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Indian authorities are asking Pernod Ricard to pay $244 million for reportedly undervaluing imports of liquor concentrates for over a decade.
After inspecting import bills for 2009-10 to 2020-21 relating to liquor concentrates imported from UK-based Chivas Brothers, Indian authorities found that Pernod Ricard India had undervalued its declarations, which lowered import duty payments.
Officials said the company owed an additional duty of $244 million, plus interest.
According to the notice to Pernod, it appears that it had declared the import price to maximize profits accruable to holding companies.
Pernod Ricard India said it was working on asserting and demonstrating its position to the Indian authorities and that it had always endeavored to act with full transparency and in compliance with customs and regulatory requirements.
Pernod. which has long been lobbying Prime Minister Narendra Modi and his tax officials to settle liquor import valuation disputes, is appealing the decision in court.
