India tax dispute risks Truecaller$91M

Truecaller faces turmoil following an audit in India, which is expected to require the company to pay approximately $90.85 million (900 million SEK), including interest, due to its transfer pricing policy for the fiscal year 2022-2023. The ruling concerns how revenue is allocated among the company's subsidiaries, with an additional tax adjustment of 270 million SEK, potentially bringing total liabilities to around 900 million SEK (about $90.85 million). Truecaller plans to contest the decision, arguing that it is inconsistent with the "arm's length principle," which ensures that transactions between related entities are priced fairly and equivalently to those between independent parties. The company has also confirmed that external experts have validated that its policy aligns with this principle. If the tax obligations are enforced, they could result in actual costs of approximately 550 million SEK after potential recoveries under double taxation avoidance treaties.

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