Vodafone ordered to pay £ 1. 6bn Indian tax bill within 30 days
The tax authorities of the country demanded payment, which relates to the purchase of $ Vodafone a monitoring stake in local operator Hutchinson Essar, before calling Vodafone against tax bill to the Supreme Court of the India 11 billion Monday.
Vodafone said it "is highly certified" with the requirements of the India and said he would "continue to take all steps are necessary to defend itself."
"Tax administration tries to interpret the Indian law never been interpreted over the past 50 years and this interpretation is also contrary to standards internationally recognized tax"Vodafone added.""
World's largest mobile company maintains that purchase 2007 Hutchinson Essar 67pc set should not be subject to fiscal rules Indian because it took place in the Cayman Islands via a string of portfolio companies.
Long-term tax dispute is closely watched by a multinational chain, because he could set a precedent for other cross-border acquisitions in India.
Earlier this week, Vittorio Colao, Chief Executive of Vodafone, warned the India if he took a "unfriendly" approach to global investors tax may reconsider the future investments in the country.
"This is a concern for our investors and other international investors", he said Economic Times the India. ""We need more certainty that regulation will not come back and bite us to confirm our investments."
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