India Court Tells Nokia to Bear Tax Liabilities of Unit
This article is for subscribers only.
Nokia Oyj needs to guarantee tax liabilities of the Indian unit before the company can transfer one of its largest phone factories to Microsoft Corp. as part of the device unit’s sale, India’s top court ruled.
The Supreme Court upheld the decision of the lower court asking Nokia to deposit 22.5 billion rupees ($368 million) into an escrow account and said the parent should agree to pay any tax dues after related litigation is over, according to a two-judge bench headed by A.R. Dave in New Delhi today.