The Indian Finance Ministry is to investigate whether any tax violations were committed by the 125 Indian companies named in the Volcker Committee report for allegedly paying kickbacks to the Saddam Hussein regime to get contracts under the UN oil-for-food programme, the Indian press has reported.
According to ministry officials, the revenue department will examine whether the companies understated profits by deducting payments made to the Iraqi regime as business expenses.
"We will examine the returns of the companies to see if they have evaded tax. If we find any evidence, we will seek an investigation," a ministry official told the Business Standard.
The Indian firms named in the 623-page UN inquiry report by the former US Federal Reserve Chairman Paul Volcker supposedly made unauthorised payments totalling R100 crore (US$22 million) in after-sales service fees and inland transport fees to the regime of former Iraqi dictator Saddam Hussein under the oil-for-food programme.
In total, some 2,400 firms from around the world are alleged to have made illegal payments amounting to US$1.8 billion to Baghdad during the oil-for-food programme.
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