Tuesday, April 17, 2012

Vodafone issues notice to Indian government over tax proposal

Vodafone on Tuesday threatened to drag the government to international arbitration over retrospective tax legislation under the bilateral investment treaty (BIT) between India and the Netherlands.

Dutch subsidiary Vodafone International Holdings BV (VIHBV) on Tuesday severed a notice of dispute on the Indian government regarding proposals in the Finance Bill 2012 which it claimed violated the international legal protections granted to Vodafone and other international investors in India.

In a regulatory filing to the London Stock Exchange, Vodafone has asked the Indian government to abandon or suitably amend the retrospective aspects of the proposed legislation as Vodafone would prefer to reach an amicable solution to this matter.

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