Philip Morris Expects Thai Charges Alleging $2B Tax Evasion

Law360, New York (November 4, 2013, 7:44 PM EST) -- Philip Morris International Inc. said its Thailand unit likely would face criminal charges over allegations that it underreported the value of cigarette imports to the Asian nation for years and thereby avoided about $2 billion in duties and import taxes, according to a Friday filing with the U.S. Securities and Exchange Commission.

The cigarette manufacturer denied the accusations from the Thai government's Department of Special Investigations, which alleged that back in 2009, company subsidiary Philip Morris (Thailand) Ltd. didn’t declare the true value of its imports...
To view the full article, register now.