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India to seek parliament nod to change retrospective tax rules

Source : REUTERS
Last Updated: Mon, Mar 04, 2013 13:11 hrs
Cashier counts currency notes inside bank in Lucknow

India will seek parliamentary approval for amending retrospective tax rules, after it reaches an agreement with Vodafone Group Plc over a tax dispute, Finance Minister P. Chidambaram said.

The rule set last year enabled the government to raise tax demands on long concluded deals. British telecoms group Vodafone Group Plc is contesting a more than $2 billion tax dispute over its 2007 acquisition of Indian mobile assets.

India's cabinet will take a decision on a conciliation offer from Vodafone, Chidambaram said last week, without giving a time frame.





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