Cadbury acknowledges receipt of tax notice from Indian authorities

by Paul Joseph on March 6, 2013 · 0 comments

Cadbury Plc owner Mondelez International Inc has confirmed that it Indian tax authorities have sent it a showcause notice alleging that the chocolate firm had used a nonexistent factory to avoid taxes. According to a newly published WSJ report, Cadbury dodged taxes of nearly Rs 250 crore by providing wrong information that it was producing chocolates from a non-existing factory in Himachal Pradesh. The company provided wrong information to enjoy tax exemption that was announced for companies that had started production in Himachal Pradesh by March of 2010. read more

[via Stock Watch – Stock Specific News]

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