Cairn asks India to pay $5.6 billion in Tax Case
The Dollar Business Bureau Oil energy explorer Cairn has asked India to pay about $6 billion by as compensation for affecting its business through a tax dispute. Scotland-based Cairn said the company is seeking taxes related to transactions carried out to identify the company's structure for Cairn India’s stock market flotation in 2007. Last year, India had asked Cairn to pay $1.6 billion for the 2007 listing of the company’s India operation. Cairn had taken the case to the international arbitration court in The Hague. Cairn had sold its Cairn India’s majority stake to Vedanta Resources in 2011. It said the tax department's investigation had postponed the sale of its outstanding holding in its Indian venture. The investigation, which began in 2011, was worth ...
GoI to press ahead with Rs 40,000 crore tax demand on FIIs
The Dollar Business Bureau The Foreign Institutional Investors (FIIs) may have to face an Rs 40,000 crore tax demand by the Government of India, after having lost a case against tax payment on capital gains. “The government will press ahead with Rs 40,000 crore tax demand on FIIs, as they have lost a case against levy of tax on capital gains they made,” stated the Union Finance Minister Arun Jaitley on Tuesday, according to the reports. The Union Finance Minister was quoted to have informed that the FIIs have gone to the tribunal called ‘Authority for Advance Rulings’ against the levy of 20% Minimum Alternate Tax (MAT) on capital gains and the ruling came against them. “The amount involved in the case ...
