Coca-Cola India has $1 Million Overdue Tax Liability
Financial Express
March 16, 2008

New Delhi, March 16: Indian arms of Ericsson, Daewoo Motors, Samsung and Coca Cola India figure among dozens of MNCs that have outstanding tax liability totalling over Rs 3,500 crore.

The revenue department, according to finance ministry figures, has to recover Rs 472.10 crore from Swedish telecommunications equipment maker Erricsson AB, Rs 442.72 crore from Daewoo Motors India and Rs 424.75 crore from Coca Cola India.

About three dozen MNCs operating in India have total outstanding tax liability of more than Rs 3,500 crore as of December 31, 2007, says the finance ministry figures on Companies with tax arrears of more than Rs 25 crore.

The list of Companies with high outstanding tax liability also include Samsung India Electronics (Rs 132.84 crore) and Star India Ltd (Rs 178.42 crore).

Other Companies against which there is a large outstanding tax liability include Niko Resources (Rs 139.72 crore), Cartier Shipping (Rs 174.79 crore), A P Moller (Rs 113.10 crore) and Gracemac Cocon (Rs 136.49 crore).

The revenue department, according to official sources, has set up a task force to monitor recovery of arrears in cases involving large sums.

Besides, the ministry has also requested Settlement Commission for speedy disposal of high demand cases, they said.

The Government has also requested the Income Tax Appellate Tribunal and Commissioners (Appeals) to expeditiously dispose of appeals involving substantial amount of arrears.

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