Tech News: Research In Motion Ltd (NASDAQ:BBRY), Nokia Corporation (ADR) (NYSE:NOK)
Indian officials have reportedly rejected Nokia Corporation (ADR)(NYSE:NOK)’s appeals against an income tax bill amounting to Rs. 20.8 billion rupees. This is a major blow for Nokia’s attempts to resolve the disagreement in a vital market.
The Indian unit of Nokia had faced an accusation back in March with the tax demand overdue for 5 years, starting from 2006-07. This is one of the many tax disputes concerning foreign company that are going on in India as of now.
Nokia stated on Friday that it will go through every possible option to resolve this issue. This entails taking the case back to Delhi High Court. The company is still of the opinion that it has complied with Indian regulations and there has been a bilateral tax treaty between Finland and India.
India happens to be a significant market for India, if the company wishes to cling on to international market share.
Nokia has been expanding its Asha line of handsets. India is certainly a market suitable for Asha phones. The Finnish company cannot afford to make things nasty in India since in the US smartphone market, Samsung and Apple have taken the lead.
Nokia had objected to tax regulators in Chennai earlier in 2013. According to the company, it had put more than $330 million setting up a plant in Chennai in 2006.
India has recently got into tax disputes with Royal Dutch Shell, LG Electronics, Cadbury Plx and Vodafone Plc.
In other news, it seems like things are turning out to be positive for Research In Motion Ltd(NASDAQ:BBRY). At least, that is the situation for now. The company has been faring well with its BlackBerry 10 smartphones, especially with its BlackBerry Q10. As per a recent report, the company has upped its compoenent order from suppliers to work on its BB 10 devices.
Tags: Nokia Corporation (ADR) (NYSE:NOK), Research In Motion Ltd (NASDAQ:BBRY)