NEW DELHI: India and Finland have reached an accord on the tax dispute with Nokia under the Mutual Agreement Procedure (MAP), clearing the way for the sale of the company’s Chennai plant, which has been idle for more than three years, officials said. Nokia India had been issued a demand notice for Rs 2,500 crore in 2013, which underwent rectification to remove errors to Rs 1,600 crore. It is increasingly seen as the preferred mode for settling cross-border disputes.The resolution brings to an end one of the biggest tax disputes involving multinational companies. This, along with the Vodafone and Shell tax cases, had been identified with the aggressive stance of the tax department. A Tamil Nadu government official had earlier told ET that Foxconn was keen to revive the plant and was preparing a formal proposal.

Source: Economic Times April 20, 2018 01:52 UTC