Govt. examining several cross-border M&A deals for tax evasion
December, 04th 2010
The government is examining several cross-border merger and acquisition deals, including Vodafone-Hutchison Essar, Barclays-Intelnet for possible tax evasion , Minister of State for Finance S.S. Palanimanickam said Friday.
"A few cases relating to cross-border merger and acquisition deals have been identified for further examination by the revenue department.
These deals are being examined for possible tax implications," Palanimanickam said in written reply to a question in the Lok Sabha.
The major deals which are under government scanner are - acquisition of Hutchinson Essar by British telecom giant Vodafone , Intelnet Global Services acquisition by Barclays Mauritius, and transfer of Genpact India stake in GE Capital International.