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Business Line/ - Markets, Sex, 30 de Março de 2012
CLIPPING INTERNACIONAL (Supreme Court)
Retrospective changes in tax laws unfair:
Vodafone
New Delhi, March 30:
Vodafone on Friday said that the changes to the tax
regime as specified in the Finance Bill was grossly
unjust.
"The proposed changes seek to apply, on a
retrospective basis, tax liabilities which explicitly were
not countenanced under Indian law in force at the time
of the transaction between Vodafone and Hutchison,"
the British telecom major said in a statement.
"These facts have been examined in detail by the
highest court in the land, which delivered an
unambiguous judgment affirming that there is indeed
no tax due on the transaction – a conclusion reiterated
in the Supreme Court’s rejection of the Government’s
recent review petition," it added.
Vodafone said that since it was the acquirer in this
transaction, the company made no capital gain
whatsoever.
"The proposed changes in the Finance Bill
fundamentally contradict the firm conclusions of the
apex court and as such raise important constitutional
questions for India as well as widespread and
profound concerns in the minds of international
investors," Vodafone said.
The telecom company said that it was considering a
number of courses of action, both in India and
internationally.
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