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The British mobile service Vodafone has threatened the Indian government with international arbitration1 over a proposal that could make it liable for billions of dollars of taxes. Pressure is mounting on India to reconsider the proposal, which foreign investors3 say will deter4 investment in Asia’s third largest economy.
Vodafone tax case
Vodafone’s "notice of dispute" served to the Indian government this week, April 17, concerns a controversial proposal to levy5 retroactive taxes on any overseas acquisition of an Indian asset made since 1962.
The tax proposal was made last month after the Supreme6 Court ruled that Vodafone was not liable to pay a $ 2.2. billion tax demanded by the government for acquiring Indian mobile assets in 2007.
The ruling was hailed as a victory for foreign investors.
But the government’s tax proposal, if passed, will effectively reverse Vodafone’s legal victory and allow India to levy the tax.
Vodafone, which is India’s largest foreign investor2, says the new tax legislation violates international legal protections granted to foreign investors in the country.
Vodafone’s case has come to symbolize8 the perils foreign corporations face in India. Investors have expressed concern that the legal decision can be overturned.
A prominent tax lawyer in New Delhi, Mukesh Butani, says overriding9 a court decision introduces a lot of uncertainty10 about doing business in India.
"This has thrown open the entire debate with applicability of law. Clearly we have a challenge and there is an issue with respect to the rule of law and I personally feel there is a credibility issue so far as our judicial11 system is concerned," said Butani.
Foreign investors are also concerned that the tax proposal could affect hundreds of corporate12 transactions going back 40 years.
The government has tried to calm such fears. Indian authorities say the tax proposal will only affect transactions done in the last six years. They say it is meant to ensure that investors do not use tax havens13 to avoid paying taxes on profits earned by investing in India.
Concern among foreign investors
But this has failed to assure foreign investors. A global tax group and international industry groups representing more than 250,000 companies wrote to the Indian prime minister earlier this month warning that some members are re-evaluating their investments due to increasing levels of controversy14 and uncertainty regarding taxation15 in India. These bodies represent some of the world’s largest companies such as General Electric.
Many are concerned the new proposal will dim the allure16 of India at a time when its economy is slowing and economic reforms have virtually stalled.
"The climate seems much more uncertain today than it was some time ago," said Rajiv Kumar who heads of the Federation17 of Indian Chambers18 of Commerce and Industry.
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1
arbitration
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n.调停,仲裁 | |
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2
investor
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n.投资者,投资人 | |
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investors
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n.投资者,出资者( investor的名词复数 ) | |
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4
deter
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vt.阻止,使不敢,吓住 | |
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5
levy
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n.征收税或其他款项,征收额 | |
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supreme
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adj.极度的,最重要的;至高的,最高的 | |
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perils
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极大危险( peril的名词复数 ); 危险的事(或环境) | |
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8
symbolize
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vt.作为...的象征,用符号代表 | |
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9
overriding
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a.最主要的 | |
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10
uncertainty
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n.易变,靠不住,不确知,不确定的事物 | |
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judicial
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adj.司法的,法庭的,审判的,明断的,公正的 | |
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corporate
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adj.共同的,全体的;公司的,企业的 | |
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havens
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n.港口,安全地方( haven的名词复数 )v.港口,安全地方( haven的第三人称单数 ) | |
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controversy
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n.争论,辩论,争吵 | |
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taxation
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n.征税,税收,税金 | |
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allure
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n.诱惑力,魅力;vt.诱惑,引诱,吸引 | |
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federation
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n.同盟,联邦,联合,联盟,联合会 | |
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chambers
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n.房间( chamber的名词复数 );(议会的)议院;卧室;会议厅 | |
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convenes
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召开( convene的第三人称单数 ); 召集; (为正式会议而)聚集; 集合 | |
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