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P&G accused of fraud by Argentina tax authority

BUENOS AIRES: Argentina’s tax office has stripped US multinational company Procter & Gamble of its registration, for alleged fraud, the office announced Sunday.

The federal tax collection office, known as AFIP, has alleged P&G evaded paying duties on imports from Brazil, billing through a Swiss subsidiary, in what it called potentially “aggravated contraband.”

P&G did not immediately respond to requests for comment.

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

“We have got to put an end to multinationals using harmfully plotted out tax maneuvers” that hurt national governments, said tax office chief Ricardo Echegaray.

US-based P&G is a consumer goods corporation that sells more than 300 brands around the world- AFP

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