Decision to get rid of retro tax shows policy consistency, says PM

Prime Minister Narendra Modi on Friday said the move to scrap retrospective tax shows the government’s commitment to providing businesses stability of investment climate and policy consistency. At a meeting with the industry for boosting exports, Modi said exporters know the importance of policy stability.

“The decision to abolish retrospective taxation shows government’s commitment (to providing stable investment regime) and consistency of policy,” he said.

“Exporters doing business in various countries know the importance of stability,” Modi said.

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The government lost arbitrations initiated by Vodafone Group Plc and Cairn Energy Plc against levy of back taxes and risked its assets abroad being seized to enforce such tribunal awards.

With PTI inputs