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FM Arun Jaitley's Budget 2016 has received a positive response from the UK-based Indian business community but it regretted the fact that the PM Narendra Modi led dispensation was not able to deal with long pending issue of retrospective taxation that has negatively impacted British corporate giants Vodafone and Cairn Energy, which it flagged as a major. (PTI)
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During the 'India Budget Analysis – A Briefing for the UK Business Community' programme, which brought together experts for a panel discussion at India House in collaboration with the Confederation of Indian Industry (CII), many felt the Indian government, through the budget, should have taken a more categorical stand on pending taxation issues involving British firms such as Vodafone and Cairn Energy.
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"Retrospective tax was something that we were expecting would be fully addressed but it has not been fully addressed. It really needs to be addressed," said Prashant Jhawar, chairman of Usha Martin, and chairman of CII India Business Forum UK. His views were echoed by Anuj Chande, partner and head of South Asia Group at Grant Thornton, who also felt the business community would have liked "more on the retrospective tax issue".
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Cairn Energy is facing a tax demand of Rs 10,247 crore on a 2006 business reorganisation of its India unit and Vodafone faces a tax liability over its USD 11 billion acquisition of 67 per cent stake in the mobile-phone business owned by Hutchison Whampoa in 2007.
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Union Finance Minister Arun Jaitley has hit out at the Congress party over its reactions to the Uttarakhand political crisis where the Chief Minister Harish Rawat led government is in danger of being replaced after 9 of its MLAs turned against it leaving it short of majority. Here is what FM Arun jaitley said: (PTI)
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Deepak Lalwani, chairman of London-based consultancy Lalcap, said: "Overall a positive Budget where fiscal discipline has been stuck to. But among the things that have not been addressed adequately is that of retrospective tax. Tax issues involving Vodafone and Cairn still overhang… these need to be addressed to make other investors more comfortable".
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Ibukun Adebayo, co-head emerging markets at London Stock Exchange, who moderated the panel discussion concluded the analysis with a "final score-card" of seven and a half out of 10 for the Budget overall, which he described as "encouraging" for keeping to the course of "systemic reforms" in India.
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