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<\/span><\/figcaption><\/figure>After pussyfooting for seven years and damaging its international reputation, India’s government has finally taken a decisive step toward ending “tax terror<\/a>,” fulfilling a pledge it had made during the 2014 campaign that first brought Prime Minister Narendra Modi<\/a> to power. Is this a fresh start, the beginning of an open, predictable, and fair relationship between New Delhi and global capital? It’ll require a lot more evidence to answer that question in the affirmative.

The finance ministry has moved a bill in parliament to scrap retrospective taxation. Introduced in 2012 by the previous Congress Party-led coalition government, the draconian overreach empowered the exchequer to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India.

Vodafone Group Plc<\/a> was sent a Rs 20,000 crore ($2.7 billion) bill for buying, in 2007, a Cayman Islands-based investment firm that controlled Hong Kong tycoon Li Ka-shing’s Indian wireless business. India’s own Supreme Court had held the deal to be beyond the pale of domestic taxation. The Congress government, which by then was facing a major scandal over telecom licenses, lashed out and went after the British operator by changing the tax code retrospectively.

Revenue officials lost no time in rolling their juggernaut down the newly paved path to perdition. Cairn Energy Plc was hauled up for a restructuring whereby the U.K. energy explorer had transferred ownership of its Indian oil field in 2006 to Cairn India Ltd. to prepare for the local unit’s initial public offering. The $4.3 billion tax demand came in March 2015. By that time the government in New Delhi had changed, but not — as it would become clear later — the statist mindset.

Embarrassment ensued. Last Christmas, the Edinburgh-based firm won a $1.2 billion international arbitration award to restore the losses it suffered after India seized its shares in Vedanta Ltd. (with which Cairn had merged the Rajasthan oil field, India’s biggest onshore discovery in two decades), kept the dividends and sold the stock. Vodafone had won its victory earlier, when a panel in The Hague threw out the tax demand, finding it to be in breach of fair treatment under India’s investment protection pact with the Netherlands, and awarded costs to the telco.

If retrospective taxation dented India’s image, the stubborn refusal to accept arbitration awards tarnished it further. Cairn is seeking enforcement action against Indian sovereign assets from New York to Paris, putting a major future power in the same league as Venezuela, Qatar, Lithuania and Tunisia. It remains to be seen if the passage of the tax amendment bill will lead to a fair settlement of Cairn’s claims. A 26% one-day surge in the firm’s London-traded shares suggests that investors are optimistic.

Vodafone’s fortunes in India, though, have dwindled. The tax overhang and the price war unleashed by petrochemicals czar Mukesh Ambani’s 2016 telecom entry frustrated the local unit’s plans to go public. It merged with metals magnate Kumar Mangalam Birla’s wireless service in 2018, but found itself once again on the wrong side of the state. This time, the government brandished a court-blessed $7.8 billion demand as its share of past revenue from Vodafone Idea Ltd.<\/a> With $30 billion of debt, the telco is teetering on the precipice. Should the service provider to 280 million subscribers go under, India would earn yet more bad rep by being seen as the world’s most treacherous telecom market.

Cairn can expect to see real money from the scrapping of retrospective taxation, but not Vodafone. Unless there’s a solution to the existential challenge facing its Indian unit, Chief Executive Officer Nick Read would be unlikely to provide meaningful rescue capital. To that extent, the finance ministry’s belated move to unwind the previous government’s mistake becomes a damage-control PR tool: “Look, we did our best.”

Did they? Retrospective taxes are just one facet of arbitrary state action. Multinationals that have committed billions of dollars, drawn by the potential of India’s 1.4 billion-people market, have many other legal minefields awaiting them. Walmart Inc. is battling a draft consumer protection regulation that threatens to undermine the business model of Flipkart<\/a>, the local e-commerce site it bought for $16 billion in 2018. Facebook Inc.<\/a>’s WhatsApp<\/a> service has taken the Indian government to court over rules that it says will destroy end-to-end message encryption.

