P&G says it pays all tax after Argentina dust-up
Procter & Gamble says it pays all the taxes it owes in every country it operates, a day after Argentina claimed it suspended its operations in the country and accused the company of tax fraud.
The company says about 1 percent of total sales and a smaller percent of its profit are generated in Argentina. But consumer products companies like P&G are increasingly turning to sales in developing countries to drive growth.
P&G said Monday that it values “our relationship with the country of Argentina and with Argentinian consumers.”
Argentina on Sunday cited in its claims imports from Brazil that it said were billed through a Swiss subsidiary by the Cincinnati company.
Shares of The Procter & Gamble Co. slipped less than 1 percent Monday.