The Central Board of Indirect Taxes and Customs of India determined a Transfer Pricing adjustment of Rs. 170 million for Colgate-Palmolive due to the detection of irregularities in “certain” international transactions.
The company will take this before the ‘Dispute Resolution Panel’ and is awaiting the finalization of the assessment procedure, Colgate-Palmolive said in regulatory updates last Monday.
The company is awaiting the finalization of the Draft Assessment procedure, and once published, this will be filed before the Dispute Resolution Panel (DRP).
Conversely, Colgate-Palmolive (India) also added that the financial, operating, or other activities of the company are not affected by this Order on the part of the tax authority.
The Transfer Pricing Order is for the fiscal year 2021-22.
Source: The Indian Express