India, Like China, Is Taxing Offshore Acquisitions
September 20, 2010, 2:11 PM EDT
Law360, New York (September 20, 2010, 2:11 PM EDT) -- In a landmark tax case, the Bombay High Court found Vodafone Group PLC liable for tax on its 2007 acquisition of an $11 billion controlling stake in one of India’s largest mobile phone companies. What is remarkable about this decision is that the deal occurred outside of India and neither the buyer, seller, nor the target company were Indian companies.
India is not the only country to pursue such tax revenue. China is also taxing sales of stakes in Chinese ventures by offshore taxpayers.
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.