Category: Hutchison

India asks Vodafone to re-submit tax return

Vodafone’s long-standing tax woes in India have hit another hurdle after the country’s income tax department asked the operator to re-file its 2009-10 tax return for re-assessment. An inside source told the Economic Times he didn’t know what triggered the request, but the tax authority is looking to review the...

India $6.4 Billion Back-Tax Claim Fails to Dent Foreign Inflows

As foreign portfolio investors balk at India’s claim of $6.4 billion in back taxes, the finance ministry’s latest demand isn’t damping interest in the nation’s stocks and bonds. Foreigners were net buyers of local equities every day barring one since the finance ministry said April 6 it is well within...

Here’s one budget proposal that may bring back Vodafone-like horrors for foreign cos

The Finance Bill 2015 (the Bill) has quietly slipped in an amendment that could engender a fresh set of disputes with foreign companies away from the hitherto transfer pricing hair-splitting. Hitherto, all Indian companies were residents and all foreign companies were non-resident, period. Of course foreign companies would have become...

Hong Kong firm financing owners of 3 mobile network had secret tax deal

Hutchison Whampoa had profit of €429.6m but paid just €65,067 tax in Luxembourg A Luxembourg company that provides indirect financial support to 3 Ireland, is among the latest batch of entities found to be availing of secret tax deals in Luxembourg. Hutchison Whampoa Europe Investments Sarl (HWEI) – part of...

B K Syngal writes that Vodafone tax evasion case and its historical FDI pattern is a classical example of crony capitalism

Much brouhaha has been created by the recent reports about the Vodafone Tax case with respect to whether or not a capital gains tax is due from them on the purchase of assets in India. New lexicon has been created for the uninitiated – “tax avoidance” versus “tax evasion”; “look...