{"id":589,"date":"2021-09-19T23:57:06","date_gmt":"2021-09-19T18:27:06","guid":{"rendered":"http:\/\/sh026.global.temp.domains\/~qmkgwamy\/taxrodo\/news\/?p=589"},"modified":"2021-09-19T23:57:09","modified_gmt":"2021-09-19T18:27:09","slug":"u-s-hails-to-withdraw-retrospective-tax-law","status":"publish","type":"post","link":"https:\/\/taxrodo.com\/news\/tax\/u-s-hails-to-withdraw-retrospective-tax-law\/","title":{"rendered":"U.S. Hails To Withdraw Retrospective Tax Law"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Retrospective Tax Has Been A <u>Black Mark<\/u> On India\u2019s Reputation<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"690\" height=\"390\" src=\"https:\/\/taxrodo.com\/news\/wp-content\/uploads\/2021\/09\/Retrospective-Tax_-tax_rodo.jpg\" alt=\"\" class=\"wp-image-590\" srcset=\"https:\/\/taxrodo.com\/news\/wp-content\/uploads\/2021\/09\/Retrospective-Tax_-tax_rodo.jpg 690w, https:\/\/taxrodo.com\/news\/wp-content\/uploads\/2021\/09\/Retrospective-Tax_-tax_rodo-300x170.jpg 300w\" sizes=\"auto, (max-width: 690px) 100vw, 690px\" \/><\/figure>\n\n\n\n<p class=\"has-drop-cap\">Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets.<\/p>\n\n\n\n<p> Bill introduced by the Finance Ministry will only encourage more international investments into India and is a welcome relief for companies who have long invested in the country. The USISPF is proud to have worked on this issue for many years,\u201d Mukesh Aghi, president and CEO of the USISPF.<\/p>\n\n\n\n<p>\u201cUSISPF applauds India\u2019s move to withdraw the retrospective tax amendment relating to tax on indirect transfers\u201d.<\/p>\n\n\n\n<p> \u201cThe 2012 decision of the UPA government to impose retrospective tax has been a black mark on India\u2019s reputation as a predictable investment destination\u201d.<\/p>\n\n\n\n<p> Prime Minister Narendra Modi inherited this bad legislation. \u201cAnd today we are delighted to see that he has finally decided to nullify it\u201d.<\/p>\n\n\n\n<p> Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets.<\/p>\n\n\n\n<p> The bill provides for the withdrawal of tax demand made on &#8220;indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 (i.e. the day the retrospective tax legislation came into being).&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Retrospective Tax Has Been A Black Mark On India\u2019s Reputation Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha that seeks to withdraw tax&hellip; <\/p>\n","protected":false},"author":7,"featured_media":590,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15],"tags":[256,255,254,18],"class_list":["post-589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax","tag-bill","tag-law","tag-retrospective","tag-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>U.S. Hails To Withdraw Retrospective Tax Law : 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