Many multinational firms will be breathing a sigh of relief this morning with the news that India’s Supreme Court found in favour of Vodafone in the long running tax dispute related to the firm’s 2007 acquisition of Hutchison Essar.
In a nutshell, the Court has ruled that India’s tax office has no jurisdiction over Vodafone’s $11bn purchase of mobile assets in India. For our view on some of the issues raised by the case, see our blog post from last week. We’ve also issued a media release welcoming the ruling.
Certainly a good end to the week!