BUENOS AIRES, Argentina (AP) - Argentine authorities have accused household products giant Procter & Gamble of tax fraud and suspended its operations in the country.
The AFIP tax agency released a statement Sunday accusing the company of fraud related to imports from Brazil that it said were billed through a Swiss subsidiary for $138 million. The agency said the alleged operations were to get currency out of the country and hide taxable income.
There was no immediate comment from Procter & Gamble.
Argentina has been banished from the international capital markets since its 2002 default and suffered another sovereign default in July.