has for some time been clamping down on tax evasion by big multinationals, chasing up on everything from fictional factories to complicated accounting tricks as it tries to shore up the country’s troubled finances.
Now it’s BMW’s turn under the lens. The German car maker is under investigation after reports that it owes import duties of as much as $120m.
The Indian government has introduced a 20 per cent import tax on certain varieties of stainless steel from China, in a move to protect local industry.
The safeguard duty will be in place for 200 days and applies to “Hot Rolled Flat Products of Stainless Steel-304 ” and all grades containing Chromium or with a Nickel content over 6 per cent.
Brazil’s tax system these days increasingly resembles the country’s popular soap operas or ‘telenovelas’- convoluted, farcical and incredibly hard to follow.
After months of frequent tax breaks and hikes, the finale of Brazilian protectionism seemed to come on Tuesday night with the announcement of higher import taxes on no less than 100 products.