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India, Finland settle Nokia tax dispute for Rs 1600 crore

India, Finland settle Nokia tax dispute for Rs 1600 crore
India and Finland have successfully resolved the Nokia tax dispute under the Mutually Agreed Procedure or MAP.
Against an original demand of 2500 crore raised by the taxman on Nokia India, the tax liability has been settled for Rs 1600 crore, which was deposited by Nokia and the same has been agreed to by the government under MAP.
Since the tax dispute has been resolved under MAP, all other tax demands on this issue, including a Rs 10,000 crore tax demand against Nokia Corp, now stand resolved, a senior government official confirmed to CNBCTV18.
The tax settlement should enable Nokia India to sell its Chennai unit, after the Delhi HC lifts its stay order.
IT authorities had asked for a stay in the Delhi HC on sale of the Chennai plant, till Nokia India had paid its tax dues.

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