From fintech and online gaming to ride-hailing and after-school tutoring, Beijing is taking much harsher steps to bend the private sector to its will. But in India, the state seems to be targeting global firms, reducing competition and turning the economy into a monopoly board for local capitalists. Telecom is about to become a two-horse race, led by Ambani. One firm, Adani Airport Holdings Ltd., now accounts for 25% of all passenger traffic and 33% of air cargo. Mastercard Inc. has been barred from taking new customers for alleged noncompliance with data localization rules, handing over the market to Visa Inc. and RuPay, a local network that state-run banks have been asked to promote.

Had the Modi government scrapped retrospective taxation after taking power in 2014, it would have been enough to signal India’s intentions to keep the economy open, transparent and rules-based. Now it will take a lot more work. Some of it might be done by the judiciary, like the Indian Supreme Court’s decision Friday to allow enforcement of a Singapore arbitration order in India, giving major relief to Amazon.com Inc. The emergency arbitrator had, on Amazon’s plea, halted the $3.4 billion sale of cash-strapped Indian retailer Future Retail Ltd. to Ambani’s Reliance Industries Ltd<\/a>.

But the political executive will also need to strive for a fairer playing field. Getting rid of retrospective taxation is a welcome first step.

<\/body>","next_sibling":[{"msid":85094121,"title":"Buy Tata Communications, target price Rs 1700: Emkay Global","entity_type":"ARTICLE","link":"\/news\/buy-tata-communications-target-price-rs-1700-emkay-global\/85094121","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"85073317","title":"ET View: A bold move to bury the retro tax ghost","entity_type":"ARTICLE","seopath":"opinion\/et-view\/et-view-a-bold-move-to-bury-the-retro-tax-ghost","category_name":"ET View","synopsis":"The Bill, introduced in the Lok Sabha, nullifies the tax demand on the indirect transfer of Indian assets on transactions prior to 28 May 2012. The law will apply prospectively: gains from the sale of shares of a foreign company will be taxable in India if such shares, directly or indirectly, derive value from assets located in India. This makes eminent sense.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-1431387\/85073317.cms?width=150&height=112","link":"\/news\/opinion\/et-view\/et-view-a-bold-move-to-bury-the-retro-tax-ghost\/85073317"},{"msid":"85074291","title":"India to axe retro clause in 2012 tax law, paves way for settling litigation with Vodafone and Cairn","entity_type":"ARTICLE","seopath":"news\/economy\/policy\/india-seeks-to-amend-retrospective-tax-law-fm-introduces-bill-in-ls","category_name":"Policy","synopsis":"The bill proposes to withdraw all back tax demands levied under the law, allows the government to refund tax collected and settle cases if companies withdraw challenges filed in all legal forums. ","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-343514\/85074291.cms?width=150&height=112","link":"\/news\/economy\/policy\/india-seeks-to-amend-retrospective-tax-law-fm-introduces-bill-in-ls\/85074291"},{"msid":"85081338","title":"Decoded: What junking draconian retrospective tax means for India","entity_type":"ARTICLE","seopath":"opinion\/et-commentary\/decoded-what-junking-draconian-retrospective-tax-means-for-india","category_name":"ET Commentary","synopsis":"One can always wonder why such a step was not taken earlier. But that is now not important. What is important is that this move sends out a strong signal to the foreign direct investment (FDI) community that India respects rule of law, and wants to promote a conducive investment climate.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-68703\/85081338.cms?width=150&height=112","link":"\/news\/opinion\/et-commentary\/decoded-what-junking-draconian-retrospective-tax-means-for-india\/85081338"},{"msid":"85079188","title":"Welcome government will to act, at last","entity_type":"ARTICLE","seopath":"opinion\/et-editorial\/welcome-government-will-to-act-at-last","category_name":"ET Editorial","synopsis":"It will send out two positive signals to investors, including global ones: the government knows how to cut its losses and move on, and it is finally beginning to act purposefully, instead of merely talking.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-691714\/85079188.cms?width=150&height=112","link":"\/news\/opinion\/et-editorial\/welcome-government-will-to-act-at-last\/85079188"},{"msid":85069390,"title":"Govt buries retro tax; introduces bill in LS to withdraw demands on Cairn, Vodafone","entity_type":null,"seopath":null,"category_name":null,"synopsis":null,"thumb":false,"link":"\/news\/\/85069390"}],"msid":85095173,"entity_type":"ARTICLE","title":"View: Retro tax move may not be enough to repair India's reputation","synopsis":"Is this a fresh start, the beginning of an open, predictable, and fair relationship between New Delhi and global capital? It\u2019ll require a lot more evidence to answer that question in the affirmative.","titleseo":"telecomnews\/view-retro-tax-move-may-not-be-enough-to-repair-indias-reputation","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":524,"shares":0,"engagementtimems":2088000},"Alttitle":{"minfo":""},"artag":"Bloomberg","artdate":"2021-08-06 13:36:31","lastupd":"2021-08-06 13:39:43","breadcrumbTags":["Vodafone Group Plc","WhatsApp","Flipkart","Facebook Inc.","tax terror","Narendra Modi","Reliance Industries Ltd","Vodafone Idea Ltd.","retro tax","policy"],"secinfo":{"seolocation":"telecomnews\/view-retro-tax-move-may-not-be-enough-to-repair-indias-reputation"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2021-08-06" data-index="article_1">

