I have no comment to make on this news.
Well, except don't ask George Osborne to be your advocate.
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With estimated $15,000 Billion stolen from India and in Swiss Banks. This is only the tip of the ice berg.
Post the protests from civil society in India and a clamp down by the Congress Party, all companies using the Maruitus route to avoid tax should be making provisions in current accounts.
About time too, in a country where some 20,000 people die daily of hunger, these tax revenues need to be collected and the past stealing must be repaid.
The case of Vodafone is a case of misadventure in taxation at the behest of MNC consultancy firms who have misread the tax laws that were so far lax in tracking such off-shore tax planning trasact by the MNCs.The issue is well fought out by Indian Tax Department who interpreted the naunces of S.9, perhaps more intricately and got hold of a deal where the real purpose was avoid tax that these MNCs put forward by stating the trasaction was outside the territories of India but forgetting at the same time that it was in relation to the transfer of assets in India and they found that they were on the wrong side of law. I heard the Tax Gurus debate on CNBC from both sides in the initial stages and could judge the snare in which Vodafone was cought when the arguments on both sides were heatin up and even the Finance Act later got amended to run smooth at that contrivances!
My adivice to MNCs as a professional man would be to be cautious when they charter the uncertain course of tax laws and consult few more professionals than depend on the biggies!