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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This web seminar will explain how finance directors can monitor and understand the various financial costs of staff turnover, including logistical costs and the impact of lost productivity as new employees are brought up to speed
8.30am, 26 Jun 2014
Targeted at FDs and CFOs, the FD Conference 2014 provides a platform in which to learn from outstanding keynotes and network with like-minded peers
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