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Monday, March 19, 2012

India to Seek Capital Gains Taxes on Cross-Border Deals for Past Six Years

IndiaBloomberg, India Seeking to Tax Overseas Deals Will Limit Claims to 6 Years:

India will claim capital gains tax on cross-border acquisitions completed in the past six years through an amendment after Vodafone won a case against such levies, according to Finance Secretary R.S. Gujral.

Finance Minister Pranab Mukherjee on March 16 proposed changing the law two months after the Supreme Court ruled that Vodafone doesn’t have to pay $2.2 billion in tax on its purchase of the local business of Hutchison Whampoa Ltd. (13) in 2007. Taxation experts at firms including KPMG said the changes applicable retrospectively from 1962 may slow foreign investments into the South Asian nation.

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