New Delhi: India is expected to return $1 billion to UK-based Cairn Energy as it moves to scrap a retroactive tax law that has sparked a bitter fight with major foreign investors, the Financial Times reported. Parliament’s lower house on Friday approved a draft law introduced the previous day, scrapping a 2012 policy that enabled New Delhi to retroactively tax some foreign investments. The Upper House is expected to approve the law early next week.
India could slash $13.5 billion in outstanding claims against multinationals such as telecom conglomerate Vodafone, pharmaceutical company Sanofi and now AB InBev-owned brewer SABMiller, the report said.
Analysts say the legal initiative will allow New Delhi to resolve a bitter international tax battle with Cairn that has turned an embarrassment for India. Britain’s energy conglomerate has in recent months sought to confiscate some of the government’s estimated $70 billion in foreign assets.
“This is a compromise proposal as a law,” said a foreign trade analyst requesting anonymity. Prime Minister Narendra Modi’s government hopes that the resolution of the dispute could boost its reputation among foreign companies as it seeks fresh investments to revive India’s Covid-battered economy.
“We want to send a message to investors that the country believes in stability and certainty of taxation,” Revenue Secretary Tarun Bajaj told reporters on Friday. “Taxation is a sovereign right and cannot be taken away. But we must exercise it sparingly, judiciously.” Read also: TVS Jupiter scooter price hiked! Check out the latest rates, features and more: Pics. In
Bajaj said about $1.2 billion collected from companies under the soon-to-be-expired tax provision will be refunded if the companies agree to drop outstanding litigation, including interest and penalty claims. According to the report, about $1 billion of this will go to Cairn and $270 million to other groups including Vodafone. Read also: IndiGo offers unlimited free tickets for one year for Olympic gold medalist Neeraj Chopra
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