NEW DELHI: Swiss major Nestle said suspension of MFN (most favoured nation) status given to India by Switzerland will have no impact on the company. Switzerland recently suspended MFN status under the Double Taxation Avoidance Agreement.
A Nestle India spokesperson said: “The matter is not a Nestle specific issue but is a policy matter between India and Switzerland. Nestle India was/is deducting 10% withholding tax. This has no impact on the company.” On Dec 11, Swiss government had announced suspension of MFN status, after a ruling by SC of India. The judgment in 2023 had said MFN status under the DTAA cannot be enforced unless notified under Section 90 of I-T Act.