As the FT has reported this morning: India plans to increase spending on capital investment and large-scale social programs by 29 per cent in the next year, while imposing a one-year 10 per cent tax surcharge on the “super-rich”. So, just as the UK is about to scrap its 50p tax rate, and give away
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It has been reported for a while that the long running dispute between India and Vodafone may be drawing to a close, with a substantial settlement (if not the sum originally demanded) in the offing. And now the FT reports the next major Indian tax case: The Indian subsidiary of Royal Dutch Shell has said it plans
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The Indian Financial Express reports depressing news this morning, noting that: Giving certainty to foreign investors, the government is likely to put off the controversial general anti avoidance rules (GAAR) by at least two years. The decision, likely to be a key announcement of Budget 2013-14 is the lynchpin of a series of measures to
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India has courted international controversy by backdating reform in a law to ensure that Vodafone will owe tax on its purchase of its mobile phone network in that country. As the New York Daily News reports: India vowed Tuesday to push ahead with controversial legislation allowing it to retroactively tax such companies as British mobile phone giant Vodafone over cross-border
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It’s fascinating and welcome that India is refusing to take tax lying down now. I’ve just noted their aggressive, and I think appropriate, response to Vodafone’s tax abuse, which they are tackling with retrospective legislation. This is a country that will no longer tolerate tax abuse via tax havens – and good for them. Then there’s their new general
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Businesstoday in India carried this great report today (which I admit I quote at length): India appears to have stumped Britain as far as retrospective amendment in the tax law to deal with cases such as Vodafone is concerned. Britain’s chancellor of the exchequer George Osborne took up the Vodafone issue with finance minister Pranab Mukherjee on Monday but
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I wrote the following article for Taxsutra in India a week or so ago after it was announced India was to have a comprehensive general anti-avoidance rule. It pretty much applies here too though so I thought I’d share it: The news that the Indian government is planning to introduce a general anti-avoidance provision and measures to tackle tax
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I wrote the following article for the Indian tax website Taxsutra, but I’ll share it here. It does, of course, consider India’s recent loss in its case against Vodafone: The Supreme Court decision in the recent Vodafone case must be considered a body blow for Indian taxation, India as a whole and the necessary onslaught on tax haven abuse
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Vodafone won its tax appeal in India yesterday, saving it a substantial tax bill that India had been claiming was due on its takeover of the Hutchinson mobile phone network in that country. The Economic Times of India has as good a comment on the implications of the case as could be made: The Supreme Court has
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