Investor hits out over Indian tax reforms
An Indian banker has criticised plans to hit foreign companies with retrospective taxes
An Indian banker has criticised plans to hit foreign companies with retrospective taxes
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.
More about:
The numbers you crunch tell a story. Your expertis...
12yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleGeorge Osborne's Budget on 16 March had no discernible theme, write Robert Maas Read More...
View articleTop 20 tax partner breaks down budget and explores how it's going to boost UK businesses and increase productivity Read More...
View articleOsborne should be minded to see how Australian buy-to-let tax policies have shifted – or not – after much lobbying Read More...
View articleAndrew Goodall summarises progress to date on the devolution of tax powers to Northern Ireland and Scotland Read More...
View articleCapital gains tax is not chargeable on the sale of Sir Joshua Reynolds' 'Omai' portrait as it was part of the running of a stately home, a tribunal ru...
View articleThe Seed Enterprise Investment Scheme offers relief on capital gains tax Read More...
View articleSir Joshua Reynolds masterpiece in capital gains tax clash Read More...
View articleDeputy PM Nick Clegg will argue for a "time-limited" extra tax on the UK's wealthiest people as politicians reconvene after their summer breaks Read M...
View article