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Business News/ Companies / News/  Infosys slapped over CAD 130K fine by Canada citing health tax underpayment
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Infosys slapped over CAD 130K fine by Canada citing health tax underpayment

Infosys has been fined over CAD 1.34 lakh by the Canadian government citing underpayment of Employee Health Tax for the year ended December 31, 2020.

Infosys disclosed that it received the order from Canada's Finance Ministry on May 9. Premium
Infosys disclosed that it received the order from Canada's Finance Ministry on May 9.

The Canadian government has fined global IT services provider Infosys CAD 1,34,822.38 ( 82 lakh) for underpayment of the employee health tax for the fiscal year ending December 31, 2020.

Infosys disclosed in a regulatory filing that it received the order from Canada's Finance Ministry on May 9.  “Penalty imposed on alleged underpayment of Employee Health Tax for the year ended December 31, 2020," as per the filing.

Also Read | Infosys allots 6.57 lakh equity shares to top-performing employees under two schemes: Details here

Infosys said the fine will not have a material impact on the company's financial health, operations, or other activities. The company reassured stakeholders that the financial repercussions are manageable within its existing financial framework.

Shares of Infosys were trading in red, down 0.09 per cent at 1,423.50 on May 15, at 1:34 pm on BSE. The company has a market capitalisation of 5,90,097.73 crore as per BSE.

Also Read | Top Indian firms lose 1.40 lakh crore in mcap; IT majors TCS, Infosys among hardest hit, HDFC Bank, RIL top gainers

Infosys announced its Q4 results on April 18, posting a net profit of 7,975 crore for the March quarter, with total revenues reaching 37,923 crore. The company noted that its year-on-year revenues in constant currency terms remained unchanged and saw a sequential decline of 2.2%.

In FY25, Infosys forecasts revenue growth in the range of 1-3% in constant currency terms and anticipates maintaining an operating margin between 20-22%. Despite expectations of a tepid fourth quarter from D-Street analysts, due to a downturn in discretionary spending, the IT giant reports a robust deal pipeline. However, deal closures have been somewhat impeded by slower decision-making processes and the impact of furlough periods.

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Published: 15 May 2024, 02:23 PM IST
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