Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

GK > RETROSPECTIVE TAXATION > Flashcards

RETROSPECTIVE TAXATION Flashcards

1
Q

Inception of Retrospective Taxation

A

2012

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What did the Retrospective Taxation Law seek to Tax

A

Tax Indirect transfer of assets located in India

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Investors upon whom tax liability was imposed

A

Vodafone and Cairn Energy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Company which was bought by Vodafone

A

Hutchisson Essar Ltd in 2007

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Deals executed after _____ will be liable for paying tax

A

1962

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Tax claim for Vodafone

A

22,100 crores ( initially 7,990 crores )

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

When did Cairn made alleged capital gains

A

2006

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Vodafone HQs

A

Berkshire, England

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Vodafone CEO

A

Nick Read

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Cairn Energy HQs

A

Edinburgh , UK

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Cairn Energy CEO

A

Simon Thompson

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Proposed changes

A

1) no tax demand if transaction took place before 28th May 2012
2) Refund of tax collected albeit without interest
3) Tax raised would be nullified if litigation is ceased

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Permanent court of Arbitration

A

Hague, Netherlands,

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Cairn won the right to seize Indian Assets in _____ worth _____

A

France, 20 million euros

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Total refund to be paid

A

8100 crores

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Cairn energy looked forward to sell ____ stake to mining conglomerate _____

A

30%, Vedanta

17
Q

Which treaty was being violated as per Cairn Energy

A

India-UK Bilateral Investment Treaty signed in 1994, first ever bit by india

18
Q

Other countries having a retrospective taxation law

A

USA, UK , Netherlands, Canada, Belgium, Australia and Italy

19
Q

Which treaty was being violated as per Vodafone

A

India-Netherlands Bilateral Investment Treaty signed in 1995

20
Q

Tax claim raised on Cairn

A

10,247 crores

21
Q

When was PCA established

A

1899

22
Q

Why was taxation liability imposed on Cairn Energy

A

Because it transferred shares of Cairn India holdings to its counterpart , Cairn India

23
Q

Arbitration award by the PCA , Hague in the Cairn case

A

$1.7 billion

24
Q

When did Cairn initiate international arbitration

A

2015

25
Q

Which govt asset did Cairn seek to sue

A

Air India , in May 2021

25
Q

Which govt asset did Cairn seek to sue

A

Air India , in May 2021

GK (24 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions