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India’s scrapping of controversial retrospective tax law given cautious welcome

India’s move to abolish a controversial law that allowed it to tax foreign investments retrospectively has been cheered by analysts, though they remain cautious about how the decision will boost its image as a business-friendly destination.

The decision, made by the lower house of parliament last week and approved by the upper house late on Monday, paves the way for Asia’s third-largest economy to settle as many as 17 long-standing tax disputes with foreign investors.

The 2012 law had led to disputes with companies including British energy firm Cairn and telecoms giant Vodafone, which challenged New Delhi’s tax claims via international arbitration.

Read More at https://www.scmp.com/week-asia/economics/article/3144580/indias-scrapping-controversial-retrospective-tax-law-given

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