Vodafone Officials to Reportedly Meet Finance Secretary on Friday

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Vodafone Officials to Reportedly Meet Finance Secretary on Friday

Representatives of Vodafone are likely to meet senior officials of the Finance Ministry tomorrow.

They would be meeting Finance Secretary Arvind Mayaram and Revenue Secretary Rajiv Takru, said sources.

(Also see: Vodafone Challenges Modi's Pro-Business Talk to Resolve Tax Dispute)

The meeting would be taking place in the backdrop of the British telecom major slapping an arbitration notice on India in a tax case.

Vodafone in a letter to the Revenue Department dated March 13 had stated they saw no merit in reviewing the matter of conciliation in the Rs. 20,000 crores capital gains tax dispute case after receipt of the decision of the ITAT.

(Also see: Vodafone Group May Sell Its Stake in Bharti Airtel Under New Rules)

It had further said that the only body capable of resolving the issue would be an arbitration panel constituted according to the Bilateral Investment Promotion and Protection Agreement (BIPA).

Following the amendment to the tax laws, the authorities issued a letter to Vodafone International Holdings BV stating that the company was required to pay tax demand of about Rs. 11,217 crores along with interest.

(Also see: Vodafone acquires 100 percent of Vodafone India)

Amendment to Income Tax Act with retrospective effect made by the UPA government in 2012 to protect revenue had evoked sharp reactions from domestic as well as global investors.

On the Vodafone notice, Law Minister Ravi Shankar Prasad had recently said: "We will look into it. Our (BJP) manifesto has been very specific that we want a stable regime where those who invest in India may not have to face uncertainty."

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