Govt brings bill to withdraw retrospective tax law; Vodafone & Cairn eye big relief

New Delhi: Finance Minister Nirmala Sitharaman tabled the Taxation Laws Amendment Bill in the Lok Sabha on Thursday, seeking to withdraw the controversial & contentious retrospective tax. After long 9 tedious come hr

With this historic change in tax laws, 2 companies namely Vodafone Group & Cairn Energy are likely to benefit hugely as retro tax demand on them will be waived off.

“It is also proposed to refund the amount paid in these cases without any interest thereon,” the bill said.

This bill comes as a welcome surprise for both companies Cairn Energy Plc and Vodafone Group of UK as it impacted retro taxes of the two mega-giants.

Both firms had won international arbitrations against levy of retrospective taxes on them.