Nokia one step closer to Microsoft ownership after getting seized Indian factory returned
The bad news is that Nokia still faces a tax bill of as much as $3.4 billion including penalties and interest for non-payment of taxes. The original tax bill was 20.8 billion rupees ($335 million USD) for the five fiscal years that started in 2006-2007. And Nokia had to reach into its wallet to release the seized plant. The Delhi High Court asked Nokia to place 22.50 billion rupees ($367.17 million USD) into an escrow account as a condition for releasing the seized factory. Had Nokia not made the deposit, the plant in Chennai might have been forced to work for Microsoft as a sub-contractor.
India's Tax Court has been actively stepping up its attempts to collect back taxes it says are due by many major international firms with facilities in the country. India faces a budget deficit it needs to reduce and collecting back taxes is one way to close the gap. Nokia, on the other hand, would probably prefer to see India use a bake sale to raise the funds.
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