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 India to raise tax costs

The Indian government is considering changes to its tax code, which could have major implications on multinational companies, including Vodafone.

India is not a no-tax country, the Indian Finance Minister was reported as having said.  

In the New York Times blog India Ink, Notes on the World’s Largest Economy, Neha Thirani and Malavika Vyawahare report that the proposal last week for India to “change its tax code retroactively to 1962 in order to collect capital gains taxes on offshore acquisitions involving Indian assets has sent shudders through corporate executives, investors and lawyers.”  

Nishith Desai, Founder at Nishith Desai Associates law firm, and a speaker at the upcoming marcus evans Corporate Tax Management: The Evolving Scenario Conference was quoted: “The budget proposes a number of regressive, retrograde and extraterritorial provisions that would significantly increase tax costs and alter the dynamics of cross-border transactions and mergers and acquisitions.”  

Nishith Desai will lead a panel discussion at the marcus evans Conference that will focus on overcoming the legal challenges and tax implications of companies investing in Singapore, Europe and the US.  

For more information on the marcus evans Corporate Tax Management: The Evolving Scenario, taking place at Novotel Mumbai Juhu Beach, India, 11 - 13 July 2012, visit the event website  

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