‘George Osborne is to make the case against a plan by the Indian government that could hit Vodafone and other western companies with backdated tax demands totalling billions of pounds. On a visit to India on Monday, the UK chancellor will say that the decision last week to backdate capital gains tax on corporate acquisitions could jeopardise the ability of British companies to invest in local projects.
‘The most high-profile company affected is Vodafone, which may face a huge retrospective bill. “This is an issue that concerns many British businesses and not just Vodafone,” said a Treasury official. A group of international business lobbying organisations, including the CBI employers’ group and the US Council for International Business, wrote to the Indian government on Sunday warning of “deep concerns” about the development.’
‘George Osborne is to make the case against a plan by the Indian government that could hit Vodafone and other western companies with backdated tax demands totalling billions of pounds. On a visit to India on Monday, the UK chancellor will say that the decision last week to backdate capital gains tax on corporate acquisitions could jeopardise the ability of British companies to invest in local projects.
‘The most high-profile company affected is Vodafone, which may face a huge retrospective bill. “This is an issue that concerns many British businesses and not just Vodafone,” said a Treasury official. A group of international business lobbying organisations, including the CBI employers’ group and the US Council for International Business, wrote to the Indian government on Sunday warning of “deep concerns” about the development.’
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