India pushes retro tax agenda
India's finance ministry has announced a retroactive tax bill that would lay claim to revenue from offshore transactions dating back to 1962.
India’s Ministry of Finance put forward controversial proposals on March 16 that have stirred up a tax storm. If passed, the Finance Bill 2012 would empower the Central Board of Direct Taxation with unprecedented powers to retroactively tax any offshore transactions involving assets in India dating back to 1962, and also charge 10% tax on any software imported into India since 1976.
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