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Author: Pramod Thomas

BKT sponsors Xtractor tractor competition

BKT is the official sponsor of the tractor competition Xtractor, whose destination has not been disclosed yet, for the second time. Travel, agriculture, and technology are the ingredients of an adventure involving a crew leading a convoy of 4 latest-generation McCormick tractors – ready to face the most unexpected events that they will encounter along the way of this docu-reality series. BKT will be in the front line, alongside seven tractor drivers, and will equip their vehicles with state-of-the-art tyres that offer performance, resistance, and strength. Xtractor, the TV format produced by Identity, continues its journey to the far...

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Nokian Tyres obliged to pay EUR 59 million additional tax; to file appeal

Nokian Tyres has received a tax reassessment decision from the Tax Administration, according to which the Company is obliged to pay EUR 59 million additional taxes with punitive tax increases and interests concerning tax year 2011. Payment must be made in November 2017. The total sum demanded by the tax authorities is EUR 59 million, of which EUR 39 million are additional taxes and EUR 20 million punitive tax increases and interests. The Company will record the 2011 total additional taxes of EUR 59 million in full to the financial statement and result of Q3/2017. The Tax Administration’s ruling does not affect the company’s dividend distribution, the company said. Nokian to appeal against the decision Nokian Tyres has consistently applied transfer pricing according to tax laws and OECD guidelines prevailing at the time. The Company has prepared a transfer pricing documentation which the Tax Administration has ignored during the tax audit. The Company considers the reassessment decision of the Tax Administration as unfounded and is going to appeal to the Board of Adjustment and, if necessary, the Company will continue the appeal process in the Administrative Court. If needed, the Company will also require the competent authorities to negotiate on the elimination of the double taxation, Nokian said in a statement. Background Large Taxpayers’ Office carried out a transfer pricing tax audit regarding tax years 2007-2011 during 2012-2013, investigating...

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CEAT wins 2017 Deming Prize

CEAT Limited (India) has won the 2017 Deming Prize. Anant Vadhan Goenka, Managing Director of the company has been selected for the award. The Deming Prize Committee announced winners of 2017 award on October 3, 2017. Ashok Leyland Limited, Hosur Unit II (India) is another Deming Prize winner from India in this year. Chatangatodi Unnikrishnan, Vice President, Manufacturing-Hosur has been selected for the award. The Deming Prize Award Ceremony will take place at Keidanren Kaikan in Japan on November 8, 2017 followed by the celebration party. Prior to the award ceremony, the Winners Presentation by this year’s award winners...

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Apollo Tyres says ‘no intention’ to acquire Kumho Tyres

Apollo Tyres has strongly denied media reports stating that the tyre-maker is back in the race to acquire South Korean tyre company, Kumho Tyres. Apollo has made it clear that it has no such intention. “Apollo Tyres strongly denies the story headlined ‘Apollo Back in Kumho Race as Geopolitics Sours China Deal’ that appeared in the print edition of ‘The Economic Times’ on Oct 2, 2017. The company would like to reiterate that it has no intention of making any attempts to enter the process of acquiring Kumho Tyres, as stated in the story,” Apollo Tyres Spokesperson has...

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Swachh Bharat: JK Tyre to construct 2000 toilets in 2017-18

JK Tyre & Industries Limited constructed more than 1100 toilets in rural areas in 17 villages in Rajasthan, Madhya Pradesh, Tamil Nadu & Karnataka states in India where its manufacturing plants are located. The company has invested in building sanitation infrastructure in rural areas to help India become open defecation-free by 2019. By providing basic amenities such as clean toilets and water, JK Tyre aims to create a long-term sustainable solution to this issue. The company has been working to drive awareness around the building and usage of toilets, and has invested in the construction and renovation of school...

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