India’s high-profile disputes on retrospective tax on foreign companies are expected to be high on the agenda of British Prime Minister Theresa May’s visit to India as Cairn Plc has strongly taken up the issue with both the governments, Chief Executive Simon Thomson said ahead of the premier’s trip to New Delhi.
“I would hope that this visit sees a resolution of this case. I have made the case strongly to both the governments,” Thomson told ETin an interview. Cairn faces a tax demand of Rs 29,000 crore, which it has contested saying it cannot be taxed on the decade-old government-approved transaction.
British telecom major Vodafone Group Plc has a Rs 20,000-crore tax dispute over its $11.2-billion acquisition of Hutchison’s India business in 2007.
Both the Cairn and Vodafone cases are in international arbitration.
Thomson said international investors who had billions, even trillions, of dollars to invest would find it “dangerous” to invest in India because of the uncertainty that the tax demand had created. He said Cairn would certainly win the arbitration but there was still a strong case for India to settle the matter amicably.
“Looking at our case, investors cannot understand why the government has not resolved the arbitration.
Looking for investment in Share Market, CapitalStars Financial Research Private Limited provides you best investments Tips in Share Market.It daily provides intraday and Future calls with profit assurity.We generate intraday as well as delivery calls in Stock cash and F&O in NSE & BSE, Commodities.
0 comments:
Post a Comment