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Investor hits out over Indian tax reforms

An Indian banker has criticised plans to hit foreign companies with retrospective taxes

10 Apr 2012 Accountancy Age

By Richard Crump

India

A POWERFUL Indian banker has criticised plans to hit foreign companies with retrospective taxes on investments they have made in India.

Chanda Kochhar, chief executive of ICICI, India's biggest private sector bank, told The Times that the new tax rules could harm the country's rate of economic expansion.

"Every government has the right to decide what the tax rules should be, but when you decide on a retrospective basis you make it very uncertain for people to plan their projects and put them in place," she told the paper.

George Osborne said he will challenge the tax plan, announced in India's annual Budget statement last month.

The proposals, if enacted, could hit Vodafone and other western companies with a retrospective tax bill of billions of pounds.

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