India challenges Vodafone arbitration ruling in Singapore: sources


India has challenged in Singapore an international arbitration court’s verdict against it over a $2 billion tax claim involving Vodafone Group Plc, a senior government official told Reuters on Thursday, December 24, 2020, on condition of anonymity.

Vodafone in September had won the case against India, endingone of the most high-profile disputes in the country that hadcaused concern among investors over retrospective tax claims oncompanies.

An international arbitration tribunal in The Hague had ruled that India’s imposition of a tax liability on Vodafone was in abreach of an investment treaty agreement between India and theNetherlands. India had 90 days to appeal the ruling.

The Union Finance Ministry did not immediately reply to an email and message seeking comment on the story.

India lost another international arbitration case this week against Cairn Energy, over a tax dispute. It has beenordered to pay the UK-listed company over $1.2 billion indamages and costs.

India is expected to challenge this ruling too given thesize of the award, said the senior government official, who didnot want to be named as the decision was not public yet.

India has faced a string of arbitrations by investors including Deutsche Telekom, Nissan Motor Co,Vodafone and Cairn Energy over issues ranging from retrospectivetaxation to payment disputes.

You have reached your limit for free articles this month.

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.

Personalised recommendations

A select list of articles that match your interests and tastes.

Faster pages

Move smoothly between articles as our pages load instantly.

Dashboard

A one-stop-shop for seeing the latest updates, and managing your preferences.

Briefing

We brief you on the latest and most important developments, three times a day.

Support Quality Journalism.

*Our Digital Subscription plans do not currently include the e-paper, crossword and print.

.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.