It’s time that foreign corporate greed stopped knee-capping India’s growth. Let’s urge Minister Mukherjee to close the Vodafone loophole now and stand up to claim what India is rightfully owed. Sign now, and when we reach 50,000 signatures, we’ll deliver the petition directly to Minister Mukherjee:
In 2007, Vodafone’s Indian arm acquired a two-thirds stake in Indian mobile operator Hutch Essar, which is owned by a Hong Kong-based company. Even though the assets were Indian, Vodafone managed to convince the Supreme Court that this massively profitable deal was not subject to Indian capital gains tax. Not only did Vodafone evade Indian tax, it hasn’t paid tax anywhere for this windfall – all because it hides behind shell companies.
British Finance Minister Osbourne has tried to protect Vodafone and argue that India should not alter its laws to recover the back-tax from Vodafone because it would harm foreign investment in India. But the Indian consumer market is growing exponentially, and a clear and rational tax system will only spur investment further.
Even more absurdly, Mr. Osbourne has proposed a 2012 budget in the United Kingdom with exactly the same provisions to prevent corporate tax evasion! Malaysia, Norway and other countries have also introduced similar laws – because sensible governments realize they must protect their tax base from corporate thievery like Vodafone’s.
We can help Finance Minister Mukherjee stand up to this outrageous bullying and protect tax justice in India. Sign now to stop the runaway corporate greed and recover 11,000 crore for India’s public budget:
Our economy is bursting with energy, with millions of Indians working hard and paying their fair share of taxes. As the largest democracy in the world, we can set a precedent for laws that protect citizens’ interests against the greed of multinationals – and clear a path for a fairer economy for all of us.
With hope and determination,
Ricken, Stephanie, Morgan, Diego, Emma, Shivendra, Kya and the rest of the Avaaz team
