Police raid Cisco in US$800m Brazilian tax probe

Brazillian police and tax authorities have raided US computer giant Cisco Systems, following a two-year investigation into alleged tax avoidance on products shipped from offshore havens. The authorities have seized a commercial jet, $10 million of merchandise, 18 vehicles and the equivalent of nearly $400,000 in Brazilian and US currency.

Authorities seize commercial jet, $10 million of products, 18 vehicles, nearly $400,000 in currency and arrest 40 peopleBrazillian police and tax authorities have raided US computer giant Cisco Systems, following a two-year investigation into alleged tax avoidance on products shipped from offshore havens.The authorities have seized a commercial jet, $10 million of merchandise, 18 vehicles and the equivalent of nearly $400,000 in Brazilian and US currency.About 650 agents executed 93 search warrants, have arrested 40 people allegedly involved in a ring to avoid import, sales and corporate taxes which could have generated $833 million in tax revenue for the Brazilian government, police said.
http://business.timesonline.co.uk/tol/business/industry_sectors/technology/article2676141.ece

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