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(Sharecast News) - An international arbitration tribunal in The Hague has handed down a sentence in favour of Vodafone in its $2bn tax claim dispute with New Delhi.
According to Reuters, which cited two sources with direct knowledge of the matter, the judges found that the Indian government's imposition of a tax liability on the telecommunications giant breached the investment treaty between India and the Netherlands.
India had claimed approximately $3.79b from Vodafone, including $2bn in taxes, on top of accrued interest and penalties.
New Delhi had other such outstanding cases against over a dozen other companies, including Cairn Energy.
India's Supreme Court had already found in favour of Vodafone in 2012 but the country's government later changed rules to be able to impose taxes on takeover deals, such as the 2007 acquisition of Indian mobile assets by Vodafone.
21 Dec 2023 06:58
LONDON MARKET EARLY CALL: London to follow NY and Tokyo into red
(Alliance News) - Stocks in London are set to open lower on Thursday, returning some of Wednesday's gains that followed a surprisingly tame UK inflation reading.
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