India's Tax Authorities Conduct Surprise Search on Truecaller's Offices

Indian tax authorities raided Truecaller's offices for alleged tax evasion. The Sweden-based company cooperated with officials, asserting compliance with tax laws. Issues under scrutiny include transfer pricing. Truecaller, with offices in major Indian cities, emphasized its financial transparency and adherence to international standards for intra-group transactions.

In a surprise move, India's Income-Tax Department launched searches at the offices of global caller ID service provider Truecaller, targeting alleged tax evasion. The operation aimed to gather detailed information and examine documents related to accusations, including transfer pricing discrepancies.

Truecaller, headquartered in Stockholm, has offices in Bengaluru, Mumbai, and Gurugram. The company expressed its full cooperation with Indian tax authorities, emphasizing that the visit unfolded without prior warning and confirming its commitment to assisting the investigation.

The company insisted that it is not under any extraordinary tax scrutiny. Truecaller highlighted its compliance with international standards, boasting a transparent record as a publicly-listed entity. It assured that their intra-group transfer pricing policy aligns with the arm's length principle to meet tax regulations in Sweden and India.

(With inputs from agencies.)