India has issued a notice to Volkswagen (VWAGY) for allegedly evading $1.4B in taxes by paying less import tax on components for its Audi, VW, and Skoda cars, Aditi Shah, Aditya Kalra, and Nikunj Ohri of Reuters reports. A notice dated September 30 says Volkswagen used to import “almost the entire” car in unassembled condition, which attracts a 30%-35% import tax in India, but evaded levies by “mis-declaring and mis-classifying” those imports as “individual parts” and paying 5%-15% duty. These imports were made by Skoda Auto Volkswagen India for its models including Skoda Superb and Kodiaq.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on VWAGY:
- Tariffs could push auto prices out of U.S. consumers’ reach, says Morgan Stanley
- BYD (OTC:BYDDY) Braces for EV Price War with Supplier Price Cuts
- Volkswagen disposes ownership stakes in facilities in Xinjiang, NY Times says
- Volkswagen, SAIC Motor announce new JV agreement
- Automakers slide after Trump threatens 25% tariff on Mexico, Canada