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Argentina suspends P&G over tax claims | Argentina suspends P&G over tax claims |
(about 7 hours later) | |
Argentina has banned the consumer products giant Procter & Gamble (P&G) from doing business in the country, accusing the firm of tax fraud. | Argentina has banned the consumer products giant Procter & Gamble (P&G) from doing business in the country, accusing the firm of tax fraud. |
A statement on the presidential website, published on Sunday, said P&G had inflated the price of imports by $138m (£87m) in an effort to get money out of the South American country. | A statement on the presidential website, published on Sunday, said P&G had inflated the price of imports by $138m (£87m) in an effort to get money out of the South American country. |
It also accused the firm of attempting to avoid taxes. | It also accused the firm of attempting to avoid taxes. |
P&G said it was working to understand and resolve the allegations. | |
"We don't pursue aggressive tax/fiscal planning practices as they simply don't produce sustainable results," said P&G spokesman Paul Fox. | |
The alleged fraud involves shipments of razors and other hygiene products. | The alleged fraud involves shipments of razors and other hygiene products. |
The statement, published on behalf of Argentina's Federal Administration of Public Revenue (Afip), added that details of the alleged fraud have been sent to its counterpart in the US - the Securities and Exchange Commission. | The statement, published on behalf of Argentina's Federal Administration of Public Revenue (Afip), added that details of the alleged fraud have been sent to its counterpart in the US - the Securities and Exchange Commission. |
P&G has been operating in Argentina since 1991 and currently runs three manufacturing plants and two distribution centres in the country. |
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