Vodafone appeals after losing $2bn Indian tax case
Vodafone loses Mumbai tax decision but appeals
Vodafone has lost its $2bn case in the Mumbai High Court, a decision that
could hold back foreign investment in the region.
The telecoms giant said it was not liable to be taxed on its $11bn
acquisition of local mobile group Hutchison Essar.
It has appealed the decision, reported the FT.
Although Vodafone had acquired Hutchison, India’s tax department said the UK
company should have paid capital gains tax on the deal.
Vodafone said it was a deal between foreign companies that should be exempt
from the tax under Indian rules.
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