UK's Osborne to discuss Vodafone tax issue with FM
Published on Thu, Jul 29, 2010 at 10:37 | Source : CNBC-TV18
Updated at Thu, Jul 29, 2010 at 12:17
Like this story, share it with millions of investors on M3
0
Like this story, share it with millions of investors on M3
UK's Osborne to discuss Vodafone tax issue with FM
UK's Chancellor of the Exchequer George Osborne has said that he will discuss the Vodafone tax issue with Finance Minister Pranab Mukherjee, reports CNBC-TV18.
UK's Chancellor of the Exchequer George Osborne will discuss the Vodafone tax issue with Finance Minister Pranab Mukherjee.
In an interview with CNBC-TV18, UK's Business Secretary Vince Cable has said that Osborne will bring up the Vodafone tax issue with FM. He added that India needs to send a message to UK investors clarifying tax matters.
Also watch the accompanying video.
Hoping to resolve the Vodafone tax matter, Cable pointed out that the telecom opeartor has made large investments in India.
Earlier Indian taxmen asked Vodafone to pay tax for its USD 11.2 billion acquisition of a controlling stake in one of India's largest cellphone companies in 2007. Vodafone has mounted a stiff legal challenge, arguing that India's income tax department doesn't have jurisdiction to tax the deal, which was structured as a transaction between two corporate entities outside India.
Further chalking out the talking points with Mukherjee, he will discuss opening up retail and financial services in India.
Cable added that there should be a flexible immigration system for freedom of movement for Indian professionals. However he stressed that overall immigration cap is needed.
Cable is looking for an early conclusion in free trade agreement (FTA) by the year-end. He said, "UK sympathises with India with EU FTA."
