Copyright Scott Olson, Getty Images
Copyright Scott Olson, Getty Images
Copyright Scott Olson, Getty Images
Copyright Scott Olson, Getty Images
Copyright Scott Olson, Getty Images

We Pay Our Taxes Procter & Gamble Tells Argentina

Nov. 3, 2014
Officials in Buenos Aires announced Sunday they had stripped the business registration of the U.S. multinational.

NEW YORK -- Procter & Gamble (IW 500/14) on Monday rejected Argentina's allegations of tax fraud, a day after its local offices were shut by Argentine officials.

"P&G pays all the taxes we owe in every country and jurisdiction, worldwide," the company said.

"P&G takes very seriously our responsibility to abide by the laws of every country we operate in, and to contribute to the countries and communities in which we live and work."

Officials in Buenos Aires announced Sunday they had stripped the business registration of the U.S. multinational.

The federal tax collection office AFIP alleged that P&G evaded paying duties on imports from Brazil by billing through a Swiss subsidiary.

"We have got to put an end to multinationals using harmfully plotted-out tax maneuvers," said AFIP chief Ricardo Echegaray.

The company will be able to resume operations in Argentina once it has paid its tax bill and fines, officials said.

P&G said Monday it is looking into the charges and working "to constructively resolve them."

The company noted that its Argentina business accounts for about 1% of total company sales "and a smaller percent of profit."

Copyright Agence France-Presse, 2014

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!