Cisco’s Brazilian Division Accused of Tax Evasion
10.17.07 - 12:42am
This strikes me as very odd that such a prominent company with such a stellar track record would go about and do something like this. I understand that Brazil’s rather suppressive impressive technology tax requirements would drastically raise costs across the board, isn’t it always better to be on the good side of the law? South America is an emerging market for technology sales and I bet Cisco makes a killing down there, so why go through such extensive lengths to avoid paying taxes on your products? From what I gather Cisco owes $826.4 million in taxes and fines on illegally importing $500 million in products. Talk about a tax evasion blunder, the point was to save money, not owe more money than what I imagine the original taxes would have been. Hope Cisco can sort this out in an amicable manner as there’s lots of gold money in them thar hills cleared rainforest lands.
Source: NetworkWorld.com
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