US body hails India's move to withdraw retrospective tax law
3 years, 4 months ago

US body hails India's move to withdraw retrospective tax law

The Hindu  

US-India Strategic and Partnership Forum on Thursday, August 5, 2021, applauded the Indian move to withdraw the retrospective law relating to tax on indirect transfers. “USISPF applauds India’s move to withdraw the retrospective tax amendment relating to tax on indirect transfers,” he said in a statement. “The 2012 decision of the UPA government to impose retrospective tax has been a black mark on India’s reputation as a predictable investment destination,” he said. Finance Minister Nirmala Sitharaman introduced The Taxation Laws Bill, 2021 in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets.

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History of this topic

Nirmala Sitharaman on LTCG amendment: 'We have courage to change'
4 months, 2 weeks ago

Nirmala Sitharaman on LTCG amendment: 'We have courage to change'

Hindustan Times  

Finance minister Nirmala Sitharaman said that the new amendments to Finance Bill 2024 will not impose any additional tax burden concerning the long-term capital gains tax on real estate sales. Replying to the House discussion on the Finance Bill in the Lok Sabha, the minister said: “Every time we present the Budget…I have gone around the country to various destinations, …

Modinomics is Inclusive and Taxation, Tribunal Reforms Were Ushered In Out of Conviction Not Compulsion
3 years, 4 months ago

Modinomics is Inclusive and Taxation, Tribunal Reforms Were Ushered In Out of Conviction Not Compulsion

News 18  

“Our government is ready to take the biggest risk in the interest of the nation. The Taxation Laws Bill provides for the withdrawal of tax demand made on ‘indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012.’ Rules will be framed under the law giving a reasonable timeframe for the companies to come and give …

India’s sovereign right to tax intact after amendment: FM
3 years, 4 months ago

India’s sovereign right to tax intact after amendment: FM

Live Mint  

Finance minister Nirmala Sitharaman on Monday told the Rajya Sabha that the amendment to the 2012 retrospective income tax law will not dilute India’s sovereign right to tax. The Rajya Sabha on Monday passed the bill scrapping the retrospective amendment that had sparked a flurry of litigation, including international arbitration by Vodafone Plc and Cairn Energy Plc, which India lost …

Rajya Sabha approves Tax Amendment bill to end retrospective taxation
3 years, 4 months ago

Rajya Sabha approves Tax Amendment bill to end retrospective taxation

Live Mint  

A bill that aims to end all retrospective taxation imposed on indirect transfer of Indian assets was approved by Rajya Sabha on Monday amid continuous protests by the opposition. Rajya Sabha on Monday took up The Taxation Laws Bill, 2021, with Opposition Congress, DMK and TMC staging a walkout, saying adequate time was not given to them to prepare for …

Scrapping Retrospective Tax a Welcome Move, But Why Did It Come So Late?
3 years, 4 months ago

Scrapping Retrospective Tax a Welcome Move, But Why Did It Come So Late?

The Quint  

In a big move to end "tax terror", Finance Minister Nirmala Sitharaman introduced the Taxation Laws Amendment Bill in the Lok Sabha to scrap the draconian retrospective tax amendment of 2012 that had made indirect transfer of Indian assets prior to 2012 taxable. The government said, "The Bill proposes to amend the Income Tax Act, 1961, to provide that no …

US body hails Indian govt's move to withdraw retrospective tax law
3 years, 4 months ago

US body hails Indian govt's move to withdraw retrospective tax law

Firstpost  

Yesterday’s Bill introduced by the Finance Ministry will only encourage more international investments into India and is a welcome relief for companies who have long invested in the country US-India Strategic and Partnership Forum on Thursday applauded the Indian move to withdraw the retrospective law relating to tax on indirect transfers. USISPF applauds India’s move to withdraw the retrospective tax …

US body hails Indian govt's move to withdraw retrospective tax law
3 years, 4 months ago

US body hails Indian govt's move to withdraw retrospective tax law

India TV News  

US-India Strategic and Partnership Forum on Thursday applauded the Indian move to withdraw the retrospective law relating to tax on indirect transfers. “USISPF applauds India’s move to withdraw the retrospective tax amendment relating to tax on indirect transfers,” he said in a statement. “The 2012 decision of the UPA government to impose retrospective tax has been a black mark on …

Centre introduces Bill in Lok Sabha to withdraw retrospective tax demands on Cairn, Vodafone
3 years, 4 months ago

Centre introduces Bill in Lok Sabha to withdraw retrospective tax demands on Cairn, Vodafone

Firstpost  

New Delhi: In a bid to bury the ghost of retrospective taxation, the government on Thursday brought a Bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies. Finance Minister Nirmala Sitharaman introduced ‘The Taxation Laws Bill, 2021’ in …

Centre moves to redact retrospective tax law
3 years, 4 months ago

Centre moves to redact retrospective tax law

The Hindu  

The government on Thursday took the first step towards doing away with the contentious retrospective tax law of 2012, which was used to raise large tax demands on foreign investors like Vodafone and Cairn Energy, and blamed for vitiating India’s investment climate — less than a month after Cairn Energy secured an order from a French court to freeze India’s …

Govt amends Income Tax Act, retrospective tax rule junked
3 years, 4 months ago

Govt amends Income Tax Act, retrospective tax rule junked

India TV News  

In a bid to bury the ghost of retrospective taxation, the government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies. Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws Bill, 2021' in the Lok …

BREAKING : Centre Introduces Taxation Laws Amendment Bill To Nullify Retrospective Tax Demand Provision Brought By Finance Act 2012
3 years, 4 months ago

BREAKING : Centre Introduces Taxation Laws Amendment Bill To Nullify Retrospective Tax Demand Provision Brought By Finance Act 2012

Live Law  

The Union Ministry of Finance on Thursday introduced the Taxation Laws Bill 2021 in the Lok Sabha to nullify the effect of the amendment brought by Finance Act 2012 to impose tax liability on gains arising from indirect transfer of Indian assets with retrospective effect.The 2012 amendment was passed to overturn the Supreme Court verdict in the Vodafone case which …

India’s retrospective taxation blunder is still extracting heavy costs
3 years, 11 months ago

India’s retrospective taxation blunder is still extracting heavy costs

Hindustan Times  

A retroactive law is truly a monstrosity. The tribunal reasoned that India’s decision to retroactively apply the law, without a specific justification, created a new tax burden on a transaction that was not taxable at the time it was carried out, ie. in 2006 In 2012, India amended the Income Tax Act retroactively to overturn the Supreme Court’s decision favouring …

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