News by Dan Seifert on Friday January 20, 2012.
|Sponsored links, if any, appear in green.|
Vodafone has won its case in India against the government's proposed $2.5 billion tax charge on Vodafone's $11.2 billion purchase of an Indian wireless carrier that began in 2007.
The Indian Supreme Court determined that Vodafone did not have to pay the tax because the Indian government did not have jurisdiction to tax the deal. The purchase was brokered by two international companies, which put it out of the grasp of the Indian government.
The court has forced the government to return the $553 million deposit that Vodafone had already paid towards the taxes along with four percent interest.
"We are a committed long-term investor in India and we have made clear all along that we have faith in the Indian judicial system," said Vodafone Chief Executive Vittorio Colao. "We welcome the Supreme Court's decision, which underpins our confidence in India. We will continue to grow our Indian business." [via Wall Street Journal]
Dan is MobileBurn.com's Editor-in-Chief. Based in Poughkeepsie in New York, Dan can be found on Twitter as @DCSeifert.