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Aviva's India arm hit with $7.5 mn fine for fake invoice scheme
February 17, 2025
|Hindustan Times West UP
THE TAX DEMAND IS SIGNIFICANT FOR AVIVA'S INDIA BIZ, WHICH RECORDED A PROFIT AFTER TAX OF ONLY $10 MN IN FY24
NEW DELHI: Indian authorities have ordered British insurer Aviva's local unit to pay $7.5 million in back taxes and penalties after an investigation found it created fake invoices to pay illegal commissions and claimed incorrect tax credits, an order shows.
The tax demand is significant for Aviva's India business, which recorded a profit after tax of only $10 million in the 2023-24 financial year. Aviva also faces stiff competition from rivals in India's insurance market.
هذه القصة من طبعة February 17, 2025 من Hindustan Times West UP.
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