Court Rules Vodafone Must Pay $2.6 Billion in Taxes in India

Before you go, we thought you'd like these...
Before you go close icon
British mobile phone operator Vodafone (VOD) was ordered by an Indian court to pay $2.6 billion in taxes on a 2007 transaction that gave it a major presence in the country's mobile phone market.

The court ruled that Vodafone was liable for Indian taxes on the deal, which involved Vodafone buying a majority stake in Cayman Islands-based CGP Investments, which held telecommunications assets in India, BBC News reported. The deal was worth $11.1 billion.

Sponsored Links
Vodafone had argued that since the deal was between non-Indian entities, they shouldn't have to pay Indian taxes.

Vodafone may appeal the decision, which leaves the company with a 120 billion rupees ($2.6 billion) tax bill.

Read Full Story


S&P 500 2,203.64 11.69 0.53%
DJIA 19,259.29 88.87 0.46%
NASDAQ 5,286.18 30.53 0.58%
DAX 10,658.34 144.99 1.38%
HANG SENG 22,505.55 -59.27 -0.26%
NIKKEI 225 18,274.99 -151.09 -0.82%
USD (per EUR) 1.07 0.02 1.42%
USD (per CHF) 1.01 -0.01 -0.53%
JPY (per USD) 114.63 1.13 0.99%
GBP (per USD) 1.27 0.00 0.37%

From Our Partners