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Vodafone Transfer Pricing Case: Indian Income tax department demands tax of Rs 3700 crore

Vodafone has received a tax bill of Rs 3,700 crore from the Income Tax Department of India against the recent transfer pricing case.

FOR IMMEDIATE RELEASE

 
PRLog (Press Release) - Dec. 26, 2013 - SUNNYVALE, Calif. -- Vodafone has received a tax bill of Rs 3,700 crore from the Income Tax Department of India against the recent transfer pricing case. This bill includes the unpaid dues and interest for the assessment year 2008-2009; however, it does not include any penalty. Vodafone has been given 30 days to pay up or appeal against the order.

This transfer pricing case against Vodafone relates to assessment year 2008-09 over the sale of shares of the local subsidiary to a Mauritius-based group company.

As per Vodafone, no tax is payable on this transaction and thus they will file an appeal before the tax appeal tribunal very soon.

Transfer pricing is the value at which associated entities are allowed to undertake transactions between them. Transactions taking place between group companies located in different countries are to be priced at “arm's length” or at the fair price as if the transaction was undertaken with an un-related company.

India has also recently formally introduced International Safe Harbor Rules (SHRs) to allow taxpayers transfer pricing certainty, reports Nair & Co.'s Global Transfer Pricing (http://www.nair-co.com/www.nair-co.com/global-transfer-pr...) services team.

To learn more about the details outlined in India’s final SHRs read Nair & Co.’s previous press release (http://www.nair-co.com/IndiaDraftSafeHarbourRules-20-08-2...).

For more information about doing business overseas (http://www.nair-co.com/expanding-business-overseas.aspx) or to learn more about our Global Transfer Pricing Services please contact us (http://www.nair-co.com/global-offices.aspx). Subscribe (http://www.nair-co.com/subscribe.aspx) to regular global tax compliance alerts from Nair & Co.

Get the latest news releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts (http://www.nair-co.com/newsandannoucement.aspx).

About Nair & Co.


Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand business and manage risk so they can focus on their core business and sustain growth with minimal risk, stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more at www.nair-co.com (http://www.nair-co.com/)

Media Contacts: For media enquiries or to learn to more about Nair & Co., please email us at media@nair-co.com or call Yvonne Smith at +1.408.501.8867

Contact
Yvonne Smith
408 501 8867
***@nairusa.com

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Contact Email:
***@nairusa.com
Source:Nair & Co.
City/Town:Sunnyvale - California - United States
Industry:Business
Tags:vodafone, tax demand, pricing services, transfer pricing, business expansion
Shortcut:prlog.org/12260552
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