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Articles tagged with: Cgp Investments
Hutchison Warns Off Possible Indian Tax Liability in Sale to Vodafone
Hutchison Telecom International has accepted that it might have to make some payments in regards to the ongoing tax dispute in India over the sale of its stake in Hutchison Essar to Vodafone in May 2007. Although the transaction technically occurred outside India, the government has been suing Vodafone for up to US$2 billion in sales tax that it claims is owed to it. more
Related Tags: hutchison-telecom-international, hutchison, essar, vodafone, vodafone-essar, tax, hutchison-essar, India
Set-Back for Vodafone in Indian Tax Battle
Vodafone's tax battle with the Indian government has suffered a further set-back when the Supreme Court refused to hear an appeal by the telecoms giant - and ordered that the case be sent back to the tax department for its deliberation as to who should have legal jurisdiction over the case. more
Related Tags: ict, vodafone, supreme-court, gsm, tax, hutchison, essar, hutchison-essar, India
Vodafone Loses $2 Billion Indian Tax Case
Vodafone has lost a significant tax bill in India after the Bombay High Court upheld a claim by the government for around US$2 billion following its purchase of a majority stake in Hutchison Essar. more
Related Tags: vodafone, supreme-court, gsm, tax, hutchison, essar, India
Vodafone's Indian Tax Penalty Could Reach $4 Billion
Vodafone could face a potential US$4 billion penalty if the company loses the ongoing tax dispute in India. India's government is seeking to claim up to US$2 billion in tax for the company's purchase of a majority stake in Vodafone Essar - but could impose a penalty which would more than double the amount being disputed. more
Related Tags: tax, hutchison, essar, vodafone-essar, India
Vodafone to Challenge Indian Tax Law Change
Vodafone is expected to seek to challenge a change to India's tax laws which have been applied retrospectively to its US$11.1 billion purchase of a controlling stake in Hutchison Essar. Vodafone said in a statement last Friday that it has submitted an amended writ petition challenging the "constitutionality of the retrospective amendment of the changed tax law". more
Related Tags: tax, hutchison, essar, India
Hutchison Reports Record 2007 Profits on Disposals
Hutchison Telecom has reported a record annual profit of HK$67,776 million (US$8.7 billion) for last year, thanks largely to disposals. Turnover increased by 13.8% to HK$20,401 million (US$2.63 billion) reflecting a 57% growth in the customer base to nearly 10 million, increased usage especially in 3G and favourable foreign currency exchange rates. EBITDA increased to HK$5,253 million despite losses at start up operations in Indonesia and Vietnam, and HK$223 million non-cash charge for employee stock options, representing an EBITDA margin of 25.7%. Excluding the start up operations the EBITDA margin would have been 29.4%. more
Related Tags: edge, hutchison-telecom, tax, hutchison, essar, java, excelcomindo, telekomunikasi-indonesia, telekomunikasi-indonesia, hutchison-essar, Hong Kong
Bad News for Vodafone in US$2 Billion Indian Tax Dispute
India's Authority for Advance Rulings (AAR) has ruled that an overseas transaction between two US companies involving the sale of Indian assets is liable for taxation - and that the buyer is required to pay the tax liability. The ruling is significant as the situation closely mirrors that affecting Vodafone's recent purchase of Huchison International's controlling stake in Hutchison Essar, now known as Vodafone Essar. more
Related Tags: tax, essar, India
Indian Court Delays Vodafone-Essar Tax Liability Legal Claims
The High Court in Bombay, India has adjourned the legal case filed by Vodafone-Essar against the capital gains tax claim from India's Income-Tax Department. The tax office has sought to delay the legal proceedings as it says it was not ready to deal with the petition from Vodafone as the capital gains tax had not been formally levied on Vodafone's purchase of Hutchison International stake in the former Hutchison Essar. more
Related Tags: tax, hutchison, essar, India