观点:复古的税收转移可能不足以修复印度的声誉

这是一个全新的开始,开始的一个开放的、可预测的,新德里和全球资本和公正的关系?它将需要更多的证据来肯定的回答这个问题。

  • 2021年8月6日更新是01:39点
阅读: 100年行业专业人士
读者的形象读到100年行业专业人士
问题七年后和破坏其国际声誉,印度政府终于迈出了决定性的一步结束”税收的恐怖“履行承诺,2014年竞选时做出的第一个总理莫迪权力。这是一个全新的开始,开始的一个开放的、可预测的,新德里和全球资本和公正的关系?它将需要更多的证据来肯定的回答这个问题。

财政部已经在议会法案废除回顾税收。前面的国大党领导的联合政府于2012年推出的,严厉的过度授权财政部回到50年,资本利得征税无论所有权易手海外但在印度业务资产。

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沃达丰集团发送一个20000卢比(27亿美元)的费用购买,开曼群岛注册,2007年对冲投资公司,香港大亨李嘉诚控股的印度无线业务。印度的最高法院举行了交易超出了国内税收的苍白。国会政府那时正面临一个主要的电信丑闻许可证,指责后,英国运营商通过改变税法回顾性。

收入官员不失时机地滚动他们的主宰新毁灭之路铺平了道路。凯恩能源公司被拖了重组,英国能源资源管理器将其印度2006年油田的所有权转让给凯恩印度公司准备为当地部门的首次公开发行(ipo)。2015年3月的43亿美元税收需求来。到那个时候政府在新德里发生了变化,但不是——它将成为清楚之后——集权的心态。

尴尬接踵而至。去年圣诞节,爱丁堡公司赢得了一份价值12亿美元的国际仲裁裁决恢复大跌印度占领其韦丹塔股份有限公司(与凯恩合并拉贾斯坦邦油田,印度最大的陆上发现二十年),保留了股息和股票出售。沃达丰早点赢得胜利的,当一个小组在海牙否决了税收需求,发现它不仅违反公平待遇与荷兰在印度的投资保护协定,电信和授予成本。

如果追溯征税削弱印度的形象,固执的拒绝接受仲裁奖项进一步受损。凯恩对印度主权资产寻求执法行动从纽约到巴黎,把未来的一个主要力量与委内瑞拉、卡塔尔、立陶宛和突尼斯。还有待观察,如果税收修正法案的通过将导致一个公平的解决凯恩的说法。为期一天的激增26%股份公司的伦敦交易表明,投资者持乐观态度。

