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Income Tax : The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, in a major decision, has decided to accept the order of the H...
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, in a major decision, has decided to accept the order of the High Court of Bombay in the case of Vodafone India Services Private Limited (VISPL) dated 10.10.2014. This is a major correction of a tax matter which has adversely affected investor sentiment.
Correct Factual Position and the Circumstances that led to the Government’s Proposal to Withdraw from the Conciliation Measures Initiated Earlier with Vodafone International Holdings B.V.(Vodafone)
British telecom giant Vodafone has decided against making a provision in its balance sheet for the over Rs 11,000 tax claim made by Indian authorities for its 2007 deal to acquire stake in Hutchison-Essar.
UK-based telecom giant Vodafone on Thursday said it is willing to discuss tax related issues with the government and paying tax, which amounts to around Rs. 8,000 crore, is an option provided the interest and penalty are waived
Government on Wednesday justified its decision to neutralise the impact of Supreme Court decision in the Vodafone case by amending the Income Tax Act with retrospective effect suggesting it was to prevent outflow of Rs 40,000-Rs 50,000 crore from the exchequer.
A Day after the approval of the Finance Bill by the Lok Sabha, the government on Wednesday said that it will move ahead to recover the tax and penalty from the British telecom major Vodafone which is currently estimated at Rs. 20,300 crore. Finance secretary RS Gurjal said that no new notice would be required in the Vodafone case as the Finance Bill, 2012 would validate all the notices send earlier, even as the telecom company described the tax law amendment as “grossly unjust” and said it would take all possible steps to safeguard its shareholders’ interest.
I would like to confirm that clarificatory amendments do not override the provisions of Double Taxation Avoidance Agreement (DTAA) which India has with 82 countries. It would impact those cases where the transaction has been routed through low tax or no tax countries with whom India does not have a DTAA .
Thus, Vodafone cannot say that it had received no communication from the tax department, about the chargeability of the transaction to tax in India. Further, it chose to ignore the advice, received before the conclusion of the transaction, that Vodafone or HTIL should approach the Assessing Officer under sections 195/197 of the Income-tax Act, 1961, for determining the exact tax liability in India.
Vodafone has issued notice to the Indian government under Bilateral Investment Protection Treaty over tax issue between India and the Netherlands. The Dutch subsidiary Vodafone International Holdings BV today served a notice of dispute on the Indian government regarding proposals in the Finance Bill 2012 which it claimed, violated the international legal protections granted to Vodafone and other international investors in India.
Finance Ministry, while presenting the much disillusioned and indifferent Union Budget with heavy fanfare and subsequent silence, brought out an amendment that took many people by surprise. It was not just a normal amendment. Rather, it was the Amendment with retrospective effect, of taxing transactions which resembled the ‘Vodafone-Hutchison Essar’ deal.
