In a landmark ruling Wednesday, the Bombay High Court said Vodafone Group is liable for an estimated $2.6 billion in taxes for its 2007 acquisition of one of India's largest mobile phone companies. The decision sets a precedent that could impact hundreds of foreign transactions and have a chilling effect on foreign investment, tax experts say. "We will very seriously consider an appeal," a Vodafone executive said. The judgment could impact similar cases now awaiting decisions, such as SABMiller's acquisition of Foster's beer business in India.
September 08, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
In a landmark ruling Wednesday, an Indian court said Vodafone Group Plc is liable for an estimated $2.6 billion in taxes for its 2007 acquisition of one of India’s largest mobile phone companies.
The decision sets a precedent that could impact hundreds of foreign transactions and have a chilling effect on foreign investment, tax experts say.
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