Finance Ministry Prioritising Resolution of Tax Disputes: Telecom Minister
The Ministry of Finance has prioritised resolution of tax disputes involving telecom companies, Telecoms Minister Ravi Shankar Prasad said on Tuesday.
Vodafone Group PLC became India's largest overseas corporate investor when it acquired Hutchison Whampoa's Indian mobile assets in 2007 as part of its strategy of chasing growth in emerging markets.
Indian authorities argued that the transaction was liable to be taxed in India.
Vodafone rejected the claim, saying that even if tax was due, it should be paid for by the seller rather than the buyer. The $2.2 billion standoff has played out in courts across the country ever since.
Copyright @ Thomson Reuters 2014
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