TaxAdministrationCisco throws book at VP over Brazil tax evasion

Cisco throws book at VP over Brazil tax evasion

Cisco has thrown the book its vice president in Latin America after he was charged with tax-evasion in Brazil

Cisco Systems, the
world’s biggest maker of network equipment, has suspended Carlos Carnevali, its
vice president in Latin America, as he and others are about to stand trial in a
Sao Paulo court in Brazil on charges of tax-evasion.

Carnevali’s dismissal is part of Cisco’s response to the arrests last month
of several people, including Carnevali, for alleged smuggling and tax evasion in
Brazil. The Brazilian federal authorities claim the scheme could involve the
evasion of $US850m (?411m) in taxes.

‘Our preliminary review as well as information brought to our attention by
authorities strongly suggest that at least this one Cisco Brazil employee was
pursuing a personal agenda for his own benefit,’ Cisco said in a statement.

The Brazilian judge overseeing the case formally opened the criminal
proceedings in the case last Thursday in Sao Paulo, the Financial Times
reports.

Further reading:

More arrests in Brazil tax evasion crack down

Cisco in damage control after Brazil tax raids

Read
the story in Financial Times

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