Argentina suspends Procter & Gamble operations

Argentine authorities have accused household products giant Procter & Gamble of tax fraud and suspended its operations in the country.

The AFIP tax agency accusing the US-headquartered company of fraud related to imports from Brazil that it said were billed through a Swiss subsidiary for 138 million US dollars (€110m).

The agency said the alleged operations were to get currency out of the country and hide taxable income.

There was no immediate comment from Procter & Gamble.

“Global companies can’t manage their profits tricking the state, evading taxes and moving currency out of the country because their irregular behaviors impede the development of the nation,” said AFIP head Ricardo Echegaray.

Argentina has been banished from the international capital markets since its 2002 default and suffered another sovereign default in July.

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