India’s tax authority has alleged that Aviva PLC used fake invoices to evade tax in the country, Reuters reported Friday. The London-based insurance company’s India business is alleged to have used fake invoices and secret cash payments to disguise $26 million of commissions paid to sales agents in India between 2017 and 2023, bypassing tax and conduct rules. The directorate general of Goods & Service Tax Intelligence said the vendors did not perform any work, serving instead as a front to channel funds to Aviva’s agents. The directorate general is responsible for policing violations and indirect taxes. Aviva is alleged to have evaded $5.2 million in taxes via incorrectly claiming tax credits from the $26 million in fake invoices. https://www.reuters.com/business/finance/uks-aviva-conspired-dodge-india-compensation-tax-rules-agency-says-2024-08-30/ A UK-based Aviva spokesperson told Reuters that the company does not comment on ‘speculation or ongoing legal matters’. Aviva shares had closed 0.3% lower at 504.60 pence each on Friday in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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