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沃达丰在印度的命运,不过,已经减少。税收负担和发动价格战石化沙皇穆凯什•安巴尼2016条目沮丧当地电信部门上市的计划。它与金属大亨Kumar Mangalam贝拉的无线服务在2018年,但发现自己再一次站在错误的一边。这一次,政府挥舞着court-blessed 78亿美元需求过去收入的份额沃达丰(Vodafone)有限公司。300亿美元的债务,电信是悬崖上摇摇欲坠。2.8亿用户的服务提供者应该下,印度将赚更多的坏名声被视为世界上最危险的电信市场。

凯恩可以看到真正的钱取消的回顾性征税,但不是沃达丰。除非有解决其印度子公司面临生存挑战,首席执行官尼克读不太可能提供有意义的救援资金。程度,财政部姗姗来迟的搬到解除前政府的错误成为控制”的公关工具:“看,我们尽了全力。”

他们吗?回顾税只是任意国家行动的一个方面。跨国公司已承诺数十亿美元,由1.4印度的十亿人口的潜力市场,有许多其他法律雷区等待他们。沃尔玛公司与消费者保护条例草案,威胁要破坏的商业模式Flipkart公司,当地的电子商务网站,它在2018年以160亿美元收购。Facebook Inc .。的WhatsApp服务了印度政府告上法庭规则,它表示将会摧毁的端到端加密消息。

从fintech和在线游戏ride-hailing和课后辅导,北京采取更严厉措施弯曲私营部门自己的意愿。但在印度,政府似乎是针对全球公司,减少竞争和经济转化为垄断当地资本家。电信将成为两匹马的竞赛,由安巴尼。阿达尼机场控股有限公司,一家公司现在占25%的客运和货运的33%。万事达公司已经禁止服用新客户因不遵守数据定位规则,市场交给签证公司和RuPay,本地网络,国有银行已经要求促进。

莫迪的政府取消了回顾性税收在2014年夺取政权后,这足以表明印度的意图保持经济开放,透明和基于规则的。现在还需要更多的工作。其中一些可能通过司法,像印度最高法院星期五决定允许新加坡仲裁的执行顺序在印度,给Amazon.com Inc .主要救援应急仲裁员,在亚马逊的请求,停止出售价值34亿美元的现金拮据的印度未来零售有限公司安巴尼的零售商信实工业有限公司。

但政治执行还需要争取一个公平的竞技场。摆脱回顾征税是一个受欢迎的第一步。

  • 发布于2021年8月6日01:36点坚持

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  • 观点:复古的税收转移可能不足以修复印度的声誉
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<\/span><\/figcaption><\/figure>After pussyfooting for seven years and damaging its international reputation, India’s government has finally taken a decisive step toward ending “tax terror<\/a>,” fulfilling a pledge it had made during the 2014 campaign that first brought Prime Minister Narendra Modi<\/a> to power. Is this a fresh start, the beginning of an open, predictable, and fair relationship between New Delhi and global capital? It’ll require a lot more evidence to answer that question in the affirmative.

The finance ministry has moved a bill in parliament to scrap retrospective taxation. Introduced in 2012 by the previous Congress Party-led coalition government, the draconian overreach empowered the exchequer to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India.

Vodafone Group Plc<\/a> was sent a Rs 20,000 crore ($2.7 billion) bill for buying, in 2007, a Cayman Islands-based investment firm that controlled Hong Kong tycoon Li Ka-shing’s Indian wireless business. India’s own Supreme Court had held the deal to be beyond the pale of domestic taxation. The Congress government, which by then was facing a major scandal over telecom licenses, lashed out and went after the British operator by changing the tax code retrospectively.

