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The Economic Times/ - News, Dom, 01 de Abril de 2012
CLIPPING INTERNACIONAL (Supreme Court)
India not a tax haven: Pranab Mukherjee
KOLKATA: Defending the proposed amendment of the
Income Tax (IT) Act with retrospective effect, union
Finance Minister Pranab Mukherjee Sunday said India
cannot be a tax haven.
"India is not a no-tax country; it has a determined tax
rate. Our country is not and cannot be a tax haven. If
you pay tax in your country of origin, you don't have to
pay tax, if we have double taxation agreement with
your country of origin," Mukherjee said here at an
interactive session organised by the Bengal Chamber
of Commerce.
"The proposed amendment aims to ensure there is no
double taxation," added Mukherjee.
Allaying apprehension regarding the retrospective
effect of the proposed amendment, he said: "It does
not mean all cases will be reopened from 1961 and
1962 when the IT Act came into force. There is no
reason for being apprehensive about the proposed
law."
As per the IT Act, the government cannot reopen tax
cases beyond six years.
The proposed IT amendment aims at taxing overseas
mergers and acquisition relating to domestic assets
with retrospective effect. The proposed changes in the
I-T Act evoked sharp reactions from industry which
argued that the move will hurt foreign investment.
The proposed amendment comes in the wake of the
Vodafone case where the Supreme Court Jan 20
dismissed a $2.2 billion tax demand from authorities
raised over the British company's acquisition of
Hutchison's Indian mobile assets in 2007.
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