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.
Companies must report on their complex financial structures including offshore accounts and notify HMRC
An examination by the Public Accounts Committee (PAC) has revealed serious concerns relating to HMRC’s plans
Andrew Tyrie suggests there will not be enough time to implement Making Tax Digital (MTD) by April 2018
The ACCA has announced a partnership with UK research and development tax reclaim specialist RD Tax Solutions