Exclusive-India Probing Pernod, Diageo Scotch Imports Under India-UK Trade Pact, Sources Say
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4 Articles
Exclusive-India probing Pernod, Diageo Scotch imports under India-UK trade pact, sources say
By Aditya Kalra NEW DELHI, Oct 19 (Reuters) - Indian tax officials are investigating whether liquor giants Pernod Ricard and Diageo wrongly classified some bulk Scotch imports, allowing them to pay lower tariffs introduced under the recently agreed Ind...
India probing Pernod, Diageo Scotch imports under India-UK trade pact, sources say
Indian tax officials are investigating Pernod Ricard and Diageo for how they classified bulk Scotch imports. These companies may have improperly benefitted from reduced tariffs under a recent trade agreement. Tax inspectors made surprising visits to both companies' offices to gather information about their practices. The investigations are part of a broader scrutiny faced by foreign investors in India.
Import tariff disputes have been a hot spot for foreign investors in India
The Indian tax authorities are investigating Pernod Ricard and Diageo for suspicion of misclassification of their Scottish whisky imports. Both giants are suspected of unduly benefiting from the tariff reductions in the India-United Kingdom agreement on bulk concentrates, whereas these benefits would only concern finished products.
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