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Ruling to waive Vodafone’s tax bill is appealed
VODAFONE’s Indian tax case has reared its head from the coffin it was laid in last month as the country’s income tax department has lodged an appeal against the waiver of a $2.2bn (£1.4bn) tax bill.
India’s Supreme Court ruled last month that Vodafone was not required to pay tax on its $11bn acquisition in 2007 of a 67 per cent stake in the Indian mobile arm of Hutchison Whampoa.
The tax office’s plea, which is based on grounds of an erroneous judgement, will be heard on 27 February.
Meanwhile, some of Cable & Wireless Worldwide’s main investors have spoken with disdain of a possible Vodafone offer under £1bn. The network is currently worth £726.5m after news of Vodafone’s potential bid sent its market cap up by over a quarter.