The UK’s Vodafone, fighting a tax bill in India from its 2007 purchase of Hutchison Whampoa Ltd’s mobile business there, said authorities had set a June 14 hearing to discuss the size of the tax bill.
Vodafone did not say how much the authorities were seeking, but a person with knowledge of the matter said it was about 120 billion rupees ($2.56 billion), which is higher than the $2 billion figure estimated by Indian media.
“Whilst an amount of tax has been suggested by the Tax Authorities, it is important to note that this is not a demand for payment,” a company representative said in a statement on Friday.
“Vodafone remains confident that there is no tax to pay on this transaction,” the statement said, adding that the company was considering its next move.
(US$1=46.86 rupees)
Source: reuters
