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<\/span><\/figcaption><\/figure>The government should accept the verdict of the Permanent Court of Arbitration<\/a> at The Hague in the Vodafone tax dispute<\/a> and move on. The leaders of the NDA had been extremely critical of the amendment to the tax law brought in by Pranab Mukherjee as finance minister of the UPA in 2012 to overturn a Supreme Court order that had negated a tax demand on Vodafone<\/a> India amounting to Rs 11,792 crore and subsequent penalty of Rs 7,900 crore. To drop the tax demand on Vodafone, that amendment, widely criticised as a retrospective tax, has to be reversed — otherwise, government conduct would be at odds with the tax law — and this is the right time to do it.

When Vodafone, a British telecom giant, acquired Indian telco Hutch-Essar in 2007, Vodafone’s Dutch arm had purchased majority shares in Hutch-Essar’s holding company registered in the Cayman Islands, from Hong Kong-based Hutchison Whampoa<\/a>. In other words, Hutch-Essar’s ownership did not change, but ownership of that holding company changed. Whether capital gains tax was due when the transfer of ownership of an Indian company is achieved through an indirect transfer was at the core of the dispute over Indian authorities’ tax demand on the transaction. The Supreme Court ruled that the law did not provide for capital gains tax when the acquisition route was indirect. The 2012 amendment said capital gains tax would accrue in such indirect transfers and, further, that it had always been the intention of the law to include indirect transfers in transfers on which capital gains tax was due. To honour the arbitration award won by Vodafone, India should drop that retrospective clarification, and drop the tax demand on Vodafone.

Can the government in desperate need of revenue afford such largesse at a time when the fiscal deficit of the Centre and the states verges on a double-digit proportion of GDP? The government is extracting Rs 50,000 crore from Vodafone Idea as its share of adjusted gross revenue. Respecting international arbitration would inspire investor confidence in India.

This piece appeared as an editorial opinion in the print edition of The Economic Times.<\/em>
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观点:荣誉沃达丰奖,继续前进

“政府从沃达丰想法中提取50000卢比的调整后的总收益。尊重国际仲裁将在印度激发投资者的信心。”

  • 发布于2020年9月28日08:27点坚持
阅读: 100年行业专业人士
读者的形象读到100年行业专业人士
政府应该接受的判决常设仲裁法院在海牙沃达丰税收争议然后继续前进。NDA的领导人已经极其关键的修正案税法带来的的财政部长慕克吉UPA 2012年推翻最高法院命令,否定了税收需求沃达丰(Vodafone)印度达11792卢比和随后的7900卢比的罚款。税收对沃达丰的需求下降,修正案,广泛的批评作为一个回顾性税,必须扭转,否则,政府行为与税法——这是正确的时间去做。

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当英国沃达丰电信巨头,在2007年收购了印度电信Hutch-Essar,沃达丰的荷兰手臂Hutch-Essar购买了多数股份的控股公司注册在开曼群岛,来自香港和记黄埔(Hutchison Whampoa)。换句话说,Hutch-Essar的所有权并未改变,但改变所有权的控股公司。是否资本利得税是由于当一家印度公司的所有权转让是通过一种间接转让是在印度当局的税收争议的核心需求的事务。最高法院裁定,法律没有提供对资本利得税时,收购的方式是间接的。2012年修正案说资本利得税将在这样的间接转移和积累,进一步说,它一直是法律的目的包括间接转移转移,资本利得税。履行仲裁裁决赢得了沃达丰、回顾性澄清印度应该下降,税收对沃达丰的需求下降。

政府急需的收入负担得起这样的慷慨的财政赤字时中心和美国近乎两位数的GDP的比例?政府从沃达丰想法中提取50000卢比的调整后的总收益。尊重国际仲裁将在印度激发投资者的信心。

这段出现在一篇社论观点在《经济时报》的印刷版。
  • 发布于2020年9月28日08:27点坚持
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\"\"
<\/span><\/figcaption><\/figure>The government should accept the verdict of the Permanent Court of Arbitration<\/a> at The Hague in the Vodafone tax dispute<\/a> and move on. The leaders of the NDA had been extremely critical of the amendment to the tax law brought in by Pranab Mukherjee as finance minister of the UPA in 2012 to overturn a Supreme Court order that had negated a tax demand on Vodafone<\/a> India amounting to Rs 11,792 crore and subsequent penalty of Rs 7,900 crore. To drop the tax demand on Vodafone, that amendment, widely criticised as a retrospective tax, has to be reversed — otherwise, government conduct would be at odds with the tax law — and this is the right time to do it.

When Vodafone, a British telecom giant, acquired Indian telco Hutch-Essar in 2007, Vodafone’s Dutch arm had purchased majority shares in Hutch-Essar’s holding company registered in the Cayman Islands, from Hong Kong-based Hutchison Whampoa<\/a>. In other words, Hutch-Essar’s ownership did not change, but ownership of that holding company changed. Whether capital gains tax was due when the transfer of ownership of an Indian company is achieved through an indirect transfer was at the core of the dispute over Indian authorities’ tax demand on the transaction. The Supreme Court ruled that the law did not provide for capital gains tax when the acquisition route was indirect. The 2012 amendment said capital gains tax would accrue in such indirect transfers and, further, that it had always been the intention of the law to include indirect transfers in transfers on which capital gains tax was due. To honour the arbitration award won by Vodafone, India should drop that retrospective clarification, and drop the tax demand on Vodafone.

Can the government in desperate need of revenue afford such largesse at a time when the fiscal deficit of the Centre and the states verges on a double-digit proportion of GDP? The government is extracting Rs 50,000 crore from Vodafone Idea as its share of adjusted gross revenue. Respecting international arbitration would inspire investor confidence in India.

This piece appeared as an editorial opinion in the print edition of The Economic Times.<\/em>
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