CII’s new president Sumit Mazumder said that the tax demand on FIIs and Cairn is not retrospective tax
Apex industry chamber CII's new president Sumit Mazumder said that government's tax demand of Rs 40,000 crore on foreign institutional investors (FIIs) and Rs 20,495 crore on Cairn is not unusual
New Delhi: The apex industry chamber CII’s new president Sumit Mazumder said that government’s tax demand of Rs 40,000 crore on foreign institutional investors (FIIs) and Rs 20,495 crore on Cairn is not unusual.“This is not a tax haven. This is a country where you do business and you have to pay your taxes. There is nothing unusual in this case,” Mr Mazumder told this newspaper in an interview. He said that the tax demand on FIIs and Cairn energy is not retrospective tax.
“This was the tax which was due but was not paid. Any country in the world will always charge that. I don’t think any country will spare that,” said Mr Mazumder. The CII president said that he did not agree with statements that sheen is falling of the Modi government. “If people are going to expect the moon in one year, then best of luck to them. But if you really sit back and think about it, you can only do so much within a year,” he said.
Mr Mazumder said that he believes what the Modi government has achieved is much more than really is possible in a year. “His agenda is clear growth and prosperity. He has created environment which is conducive for growth. You can’t just come in without the environment being enabling, you can’t expect to move the economy,” he said.The CII president also added that the Modi government has been concentrating on creating an enabling environment.
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