Business & FinanceBreaking NewsBreakingLatest News
Truecaller Expects $91 Million Tax Claim from India Over Transfer Pricing
Sentiment: NeutralHigh Priority
What Happened?
Truecaller anticipates a tax claim of approximately 900 million Swedish crowns from Indian authorities after an audit of its transfer pricing. The company plans to appeal the order.
Key points
- Truecaller expects a tax claim of about 900 million Swedish crowns ($90.85 million) from India.
- The claim includes interest and follows an audit of its transfer pricing.
- The company received its first formal transfer pricing order for the 2022/23 financial year.
- Truecaller anticipates a total liability of about 900 million crowns for the period from 2018/19 to 2023/24.
- It expects to recover about 350 million crowns in Sweden under double-taxation relief.
Key insights
- Truecaller asserts that its transfer pricing policy complies with arm's-length principles.
- The company plans to appeal the tax order through Indian tax tribunals and courts.
- The outcome of this case may influence future tax regulations for foreign companies in India.
Why it matters
This tax claim could significantly impact Truecaller's financial position in India.
Entities
Truecaller· CompanyIndia· Country
Source
Business Standard
