Decision to do away with retro tax reveals coverage consistency, says PM

Prime Minister Narendra Modi on Friday stated the transfer to scrap retrospective tax reveals the federal government’s dedication to offering companies stability of funding local weather and coverage consistency. At a gathering with the business for enhancing exports, Modi stated exporters know the significance of coverage stability.
“The decision to abolish retrospective taxation shows government’s commitment (to providing stable investment regime) and consistency of policy,” he stated.
“Exporters doing business in various countries know the importance of stability,” Modi stated.

The authorities misplaced arbitrations initiated by Vodafone Group Plc and Cairn Energy Plc towards levy of again taxes and risked its belongings overseas being seized to implement such tribunal awards.
With PTI inputs