Procter & Gamble banned from Argentina
According to the BBC, Argentina has banned Procter & Gamble (P&G) from doing business in the country, accusing the firm of tax fraud.
A statement on the presidential website (www.prensa.argentina.ar), published on Sunday, accused the company of over-billing $138 million in imports to get money out of the country.
"P&G funneled currency abroad and hid income that was subject to tax in Argentina," it said.
"We have to put an end to these tricks used by international companies," the statement added.
P&G said it was working to understand and resolve the allegations.
"We don't pursue aggressive tax/fiscal planning practices as they simply don't produce sustainable results," P&G spokesman Paul Fox told the BBC.
The statement, published on behalf of Argentina's Federal Administration of Public Revenue (Afip), added that details of the alleged fraud have been sent to its counterpart in the US - the Securities and Exchange Commission.
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