WITHDRAW DEMANDS ON CAIRN AND VODAFONE
Reliance Jio, Airtel and Vodafone Idea submit applications for upcoming Rs 96,317 crore spectrum auction
India's three private telecom operators, Reliance Jio, Bharti Airtel, and Vodafone Idea, are set to bid for a piece of 5G spectrum worth Rs 96,317.65 crore in the next auction, set to start on June 6. The auction will cover airwaves in various bands, with the government expected to make some selective buying. The auction is expected to be a muted affair, with top telcos having sufficient 5G airwaves for their current needs.
PMO asks commerce ministry to examine model text of investment treaty
The Prime Minister's Office has directed the commerce ministry to review the existing model text of bilateral investment treaties (BIT) to enhance the ease of doing business. Currently, only seven countries have accepted this model, with many developed nations expressing concerns, particularly regarding dispute resolution provisions.
Focus on subscriber additions could be hurting Jio's ARPU
Jio's ARPU remained flat sequentially at ₹181.7 in the quarter ended December 2023. The telco added 11.2 million users in the quarter, largely driven by strong adoption of the sub-₹1,000 JioBharat feature phone.
Cairn says completed all steps of retro tax repeal law, entitled to Rs 7,900 cr tax refund
The company on November 26, 2021, initiated proceedings to withdraw lawsuits it had filed in several jurisdictions to enforce an international arbitration award, which had overturned the levy of Rs 10,247 crore retrospective taxes and ordered India to refund the money already collected.
Cairn Energy withdraws all litigations in retrospective tax case
Cairn Energy “has entered into the final stage in its undertakings with the Government of India by withdrawing Indian and global appellate and enforcement proceedings,” the company said in a notice published in a newspaper on Wednesday. “This action is the final necessary step by the company under the rules of India’s Taxation (Amendment Act) 2021.”
Vedanta withdraws all petitions against tax dept to settle retrospective tax demand
The revenue department had raised a tax demand on Cairn UK Holdings for alleged capital gains it made in a 2006 business reorganisation of its Indian entity, Cairn Energy Plc, and Vedanta, which had acquired Cairn India from its parent company in 2011.
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Vedanta withdraws cases against government to settle retro tax dispute
Post slapping of a Rs 10,247 crore tax demand on UK's Cairn Energy Plc for alleged capital gains made on a 2016 internal reorganisation of its India business, the Income Tax Department had sought Rs 20,495 crore in taxes from Cairn India for failing to deduct tax on capital gains made by its British parent.
Cairn, others ready to settle case under retro tax scheme
Vodafone is the only company that has yet to apply formally. The telecom operator has to make its application under a separate provision notified later and, therefore, has more time to do so.
Govt accepts Cairn's offer on retro tax; company to withdraw cases now, refund to follow
The government has issued Cairn a so-called Form-II, committing to refund the tax collected to enforce the retrospective tax demand, two sources said.
Cairn gives in writing to indemnify govt, withdraw cases to get Rs 7,900 crore tax refund
Meeting the requirements of new legislation that scraps levy of retrospective taxation, the company has given required undertakings indemnifying the Indian government against future claims as well as agreeing to drop any legal proceedings anywhere in the world.
Separate rules soon for Vodafone retrospective tax settlement
Vodafone will have 45 days from the date of notification of these rules to approach the government for settlement. "Rules would be notified soon," the official said, adding that the broad template of the rules would be akin to the final set of norms issued for settlement mandating indemnity from the companies willing to settle.
Retrospective tax settlement: Companies will have to indemnify the Indian government
The Central Board of Direct Taxes notified the final rules for settlement of retrospective cases after incorporating certain changes following comments from stakeholders on draft rules, issued on August 28.
Cairn expects $1.06 billion in refund from India, plans to return $700 million to shareholders
Cairn Energy expects a “near-term” resolution on retrospective tax issue with India and a refund of ₹7,900 crore ($1.06 billion), the company said in its earnings presentation on Tuesday.
Vodafone, Cairn flag terms for settling retrospective tax cases with India
Vodafone Group and Cairn Energy have raised concerns over proposed terms for settling retrospective tax cases that require them to provide declarations from stakeholders that they will not press any claims after the disputes are resolved.
Government releases draft of declaration to be given by companies to enable withdrawal of retro tax demands
Cairn was levied tax for a 2006 internal reorganisation of India business before listing while Vodafone was charged for not withholding tax from consideration it paid for acquiring Hutchison stake in India telecom unit.
Retro tax: Cairn Energy executives to meet finance ministry officials soon
Senior Cairn Energy executives are expected to meet finance ministry officials this week to discuss their tax dispute, days after Parliament approved scrapping of the retrospective clause in the 2012 tax amendment.The UK-based company, which won $1.
Retrospective tax: Govt to put safeguards in place to avoid another Cairn
The govt is trying to make sure that settlement arrangements align properly with international laws. A leading tax expert said the wording of the undertaking will need to be seen from the perspective of international rules to ensure that all scope for any future dispute is nipped in the bud.
FM Nirmala Sitharaman says rules on retro tax to be framed soon
Now the rules for the same have to be framed, which Sitharaman said will be done soon. The finance minister said her ministry officials are discussing with Cairn, Vodafone on closure of retro tax cases, refund and settlement.
Will talk to Cairn, Vodafone; Refund without interest: Finance Minister
“Discussions with the litigants will happen after the enactment of this law and once it is passed we are confident that they would also find the provisions very useful and probably consider taking into consideration what we brought in,” Sitharaman said responding to discussion in Rajya Sabha on Monday.
Vodafone open to settling retrospective tax row with India
Vodafone Group is planning to settle the dispute over retrospective application of tax on transfer of assets, following the Indian government moving to scrap the provision, four people close to the development told ET.
Firms including Vodafone, Cairn look for clarity on India's retro tax move
As India looks to axe the retrospective tax provisions many companies including Vodafone and Cairn have reached out to their tax advisors to seek clarity around the government’s stand before taking a call on whether to withdraw challenges and claims.
Lok Sabha passes tax amendment bill, will help settle disputes with Cairn, Vodafone
Scrapping of retro tax clause of Finance Act 2012 will now settle the long-drawn litigation with Vodafone Group and Cairn Energy omitting a prime obstacle to overseas investment.
Retro Tax Amendments will end legacy cases, bring tax certainty: Revenue Secretary Tarun Bajaj
Revenue Secretary Tarun Bajaj spoke to ET Now and said the amendments will put to an end to some of the legacy issues and tell investors that India means business and has tax certainty.
India to axe retro clause in 2012 tax law, paves way for settling litigation with Vodafone and Cairn
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.
View: The withdrawal of retrospective tax is a win for pragmatism
It should be noted that forgoing the tax claim on Vodafone will bring no direct relief to Vodafone Idea (Vi). Its financial troubles need to be addressed by conversion of a good part of the debt it owes the government into equity.
Welcome government will to act, at last
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.
India asks state banks to withdraw cash held abroad over Cairn dispute, claims report
Cairn was awarded damages of more than $1.2 billion plus interest and costs in December in a long drawn-out tussle with the Indian government over its retrospective tax claims.
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