India Lawmakers Move to Quash Controversial Retro Tax: ET

(AF) India introduced a new bill on Thursday, The Taxation Laws (Amendment) Bill 2021, that seeks to withdraw tax demands made using retrospective 2012 legislation on the indirect transfer of Indian assets, reported the Economic Times.

The new Bill, when approved, will bury the controversial 2012 legislation, and will also refund about $1.1 billion collected from companies such as Cairn Energy and Vodafone, the ET said. Full story: The Economic Times

Indrajit Basu

Indrajit Basu is an India-based correspondent for Asia Financial and wears two hats: journalist and researcher (equity). Before joining AF he reported on business, finance, technology, wealth management, and current affairs for China Daily, SCMP, UPI, India Today Group, Indian Express Group, and many more. He is also an award-winning researcher. If he didn't have to pay bills, he would be a wanderer.

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