Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: cpt :: VAT Audit :: articles on VAT and GST in India :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: TDS :: ACCOUNTING STANDARD :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company
« General »
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea
 Can’t overrule courts with retrospective amendments, says Supreme Court
 Why tax planning should be an all-year round activity
 8 financial tasks you should do in the next 30 days
 Income Tax department may defend CPC in returns fraud case
  Income tax department sends notices to investors over tax treaty gains
 Seven months after GST rollout: Time for handholding over, Centre to intensify efforts to curb tax evasion
 Individual angels may get tax relief too
 The differences between tax and cess
 Startups that raised funds from angel investors face tax scrutiny
 Tax collection assumptions in India's budget ambitious

Report: Vodafone warns $2.5 bn India tax bill could double
July, 01st 2011

Vodafone , the world's largest mobile operator by revenue, warned that a $2.5 billion tax bill it faces in India could double while the company fights it in the country's Supreme Court, the Financial Times reported on Friday.

The report quoted Andy Halford , the company's chief financial officer, as saying on Wednesday night that Indian authorities threatened to impose penalties for non-payment that could increase the tax bill to $5 billion.

India maintains Vodafone owes taxes related to its 2007, $10.9 billion acquisition of Hutchison Essar , a fast-growing Indian mobile operator, the report said.

In April, India's Supreme Court asked the country's tax office to restrain from enforcing penalties on Vodafone until an order is passed after a case hearing in July, but allowed it to continue with its proceedings, the British firm said.

Vodafone has set aside $2.5 billion in an escrow account in the event India's Supreme Court rules against it before the end of the year.

The company has made no special provision for the liability in the belief it will win the case, the FT said.

The bill "is either $2.5 billion or it could be double that if we take extreme (scenarios)," Halford was quoted as saying in the report. "We've done a lot of M&A and this has never happened. We are not making any moves until this is resolved."

Vodafone has faced a host of problems since entering the fiercely competitive Indian arena in 2007 and the company's experience in India is often cited as a cautionary tale for foreign players.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

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