MUMBAI/NEW DELHI (Reuters) – International trade groups representing more than 250,000 companies have told Indian prime minister Manmohan Singh in a letter that his government’s new retrospective tax proposals have led foreign businesses to reconsider their investments in the country.
India’s federal budget last month outlined a proposal to enable the tax authorities to make retroactive claims on overseas corporate deals and bring in new anti-avoidance measures, moves that have been criticized for further denting investor sentiment.
http://news.yahoo.com/global-business-groups-warn-india-over-tax-plan-080647693.html
See I knew it and my gut told me India would be the first to do this &*$#. Countries are going to start copying the US and come up with even stranger retroactive laws than the citizenship law.
They’ll say America is a land of laws, if they can get away with it why can’t we?
The whole world is going to go mad!
http://economictimes.indiatimes.com/news/nri/visa-and-immigration/after-2005-upswing-fewer-indians-emigrating-to-us/articleshow/16777980.cms
Wonder how widely the word about the US secretive and confiscatory treatment of pre-existing and non-US assets and family accounts has spread to India – and how much FATCA might make the US very much less attractive as a destination for immigration by anyone with any assets whatsoever.