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: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: VAT Audit :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: list of goods taxed at 4% :: articles on VAT and GST in India :: form 3cd :: TDS :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ACCOUNTING STANDARDS :: cpt
 
 
« VAT (Value Added Tax) »
 15% rise in collectionof VAT for Oct-Nov
 China to simplify tax scheme after switch to VAT
 Cabinet clears key proposals on VAT, regularisation of jobs
 Cases of VAT overcharging flood consumer forum
 State seeks relief from Centre
 Flat rate VAT changes for small businesses explained
 Cenvat Credit Of Additional Duties Of Customs [Cvd] On Imported Coal
 Excise Dept puts VAT refund on fast track
 Consumer fora receive 18 VAT plaints
 Appointment of Assistant VATO - F.3(14)/Fin(Rev-I)2012-13/DSVI/334
 Bio-diesel body seeks VAT relaxation

Vodafone is prepared for long war on CFC legislation
May, 31st 2008

Releasing its final results this week, Vodafone has said it does not expect resolution of the application of the UK controlled foreign company legislation to the group in the near term.

Vodafone said in last years annual report that the tax at stake was 1.7bn, with as much as 400m in interest costs on top of that, making it one of the largest corporate tax disputes of recent times.

The group has held firm on its provisioning for the charges but has said that it has not added to it as the case drags on.

The case is being followed closely by FDs, not least because it may eventually provide some insight into the tax treatment of controlled foreign companies, currently causing friction between the UK government and multi-nationals.

Two companies, Shire and United Business Media, have already pledged to leave the UK over a threatened tightening of UK rules.

Vodafones tax affairs have also proved some of the most complex of any companys in recent years, with a series of issues in different jurisdictions.

It has been involved in a case in India and was also a party to the failed attempt by mobile phone companies to reclaim VAT on the cost of their third generation mobile phone licences.

The interest alone on Vodafones tax provision stands at 1.6bn, it said this week. The provision has risen by 399m since 2007. Its final results also disclosed that its free cash flow included 700m in payments in respect of longstanding tax issues.

In a recent interview, Vodafones group head of tax Joel Walters commented on the large sums involved in tax disputes.

That creates an illusion that there are significant numbers of issues, he said. Im concerned that once this perception begins to permeate the taxing agency what tends to happen is that the focus comes on enforcing the tax loss, he said.

A Vodafone spokeswoman said: We dont believe we are liable [for CFC tax charges] in respect of our Vodafone Luxembourg subsidiary.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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