India can turn its defeat against Vodafone to its advantage. If Prime Minister Narendra Modi’s government accepts Friday’s unanimous international arbitration ruling in favour of the British telecom operator, it can start to make good on its six-year-old pledge to end “tax...
McLaren Formula One driver Lewis Hamilton of Britain bowls as cricket commentator Harsha Bhogle watches during a Vodafone Essar promotional event in New Delhi August 1, 2009. REUTERS/Fayaz Kabli
The fight with the London-listed company has embarrassed the country’s bureaucracy. In 2012, India’s top court dismissed the government’s attempt to tax Vodafone’s 2007 takeover of the Indian mobile assets of Hong Kong’s Hutchison Telecommunications International. But New Delhi changed the law to target transactions retrospectively, ultimately claiming $3.8 billion including tax, interest and penalties. It even tried to tax the seller too.
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