Cairn arbitration award | Nirmala says it s her duty to appeal
Updated:
Updated:
March 06, 2021 08:11 IST
Last year, the government lost two high-profile arbitrations over the levy of taxes on British firms, using legislation that gave it the power to levy taxes with retrospective effect
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Union Finance Minister Nirmala Sitharaman. File
| Photo Credit:
PTI
Last year, the government lost two high-profile arbitrations over the levy of taxes on British firms, using legislation that gave it the power to levy taxes with retrospective effect Finance Minister Nirmala Sitharaman on Friday indicated the government’s intent to appeal against an arbitration panel asking India to return $1.4 billion to UK’s Cairn Energy Plc, saying it is her “duty” to appeal in cases where the nation’s sovereign authority to tax is questioned.
This should significantly improve the financial health of those local bodies, many of them aiming to raise bonds. Asias richest civic body, Brihanmumbai Municipal Corporation, is planning to raise up to Rs 4,000 crore, the Times of India reported on January 25.