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 :: ACCOUNTING STANDARD :: VAT Audit :: due date for vat payment :: empanelment :: list of goods taxed at 4% :: cpt :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: VAT RATES :: articles on VAT and GST in India
 
 
« General »
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week
 Tax rate hikes boost shadow economy
 Tax mop-up may decline in new amnesty scheme
 Weeks before Budget, Finance Minister Arun Jaitley lists out benefit of low tax rates
 Second home loan tax benefits
 Alarm bells over return of tax inspector raj

Finance Ministry moves Cabinet for withdrawing from peace talks
May, 13th 2014

The Finance Ministry today said it has moved the Cabinet for withdrawing from conciliation proceedings to resolve the tax row with Vodafone after the UK-based telecom firm served notice of arbitration.

Vodafone in a letter to the Revenue Department dated March 13 had stated they saw no merit in reviewing the matter of conciliation in the Rs 20,000-crore capital gains tax dispute case after receipt of the decision of the ITAT.

It had further said that the only body capable of resolving the issue would be an arbitration panel constituted according to the Bilateral Investment Promotion and Protection Agreement (BIPA).

Listing out the sequence of events, the Finance Ministry in a statement said it was then decided to approach the Cabinet again, bringing these facts to it notice and seeking approval for withdrawing from conciliation.

"Meanwhile, without waiting for the outcome of the ITAT proceedings, Vodafone International Holdings B.V.(VIHBV) has served a 'Notice of Arbitration' dated April 17 seeking arbitration under the BIPA between India and the Netherlands," the official statement said.

Earlier in February, the Cabinet had deferred considering the proposal to withdraw from conciliation talks with the UK-based firm, pending settlement of Rs 3,700 crore Vodafone's transfer-pricing case at the Income Tax Appellate Tribunal (ITAT).

Last year in June, the Cabinet had approved conciliation with Vodafone to resolve the capital gains tax dispute related to its 2007 acquisition of Hutchison Whampoa's stake in Hutchison Essar.

While the basic tax demand is Rs 7,990 crore, the total outstanding is Rs 20,000 crore after including penalty.

The Supreme Court had ruled in Vodafone's favour in 2012, saying it was not liable to pay any tax over the acquisition of assets in India from Hong Kong-based Hutchison.

The government changed the rules later in 2012 to enable it to claim tax retrospectively on concluded deals.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

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