{"id":433163,"date":"2021-08-31T12:29:53","date_gmt":"2021-08-31T06:59:53","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=433163"},"modified":"2021-08-31T12:30:11","modified_gmt":"2021-08-31T07:00:11","slug":"retrospective-tax-draft-rules-vedanta-has-to-withdraw-singapore-cairn-case-for-refund","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/retrospective-tax-draft-rules-vedanta-has-to-withdraw-singapore-cairn-case-for-refund\/","title":{"rendered":"Retrospective Tax \u2013 Draft rules: Vedanta has to withdraw Singapore Cairn case for refund"},"content":{"rendered":"<p>The government on Saturday issued a set of draft rules to implement the recent amendment to the Income Tax Act that scrapped retrospective application of a 2012 change in the law concerning taxation of cross-border transactions.<\/p>\n<p>As per the rules, in order for the government to revoke the tax demand and refund the amounts collected sans interest, the party concerned not only has to withdraw all pending litigation in domestic courts and arbitration under bilateral investment treaties filed abroad, but also ensure that cases filed by any \u2018separate interested parties\u2019, including beneficial owners, are withdrawn. This would mean that Vedanta has to undertake to withdraw the arbitration filed under India-Singapore tax treaty for Cairn Energy to avail of the facility offered by New Delhi.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government on Saturday issued a set of draft rules to implement the recent amendment to the Income Tax Act that scrapped retrospective application of a 2012 change in the law concerning taxation of cross-border transactions. As per the rules, in order for the government to revoke the tax demand and refund the amounts collected sans interest, the party concerned not only has to withdraw all pending litigation in domestic courts and arbitration under bilateral investment treaties filed abroad, but also ensure that cases filed by any \u2018separate interested parties\u2019, including beneficial owners, are withdrawn. This would mean that Vedanta [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,195,138],"tags":[],"class_list":["post-433163","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/433163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=433163"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/433163\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=433163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=433163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=433163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}