Ukrainian former parliamentary speaker Andriy Parubiy shot dead in Lviv
Former Ukrainian parliamentary speaker Andriy Parubiy was shot dead in the western city of Lviv on Saturday, and a manhunt is underway for the killer,...
A lawyer for an Indian unit of German carmaker Volkswagen, said on Monday the country's $1.4 billion tax demand could become a matter of survival for its business in the country, as it continues to contest the order.
The tax notice was slapped on Volkswagen unit Skoda Auto Volkswagen India in September, with Indian authorities claiming the company was using a strategy of breaking down imports of some VW, Skoda and Audi cars into individual parts to pay a lower duty.
The senior advocate representing the unit, Arvind Datar, told the judges that if Volkswagen India were to pay all the claimed taxes and penalties - a total of $2.8 billion - the company, which employs 6,000 people locally, may not be able to survive in India.
"That is the seriousness of the matter... It's a matter of life and death now," he added.
Indian tax authorities have asked the company to pay taxes dating back to 12 years, reigniting concerns of lengthy investigations and litigation that could sour the plans of foreign firms to invest in the fastest-growing major economy.
Indian authorities alleged Skoda Auto Volkswagen India imported almost entire cars in an unassembled condition - which attracts a 30-35% tax - but evaded the levies by mis-classifying them as "individual parts" coming in separate shipments, paying just a 5-15% levy.
The unit went to court last month, arguing the tax demand will hamper its business plans and is detrimental to the foreign investment climate.
Volkswagen is a tiny player in India's car market, the world's third biggest, where its Audi brand lags competitors in the luxury segment like Mercedes-Benz, and BMW (BMWG.DE).
The court will continue hearing the case on Thursday.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
YouTube TV and Fox have reached a distribution agreement that will keep Fox News, Fox Sports and other Fox channels available to subscribers, the companies confirmed on Thursday.
The S&P 500 and Dow Jones Industrial Average closed at record highs on Thursday (28 August), after Nvidia’s quarterly report fell short of investors’ lofty expectations but confirmed that demand for artificial intelligence (AI) infrastructure remains strong.
Malaysia Prime Minister Anwar Ibrahim said he intends to convene a summit of the Regional Comprehensive Economic Partnership in October, local media reported on Wednesday.
The Organisation for Economic Co-operation and Development (OECD) reported on Tuesday that G20 countries’ international goods trade rose slightly in the second quarter of 2025, mainly because imports into the United States fell sharply after rising in the first quarter.
The S&P 500 closed lower on Monday (25 August) as investors turned their attention to Artificial Intelligence (AI) chipmaker Nvidia’s upcoming quarterly results, following Friday’s rally that saw the Dow Jones Industrial Average close at a record high.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment