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.
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year
Lord Howard Leigh of Hurley discusses the government’s initiatives to mitigate tax avoidance and evasion
Top 50+50: Demand for tax advisory services remains high, but fee pressure is expected in relation to compliance services
The demand for tax advisory services remains high and this looks to continue; but fee pressure is expected in relation to compliance services as the “Making Tax Digital” initiative is rolled out,
While some resistance to change is to be expected, the degree of controversy surrounding HMRC's Making Tax Digital proposals has surprised the government