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Vodafone deposit for tax bill
By Erika Kinetz |
November 16, 2010, Tuesday
|
Print Edition
Print Edition
INDIA'S top court ordered Vodafone to deposit 25 billion rupees (US$554 million) within three weeks on its contested US$2.5 billion tax bill, a company spokesman said yesterday.
The court also said Vodafone must arrange a guarantee with an Indian bank for the remaining 85 billion rupees within eight weeks.
The court has not yet rendered a verdict in the case, which is being closely watched by foreign companies fearful that it could set a precedent that may make them liable for retroactive changes under Indian tax law.
The next hearing is set for February 24.
Vodafone, which strongly contests the tax bill, said the US$554 million deposit is to be held by the court.
Should the Indian tax department withdraw the money, they will have to repay it, with interest, if the case is decided in Vodafone's favor, according to the company's spokesman.
The court also said Vodafone must arrange a guarantee with an Indian bank for the remaining 85 billion rupees within eight weeks.
The court has not yet rendered a verdict in the case, which is being closely watched by foreign companies fearful that it could set a precedent that may make them liable for retroactive changes under Indian tax law.
The next hearing is set for February 24.
Vodafone, which strongly contests the tax bill, said the US$554 million deposit is to be held by the court.
Should the Indian tax department withdraw the money, they will have to repay it, with interest, if the case is decided in Vodafone's favor, according to the company's spokesman.
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