New legislation will improve protection for foreign investors in India by offering relief from possible policy changes but will uphold the state’s right to tax them, according to its draft and government documents seen by Reuters.
The bill also attempts to upgrade India’s investment climate and boost foreign investment by setting up new adjudicating authorities to swiftly resolve disputes. It is part of India’s efforts to become a $5 trillion economy by 2024, from around USD 2.7 trillion currently, the documents said.
Several firms including IBM, Royal Dutch Shell and Vodafone have collectively faced billions of dollars in tax claims from India’s government in recent years, leading to arbitration cases and protracted legal battles in courts.
Source: Reuters
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