India’s Supreme Court has ruled that Vodafone isn’t liable to pay taxes on its acquisition of Hutchison Essar in 2007. The country’s tax authorities had claimed a total of around £2.8 billion was due in taxes and penalties.
This appeal in the Supreme Court followed a High Court defeat for Vodafone in 2010.
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Frank Meehan is stepping down from his role as CEO of Hutchison Whampoa-owned INQ Mobile.
He’ll now be working with other technology businesses owned by Li Ka-shing, the chairman of Hutchison Whampoa. Mr Meehan is on the board of Spotify, TOM, TOUT and Trapit.
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Hutchison Whampoa has reported half-year results that show a 26% increase in total revenue to over HK$ 187.3 billion (£14.7 billion).
The company's 3 Group - which includes Three UK - saw worldwide revenue grow by 12% in local currencies (and 23%, thanks to the Hong Kong dollar exchange rate). Its registered 3G customer base increased by 3% to over 30.2 million customers, including over 6.1 million mobile broadband customers.
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Hutchison Whampoa, the parent company of Three UK, has published its results for 2010.
Total revenue for the business was up 8% to almost HK$326 billion (around £26 billion), with the 3 Group reporting its first-ever positive earnings. It now has over 29.6 million 3G customers worldwide.
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India's Supreme Court has set 25th October as the next hearing for Vodafone's tax appeal. Vodafone could owe the Indian government more than 120 billion rupees (around £1.7 billion) following a court ruling earlier this month, although the company insists nothing is due. The case centres on Vodafone's 2007 purchase of Hutchison's Indian business, which saw Netherlands-based Vodafone International acquiring a stake in Hong Kong-based Hutchison; the stake was owned by a company in the Cayman Islands. Mumbai's High Court says Capital Gains Tax is payable and should have been collected by Vodafone.
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