Amid intense lobbying by global trade bodies in favour for Vodafone in the Rs 11,000 crore tax dispute case, the finance ministry today asserted that similar transactions are taxed in USA, UK and other European nations.
Finance ministry sources have questioned Vodafone's move to invoke the bilateral investment & protection agreement (BIPA), reports Aakanksha Sethi.
British telecom major Vodafone will have to pay over Rs 11,000 crore tax, once the amendment to change the Income Tax Act is approved by Parliament, a Finance Ministry official said today.
In a landmark ruling, the Supreme Court's ruling favoured India's second largest telecom operator Vodafone with regards to overseas transactions.