Argentina slaps $1.3 million tax penalty on Ford

The Argentinian tax authority said Tuesday it had fined Ford $1.3 million (5.5 million pesos) for failing to accurately declare autoparts imported from Brazil. Ford must pay the fine within 15 days or its foreign company operating license will be suspended, the Argentinian federal tax authority said.
In a press release, the tax authority said there had been an "inexact" declaration in documentation from Ford Argentina over a subsidiary's importation of autoparts that were made in Brazil. The problems were detected after a routine check when the material entered the country, the tax authority said. Ford Argentina's imports into the country totalled $914 million in 2010, while it exported $1.14 million worth of automobiles. Ford Argentina has been in the country for 97 years.