India goes after Vodafone

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A topic from Work & Money: Tax and Accounting

laresSun 07/08/11 11:46

"The Delhi-based court's judges have begun weighing an appeal by Vodafone (VOD:LSE), the UK-listed telecoms group, over a $2.5bn tax bill levied on its purchase of the Indian assets of Hong Kong-based Hutchison Whampoa.

Vodafone insists that its transaction, conducted in the Cayman Islands between two foreign listed companies, is not liable for Indian tax. It also insists that the Cayman Islands-based holding company was not constructed solely to dodge the reach of India's tax authorities but had been part of Hutchison's corporate structure for some time.

India's tax man feels differently, and is seeking to possess powerful extra-territorial reach on the change of ownership of Indian-based assets."

"The Supreme Court ruling will be watched very carefully by other foreign companies, particularly those that have made acquisitions in India, a lustrous emerging market, over the past decade."

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