Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: ACCOUNTING STANDARDS :: TDS :: due date for vat payment :: empanelment :: form 3cd :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: VAT Audit
General »
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA
 Impact of GST on Real Estate Sector
 GST regime: Tax payers allowed to take option of third-party interfaces

Country warned by Vodafone about tax bill
October, 21st 2010

Vodafone has warned India that it may scale back investment in the country if the company loses its appeal over a $2.7bn (1.7bn) tax bill.

Vittorio Colao, chief executive, indicated that Vodafone may reconsider future investments in India if the country's Supreme Court upholds an earlier decision demanding that Vodafone pay capital gains tax on its $11.1bn purchase of a controlling stake in local operator Hutchinson Essar.

"The tax issue will be incredibly important for us to determine how friendly India is," Mr Colao said in a interview with India's Economic Times. "This is a concern for our investors and for other international investors."

He warned that if India continues to demand the disputed tax payment, the country's telecoms sector would be "squashed like lemon" as international investors would reconsider their Indian development plans.

Mr Colao said Vodafone has invested more than 1bn a year into India since it joined the market three years ago and has paid almost a third of its revenues in taxes to the India exchequer. He added it was "totally unacceptable" that the Indian authorities have not pursued Hutchinson for capital gains tax on the 2007 sale.

The Supreme Court will on Monday set a date to hear Vodafone's appeal. The case has been closely followed by a string of multinational companies as it could set a precedent for other cross-border takeovers in India.

George Osborne has lobbied against the tax bill on Vodafone's behalf.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions