‘George Osborne, UK chancellor, attacked India’s proposed law to retrospectively tax cross-border deals, in the first such criticism from a foreign official. He warned that the move would damage the overall investment sentiment in Asia’s third-largest economy.
‘Speaking from the British High Commission in New Delhi, Mr Osborne on Monday said that the Indian tax provision could hurt trade between the two countries. We are concerned about the proposed budget measure, not just because of its impact on one company, Vodafone, but because we think it might damage the overall climate for investment in India,” Mr Osborne told the Financial Times.’
‘George Osborne waded into the row over India’s decision to retrospectively tax business deals yesterday, saying that the move — aimed at Vodafone — risked damaging investor confidence in the country.
‘The Chancellor, on a visit to Delhi, said that he had been “pretty candid” about Britain’s concerns during a meeting with Pranab Mukherjee, the Indian Finance Minister.
‘Deals stretching back 50 years could be liable to new taxation under the measure introduced in India’s budget last month. The proposal followed a court decision in favour of Vodafone, which had argued successfully that its takeover of an Indian mobile phone operator should not be taxed.’
‘George Osborne, UK chancellor, attacked India’s proposed law to retrospectively tax cross-border deals, in the first such criticism from a foreign official. He warned that the move would damage the overall investment sentiment in Asia’s third-largest economy.
‘Speaking from the British High Commission in New Delhi, Mr Osborne on Monday said that the Indian tax provision could hurt trade between the two countries. We are concerned about the proposed budget measure, not just because of its impact on one company, Vodafone, but because we think it might damage the overall climate for investment in India,” Mr Osborne told the Financial Times.’
‘George Osborne waded into the row over India’s decision to retrospectively tax business deals yesterday, saying that the move — aimed at Vodafone — risked damaging investor confidence in the country.
‘The Chancellor, on a visit to Delhi, said that he had been “pretty candid” about Britain’s concerns during a meeting with Pranab Mukherjee, the Indian Finance Minister.
‘Deals stretching back 50 years could be liable to new taxation under the measure introduced in India’s budget last month. The proposal followed a court decision in favour of Vodafone, which had argued successfully that its takeover of an Indian mobile phone operator should not be taxed.’
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")