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Aviva's India arm hit with $7.5 mn fine for fake invoice scheme
Hindustan Times Ranchi
|February 17, 2025
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.
Diese Geschichte stammt aus der February 17, 2025-Ausgabe von Hindustan Times Ranchi.
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