Vodafone warns India on the income tax act
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Vittorio Colao, Chief Executive, said that Vodafone may reconsider India future investments if the country Court confirms an earlier decision requiring that Vodafone pay tax on the purchase of $11 a monitoring stake in local operator Hutchinson Essar billion capital gains.
"The question of tax will be extremely important for us to determine how friendly India is," Mr. Colao said in an interview with Economic Times the India. "" """This is a concern for our investors and other international investors.
He warned that if the India continues to require the disputed tax payment, the country's telecoms sector would be "overwritten as lemon" as investors would reconsider their India development plans.
Mr. Colao said that Vodafone has invested more than ￡ billion per year in India since he joined the market three years ago and has contributed close to one-third of its income tax on the chessboard of India it said that it was "unacceptable" that the Indian authorities have not continued Hutchinson for tax on capital gains on the sale of 2007.
The Supreme Court will establish Monday date to hear the appeal of Vodafone .the ' case was followed closely by a chain of multinational companies as it could set a precedent for other cross-border acquisitions in India.
George Osborne has lobbied against the tax bill for Vodafone.
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