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: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ACCOUNTING STANDARD :: due date for vat payment :: ACCOUNTING STANDARDS :: empanelment :: articles on VAT and GST in India :: TDS :: VAT Audit :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« Indirect Tax »
 GST may lead to better operating profit margin for multiplex operators
 Indirect taxes must equal direct taxes
  Income Tax dept issues notices to ‘farmers’ claiming suspect agricultural income
 GST would match or be lower than the multiple indirect taxes on real estate
 Tax incidence under GST lower than current indirect taxes
 Here's the complete list of pre-GST discounts being offered by companies
 Applicability of Explanation 2 to Section 132B of the I.T. Act, 1961- reg.
 Here’s all you need to know about TDS and why it is deducted
 New indirect tax regime
 Income tax rates, tax-free limit to stay unchanged
 Revised tax reform bill to benefit consumers

India Needs to Resolve Tax Issues With MNCs
May, 19th 2014

India's new government needs to resolve taxation issues dogging multinational companies if it wants to encourage foreign direct investment, said Bill Gammell, who retired last week as chairman of Cairn Energy.

"I think it is recognised that India needs to consider being more investor-friendly from an international perspective," he said.

Speaking after Narendra Modi-led BJP swept to power in the general election last week, he told a: "We are just one of a number of companies including Vodafone, SABMiller, IBM and Nokia who have outstanding tax questions there.

"I would very much hope that one of the first things the new government sorts out is that they look at the whole retrospective tax legislation and the impact it is having on foreign investment."

Cairn bought drilling rights in Rajasthan, which Shell had failed to exploit, for a mere $7.25 million in 2002.

After it found oil, it sold a controlling interest to Vedanta Resources for $8.5 billion nine years later.

Cairn Energy now has only a 10 per cent stake remaining in Cairn India valued at about $1 billion.

It would like to sell this but is being blocked by a retrospective tax notice that was issued at the beginning of this year.

The notice declared that the stake cannot be sold until India's tax authorities assess whether tax is due from seven years ago.

The saga has led to a slump in the shares of Cairn in January from more than 260p to Friday's close of 181p, reducing the company's market capitalisation to 1 billion pound, but Gammell is hopeful that India's new government will resolve the situation.

Mr Gammell, who stepped down as chief executive in 2011, said the Indian issue was his biggest regret from his time at the company.

Cairn, which Gammell co-founded in 1981 and floated on the London Stock Exchange in 1989, has handed back $4.5 billion to shareholders over the last five years.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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