Vodafone falls on potential Indian tax
Telecoms giant Vodafone is in a delicate situation regarding its Indian business. The company says that it will urgently take action to prevent the Indian government from imposing a tax of more than two billion dollars over the 2007 purchase of local company Hutchison Whampoa.
Telecoms giant Vodafone is in a delicate situation regarding its Indian business. The company says that it will urgently take action to prevent the Indian government from imposing a tax of more than two billion dollars over the 2007 purchase of local company Hutchison Whampoa.
India is trying to make changes to its tax code that would be effective retroactively.
The change would imply a tax obligation for an operation between Vodafone and Hutchinson that took place at a time when the tax legislation was not in place, a Vodafone spokesman told Dow Jones Newswires.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Shares were down 0.66% at 173.3p by 14:33 in London on Friday.
M.G.
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published