A POWERFUL Indian banker has criticised plans to hit foreign companies with retrospective taxes on investments they have made in India.
Chanda Kochhar, chief executive of ICICI, India’s biggest private sector bank, told The Times that the new tax rules could harm the country’s rate of economic expansion.
“Every government has the right to decide what the tax rules should be, but when you decide on a retrospective basis you make it very uncertain for people to plan their projects and put them in place,” she told the paper.
George Osborne said he will challenge the tax plan, announced in India’s annual Budget statement last month.
The proposals, if enacted, could hit Vodafone and other western companies with a retrospective tax bill of billions of pounds.
The current business rates system is over-complex and reform is needed, but reforms should focus first of all on simplifying the appeals process, particularly for businesses which are subject to business rates exemption
The CIoT has called on the government to rethink its approach to ensuring online sellers pay the correct amount of VAT.
Jane Ellison to serve as 'tax minister' following ministerial responsibilities for public health. David Gauke become chief secretary to the Treasury
Head of editorial Kevin Reed discusses the accountants in the new cabinet; the FRC's report into audit market concentration; and the Top 40 International Networks Survey 2016