Try GOLD - Free
Aviva's India arm faces $7.5 mn fine for fake invoice scheme
Mint Chennai
|February 17, 2025
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.
To grow its business, Aviva India paid about $26 million between 2017 and 2023 to vendors who purportedly provided marketing services, but they were only a front to give Aviva's agents excess commissions beyond regulatory limits, Indian tax authorities alleged in an August 3 notice Reuters reported last year.
This story is from the February 17, 2025 edition of Mint Chennai.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Mint Chennai
Mint Chennai
Roll back quality control orders on inputs to spur manufacturing
Such QCOs hold back the competitiveness of manufacturers and ending them could catapult our factory sector to a new orbit
4 mins
November 18, 2025
Mint Chennai
'Many blitzscaling startups don't transition to discipline'
overthe last decade havescaled much more than anyone anticipated.
1 mins
November 18, 2025
Mint Chennai
'GST reforms to boost urban demand'
Homegrown fast-moving consumer goods (FMCG) major Marico Ltd expects India’s urban demand, especially in categories such as packaged foods, to perk up in the coming quarters aided by tailwinds from the recently-cut goods and services tax rates.
2 mins
November 18, 2025
Mint Chennai
China, India throw oil a lifeline as global glut looms
Global oil markets may be dominated by concerns about a glut, but producers have found some support in buying from China and India, spurred by awave of US sanctions on Russian energy.
1 mins
November 18, 2025
Mint Chennai
Apple boosts R&D on iPhone materials, says design chief
Creating proprietary materials took precedence over supply chain costs, says Richard Dinh
3 mins
November 18, 2025
Mint Chennai
Govt seeks time in SC on Sahara, Adani land sale petition
The Union government has sought more time to file its response to a plea by financially-stressed Sahara India Commercial Corporation Ltd (SICCL), which is seeking the Supreme Court’s nod to sell 88 properties, including Aamby Valley in Maharashtra and Sahara Shaher in Lucknow, to Adani Properties Pvt. Ltd in a ₹12,000-crore deal, and pay off its debts.
1 min
November 18, 2025
Mint Chennai
Welspun to sell majority in clean energy firm, hires EY
Company targets equity value of $100 million for stake in Welspun New Energy
2 mins
November 18, 2025
Mint Chennai
Infosys rolls out Al-first GCC model
T major Infosys on Monday introduced an AI-first model aimed at speeding up the establishment and transformation of global capability centres into AI-driven hubs that promote innovation and growth.
1 min
November 18, 2025
Mint Chennai
Trump's bets on China and Argentina are souring fast
When it comes to US foreign economic polic policy, President Donald Trump’s administration has two problems on its hands.
3 mins
November 18, 2025
Mint Chennai
Rural demand drives FMCG growth in September quarter
India’s fast-moving consumer goods (FMCG) sector reported a 5.4% rise in September-quarter volumes, which moderated sequentially on account of disruptions related to the transition to new goods and services tax rates, while the value of sales jumped 12.9%, according to data released by consumer intelligence platform NielsenIQ.
1 mins
November 18, 2025
Listen
Translate
Change font size