The Indian government in its budget last month announced that it would introduce a retrospective amendment to tax cross-border deals involving Indian assets.
The amendment follows a Supreme Court decision in January in favour of Vodafone, which has fought long and hard against the Indian tax authorities’ insistence that it pay US$2.6 billion in tax for the purchase of Hutchison Essar in 2007.
Foreign officials, company executives and trade bodies have sharply criticized the government’s move. Vodafone CEO Vittorio Colao has written to Indian prime minister Manmohan Singh, saying that retrospective taxation would dampen India’s image as an investment destination.
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