TaxCorporate TaxVodafone told to stump up £344m before Indian court ruling

Vodafone told to stump up £344m before Indian court ruling

Indian courts order telecoms giant to deposit £344m in advance of appeal ruling in a £1.8bn tax case

VODAFONE HAS BEEN  told to stump up £25 billion rupees (£344m) by the Indian courts as the verdict to a long-running tax case draws closer to being delivered. 

India’s Supreme Court ordered the telecoms giant to make the deposit in advance of the ruling on a disputed £1.8bn tax bill, The Times reported.

Vodafone took the case to India’s top court after a previous decision which ordered the company to pay capital gains tax on its $11.1bn purchase of Indian telecoms operator Hutchison Essar.

The court also said that Vodafone must set up a guarantee with an Indian bank for the remaining 85 billion rupees within eight weeks.

 

 

 

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