Representatives of British telecom major Vodafone today met senior Finance Ministry officials and expressed the company's keenness to amicably resolve the Rs 20,000-crore tax dispute, officials said.
"(Vodafone) Officials said nothing is cast in stone. Vodafone did not specifically discuss arbitration issue but sent conciliatory signals. I got a sense that they want to settle the matter," an official said after the meeting between Vodafone representatives and Finance Ministry functionaries.
Vodafone Group External Affairs Director and former British Diplomatic Service Officer Matthew Kirk met Finance Secretary Arvind Mayaram and Revenue Secretary Rajiv Takru. A Vodafone spokesperson declined to comment on the matter.
Also read: Vodafone India may overtake UK by revenues in few years
"They came to talk to me about their plans for future investments, they are very enthused about the positive attitude of the new government. They are happy with their operations in the country. They say its very profitable operation. They are happy with their investments in the country," another Finance Ministry official said.
The British telecom major had slapped an arbitration notice on India in the Rs 20,000-crore capital gains tax dispute. It had said that the only body capable of resolving the issue would be an arbitration panel constituted according to the Bilateral Investment Promotion and Protection Agreement (BIPA).
Following the amendment to the Tax laws with retrospective effect, the authorities issued a letter to Vodafone International Holdings BV stating that the company was required to pay tax demand of about Rs 11,217 crore along with interest.
Amendment to Income-tax Act with retrospective effect made by the UPA government in 2012 to protect revenue had evoked sharp reactions from domestic as well as global investors.
Vodafone said that its subsidiary involved in tax dispute has not received any formal demand for taxation following amendment in rule but it did receive a letter on January 3, 2013 reminding it of the tax demand raised prior to the Indian Supreme Court's judgement and purporting to update the interest element of that demand in a total amount of Rs 14,200 crore.
Apex court in 2012 had ruled in favour of Vodafone. The new NDA government has criticised retrospective tax. "The larger view is that retrospectivity is avoided to the maximum. The fiscal regime, the policy regime, taxation regime must be very evident because India needs investment," Law Minister Ravi Shankar Prasad had said.
On the Vodafone notice, Prasad said: "We will look into it. Our manifesto has been very specific that we want a stable regime where those who invest in India may not have to face uncertainty."
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