Business leaders in Britain like their counterparts in India have been "concerned" about the need to have a stable and predictable tax regime in the country, the Chair of the UK India Business Council (UKIBC) Patricia Hewitt today said.
"... Not simply Indians, but British business leaders have been concerned about the need in India to have a stable and predictable tax regime," Hewitt said at the launch of the Sterling Assets India Report.
Asked about the sense among British firms on India's taxation regime, Hewitt told PTI: "Business leaders generally have welcomed the Finance Minister's very clear statement that the government does not intend to impose retrospective taxation and on the legacy issues. Everybody hopes these will be resolved sooner than later."
Finance Minister Arun Jaitley had stressed on Wednesday that the government's taxation road map is very clear.
"We have substantially put the whole idea of retrospective taxation to rest. The government has no intention," Jaitley had said.
The government, he added, was trying to resolve all major taxation issues outside the judicial system barring one (Vodafone tax case), which would be resolved through the judicial process.
"Of the major legacy issues, only one or two are left. I do not see much time before they are put to rest. The instability in tax administration is now being slowly (resolved)," the minister had said.
On the perception among British businesses on the Modi government's recent decision to allow the Ordinance on land acquisition to lapse, Hewitt said: "We perceive a very clear understanding from the government about the need to improve land acquisition in a way that is also fair to farmers and will enable development to take place... Clearly, it is politically very controversial and difficult.
