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HP India Under Investigation for Financial Irregularities

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HP India Under Investigation for Financial Irregularities

by CFO Innovation Staff, 06 May 2010
topics:
Accounting and Regulations Law and Compliance Tax
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HP investigation tax evasion
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Hewlett-Packard is under probe again. This time its India unit is being investigated for alleged evasion of customs duties and smuggling, according to news reports.

 

Citing anonymous sources, the Wall Street Journal says India's Directorate of Revenue Intelligence (DRI) found that Hewlett-Packard India Sales Pvt. Ltd. "had avoided paying proper duties on shipments of computers, printers, scanners and other devices into the country." The DRI has has served the company a notice to pay US$325 million for evasion of customs duty.

 

HP has confirmed it is under investigation, but will challenge the DRI's claims through the judicial process.

 

Over at Economic Times, the newspaper reports that HP India undervalued computer products and spares that were imported from countries like Singapore and the U.S. The undervaluation went unnoticed because the company had been offered a "green channel facility" for faster clearance of imported goods without the usual customs checks.

Original Article URL: 
H-P Says India Unit Under Probe
HP India gets Rs 1,450-cr tax notice for Customs evasion
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CFO Innovation Staff
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