Argentina Bans P&G From Doing Business Over Tax Claims: Reports

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Argentine authorities have banned US multinational consumer goods company, Procter and Gamble Co. (P&G), from operations in the country.

MOSCOW, November 3 (RIA Novosti) — Argentina has suspended the activities of the US multinational consumer goods company, Procter and Gamble Co. (P&G), in the country's territory over alleged tax fraud, a statement published on the presidential website said.

"Global companies cannot manage their earnings by deceiving the state, evading taxes and out-flowing capitals because this misconduct prevents the development of the nation, depriving its citizens of resources for public services, health, education," the presidential website quoted the head of the Argentina's Federal Administration of Public Revenue (AFIP) Ricardo Echegaray as saying on Sunday.

P&G is accused of tax fraud and inflating the imports price by $138 million in order to outflow the earnings from Argentina.

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