INDIA: Indian government accuses Kia of $155 million tax evasion in component imports

The South Korean carmaker is facing charges similar to those slapped on Volkswagen for missclassifying imports of parts for its Carnival minivan.

Kia has been accused by Indian authorities of evading taxes to the tune of $155 million by misclassifying component imports, according to Reuters. Tax officials sent a notice to the South Korean maker in April 2024, but the company denies any wrongdoing.

In a similar case, Volkswagen in September last year was slapped with a $1.4 billion tax notice because the company allegedly imported “almost the entire car” in unassembled condition and misclassified the components as individual parts.

20 January 2024

ARBITRATION: ICC brings Advanced Arbitration Academy programme to Africa and Middle East

Following successful launches in Asia, Eastern Europe, Latin America and North America in 2023, ICC is expanding its Advanced Arbitration Academies training programme to include Africa and the Middle

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20 April 2024

FINTECH: New Binance chief stresses importance of compliance

The new CEO of the world’s top crypto platform stressed the importance of regulatory compliance for Binance’s future success, months after its former chief executive pleaded guilty to violating

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31 July 2024

UK: UK starts tax crackdown on non-doms and private equity bosses

The UK’s Chancellor of the Exchequer Rachel Reeves has kicked off plans to end tax breaks for wealthy expatriates and close a tax “loophole” on private equity performance fees. The Treasury said

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30 May 2024

LUXEMBOURG: Luxembourg draft law published 23 May 2024 contains a series of tax measures and clarifications

Main takeaways: On 23 May 2024, the Minister of Finance submitted a draft law No. 8388 with the Luxembourg Parliament (the “Draft Law”) proposing several new tax measures, mainly: Amendment and

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