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Corporate May 11, 2012

Govt forms IMG for Vodafone response

By Firstbiz Staff

The government has formed an inter-ministerial group (IMG) to reply to the Vodafone notice comprising the secretaries in the ministries of external affairs, telecommunications, law and finance.

In tax tangle. AFP

A CNBC-TV18 exclusive said there is a consensus that the Bilateral Investment Promotion and Protection Agreement with Netherlands does not include overseas tax disputes.

The report said that the money generated from the deal came from over 20 subsidiaries.

An earlier CNBC-TV18 report said, "Government sources say Vodafone International was just a holding company in Netherlands, any investment has been made is by a British company, and that in the past it is the British Prime Minister and never the government of Netherlands that has taken up the tax case with India."

by Firstbiz Staff

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