Revenue officials lost no time in rolling their juggernaut down the newly paved path to perdition. Cairn Energy Plc was hauled up for a restructuring whereby the U.K. energy explorer had transferred ownership of its Indian oil field in 2006 to Cairn India Ltd. to prepare for the local unit’s initial public offering. The $4.3 billion tax demand came in March 2015. By that time the government in New Delhi had changed, but not — as it would become clear later — the statist mindset.

Embarrassment ensued. Last Christmas, the Edinburgh-based firm won a $1.2 billion international arbitration award to restore the losses it suffered after India seized its shares in Vedanta Ltd. (with which Cairn had merged the Rajasthan oil field, India’s biggest onshore discovery in two decades), kept the dividends and sold the stock. Vodafone had won its victory earlier, when a panel in The Hague threw out the tax demand, finding it to be in breach of fair treatment under India’s investment protection pact with the Netherlands, and awarded costs to the telco.

If retrospective taxation dented India’s image, the stubborn refusal to accept arbitration awards tarnished it further. Cairn is seeking enforcement action against Indian sovereign assets from New York to Paris, putting a major future power in the same league as Venezuela, Qatar, Lithuania and Tunisia. It remains to be seen if the passage of the tax amendment bill will lead to a fair settlement of Cairn’s claims. A 26% one-day surge in the firm’s London-traded shares suggests that investors are optimistic.

Vodafone’s fortunes in India, though, have dwindled. The tax overhang and the price war unleashed by petrochemicals czar Mukesh Ambani’s 2016 telecom entry frustrated the local unit’s plans to go public. It merged with metals magnate Kumar Mangalam Birla’s wireless service in 2018, but found itself once again on the wrong side of the state. This time, the government brandished a court-blessed $7.8 billion demand as its share of past revenue from Vodafone Idea Ltd.<\/a> With $30 billion of debt, the telco is teetering on the precipice. Should the service provider to 280 million subscribers go under, India would earn yet more bad rep by being seen as the world’s most treacherous telecom market.

Cairn can expect to see real money from the scrapping of retrospective taxation, but not Vodafone. Unless there’s a solution to the existential challenge facing its Indian unit, Chief Executive Officer Nick Read would be unlikely to provide meaningful rescue capital. To that extent, the finance ministry’s belated move to unwind the previous government’s mistake becomes a damage-control PR tool: “Look, we did our best.”

Did they? Retrospective taxes are just one facet of arbitrary state action. Multinationals that have committed billions of dollars, drawn by the potential of India’s 1.4 billion-people market, have many other legal minefields awaiting them. Walmart Inc. is battling a draft consumer protection regulation that threatens to undermine the business model of Flipkart<\/a>, the local e-commerce site it bought for $16 billion in 2018. Facebook Inc.<\/a>’s WhatsApp<\/a> service has taken the Indian government to court over rules that it says will destroy end-to-end message encryption.

From fintech and online gaming to ride-hailing and after-school tutoring, Beijing is taking much harsher steps to bend the private sector to its will. But in India, the state seems to be targeting global firms, reducing competition and turning the economy into a monopoly board for local capitalists. Telecom is about to become a two-horse race, led by Ambani. One firm, Adani Airport Holdings Ltd., now accounts for 25% of all passenger traffic and 33% of air cargo. Mastercard Inc. has been barred from taking new customers for alleged noncompliance with data localization rules, handing over the market to Visa Inc. and RuPay, a local network that state-run banks have been asked to promote.

Had the Modi government scrapped retrospective taxation after taking power in 2014, it would have been enough to signal India’s intentions to keep the economy open, transparent and rules-based. Now it will take a lot more work. Some of it might be done by the judiciary, like the Indian Supreme Court’s decision Friday to allow enforcement of a Singapore arbitration order in India, giving major relief to Amazon.com Inc. The emergency arbitrator had, on Amazon’s plea, halted the $3.4 billion sale of cash-strapped Indian retailer Future Retail Ltd. to Ambani’s Reliance Industries Ltd<\/a>.

But the political executive will also need to strive for a fairer playing field. Getting rid of retrospective taxation is a welcome first step.

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