Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Vodafone Group plc    VOD   GB00B16GWD56

VODAFONE GROUP PLC (VOD)
Mes dernières consult.
Most popular
Report
SummaryNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Vodafone Group plc : India May Hit Vodafone With $3.75 Billion Tax Bill After Law Change

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/09/2012 | 10:36am CET

India plans to demand about $3.75 billion in taxes from the Vodafone Group PLC (VOD.LN) if parliament approves a law to retroactively tax overseas mergers which have an underlying Indian asset, a senior official said Wednesday.

The demand will include basic tax of about $1.48 billion, a penalty of a similar amount and interest charges of about $790 million, Mr. R.S. Gujral, secretary at the Department of Revenue in the Ministry of Finance, said on television.

The amount mentioned by Gujral has been talked about for a while now, but this is the first time a senior government official has gone on record to confirm.

The amount is nearly double the $2 billion tax that the government is believed to have demanded earlier.

The case involves Vodafone's $11.2 billion purchase of a majority stake in Hutchison Whampoa Ltd.'s Indian assets in 2007. The British company acted through a Dutch subsidiary while Hutchison Whampoa did the deal using a Cayman Islands unit.

Vodafone says it isn't liable to pay any tax as the deal was conducted overseas, but the government says this argument is flawed as it involves the transfer of assets based in India.

The Supreme Court in January agreed with Vodafone's case.

The tax law change, introduced as part of the Finance Bill in March, is seen by industry experts as sidestepping the Supreme Court ruling.

The bill, which was passed by the lower house of parliament Tuesday, is now awaiting approval by the upper house.

If it is passed and gets presidential approval, it will allow India to tax transactions dating back to 1962.

"Once the Finance Bill is passed, the interest amount [in the Vodafone case] will be updated and then taken forward," Gujral said.

A Vodafone spokesman wasn't immediately available for comment.

--By Mumbai Bureau, Dow Jones Newswires; 91 22 6145 6100; [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on VODAFONE GROUP PLC
12/10 NTRA considering tendering new frequency bands for 4 mobile operators
12/08DJTelecoms Up on Deals View -- Telecoms Roundup
12/08DJTelecoms Up on Deals View -- Telecoms Roundup
12/08 VODAFONE : Chorus of disapproval greets NZ 5G plans
12/08DJVODAFONE : Barclays Champions Vodafone in Telecommunications -- Market Talk
12/08 VODAFONE : offers free speaker with Samsung Galaxy S7 Edge deal
12/08DJVODAFONE : Proposed Merger of Vodafone Malta, Melita Terminated
12/08 VODAFONE : Termination of the proposed merger between Vodafone Malta and Melita
12/08 VODAFONE : Termination of the proposed merger in malta
12/07 Comeback in banks, tech lifts euro zone stocks as Steinhoff collapses
More news
Financials (€)
Sales 2018 46 201 M
EBIT 2018 4 357 M
Net income 2018 2 012 M
Debt 2018 31 579 M
Yield 2018 5,55%
P/E ratio 2018 32,55
P/E ratio 2019 25,57
EV / Sales 2018 2,19x
EV / Sales 2019 2,15x
Capitalization 69 643 M
Technical analysis trends VODAFONE GROUP PLC
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
 
Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 2,81 €
Spread / Average Target 7,7%
EPS Revisions
Managers
NameTitle
Vittorio Amedeo Colao Chief Executive Officer & Executive Director
Gerard Johannes Kleisterlee Chairman
Nicholas Jonathan Read Group Chief Financial Officer & Executive Director
Johan Wibergh Group Technology Officer
Samuel Esson Jonah Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
VODAFONE GROUP PLC82 425
AT&T-14.06%225 485
CHINA MOBILE LTD.-7.32%199 256
NTT DOCOMO INC8.36%99 062
SOFTBANK GROUP CORP21.21%91 230
VODAFONE GROUP12.48%82 425