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2012, Feb 09

Indian Court Orders Vodafone to Pay Taxes

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Indian Court Orders Vodafone to Pay Taxes

by CFO Innovation Asia Staff, 09 September 2010
topics:
Finance and Banking Mergers and Acquisitions Taxes
tags:
court order M&A Vodafone
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Vodafone Group Plc has been ordered by an Indian court to pay 120 billion rupees (US$2.5 billion) in taxes for its 2007 acquisition of CGP Investments Ltd, a Cayman Islands company, which held the India telecom assets of Hong Kong's Hutchison Telecommunications International Ltd., according to an AP report published in the Straits Times.

 

In May 2007, Vodafone International Holdings BV - a Dutch subsidiary of the British telecom giant - acquired a 67% stake in CGP for US$8.2 billion.

 

According to the court, India's tax department has jurisdiction over the deal because it involved the transfer of Indian assets, which generate revenue in India.
 

 

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