THE CHANCELLOR is to challenge an Indian tax plan that could hit Vodafone and other western companies with a retrospective tax bill of billions of pounds.
On his visit to India today, George Osborne is to make the case against New Delhi’s decision to backdate CGT on corporate acquisitions, warning that it could jeopardise local investment by UK companies, reports the FT.
A Treasury spokesman said: “This is an issue that concerns many British businesses and not just Vodafone,” as it emerged that Kraft and SABMiller would also be affected.
Global business lobbying organisations including the CBI and the US Council for International Business wrote to the Indian government expressing their “deep concerns” about the decision, which they said would make it hard for companies to predict the future cost of doing business in India.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states