PnG Hygiene and Health Care agrees to pay Rs 36 crore to tax authorities
Mumbai: Procter & Gamble Hygiene and Health Care Limited has arrived at an advanced pricing agreement with the tax authorities determining appropriate transfer pricing methodology for certain identified transactions with Company’s affiliate(s) for the years viz., F.Y. 2010-11 to F.Y. 2018-19.
"As a consequence of this agreement; an additional tax liability, approximately of about Rs. 36 crores (including interest) is payable," the Company stated in a BSE filing.
Also, there will be a reduction in contingent liabilities of approximately Rs. 87 crores, subject to withdrawal of relevant tax litigations by the respective parties.
Procter & Gamble Hygiene and Health Care Limited was incorporated in India as Richardson Hindustan Limited in 1964. P&G acquired the Company in the year 1985. The Company is engaged in manufacturing and selling of branded packaged fast moving consumer goods in the femcare and healthcare businesses. It is one of India’s well known FMCG companies that has in its portfolio Whisper –a feminine hygiene brand, and Vicks – a health care brand and Old Spice.
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