Kazakhstan authority levies Rs 28.7 lakh penalty on Dr Reddy's Labs unit
Hyderabad: Kazakhstan revenue authority has levied a penalty of KZT 17,597,212 ( Rs 2.87 Mn) on Dr Reddy's Labs's step-down wholly owned subsidiary “Dr Reddy’s Laboratories Kazakhstan LLP” towards disallowance of claim of certain expenses by the tax authorities for the Calendar Year 2021.
"This is to inform that our step-down wholly owned subsidiary “Dr Reddy’s Laboratories Kazakhstan LLP”, has received an order dated December 4, 2024, from the Department of State Revenue, Bostandyk district of Almaty, Kazakhstan," the Company stated in a BSE filing.
"Based on our evaluation, there is no material impact on the financials, operations, or other activities of the Company," Dr Reddy's Labs added.
Established in 1984, Dr. Reddy’s Laboratories Ltd. is a global pharmaceutical company headquartered in Hyderabad, India. The Company offers a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC. Its major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Dr Reddy's Labs major markets include – USA, India, Russia & CIS countries, China, Brazil and Europe.
Read also: AstraZeneca Estimates Rs 35 Crore Tax Benefit After ITAT Remands Transfer Pricing Issues
