Bunge runs into related-party trouble
January 27, 2009
The Indian division of Bunge, a US food company, has been ordered to pay additional taxes due to a transfer pricing-related indiscretion. The Indian income tax authority has said the company may also face a penalty for concealment of income
The income tax department, which issued the assessment order, said the company had doctored figures in its financial statements while preparing its transfer pricing report, which is a document that is prepared to ascertain the related-party income of a company.
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