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finance | banking | taxes

Africa nations plan $8 billion fund to offset trade-pact losses
19-Jul-2021 Bloomberg
African nations plan to raise about $8 billion for a fund to help offset revenue losses for countries that lower cross-border tariffs, as part of a continent-wide free-trade agreement.
Britain’s Cairn gets French court order to seize 20 Indian properties in Paris
8-Jul-2021 The Tribune
The centrally located properties mostly comprise flats, valued at more than EUR 20 million, used by the Indian government establishment in France.
Israel, UAE sign double taxation prevention agreement
1-Jun-2021 The Jerusalem Post
The tax treaty and the investment-protection agreement lay the groundwork for increasing economic cooperation.
The Cairn $1.4 billion award is patently illegal
31-May-2021 NDTV
The arbitral award has condoned the tax avoidance scheme adopted by Cairn Energy.
Denying India its tax revenue is neo-colonialism. Cairn Energy is the new East India Company!
28-May-2021 The Leaflet
The perverse interplay of BITs with double taxation avoidance agreements has been bleeding India from the much-needed tax revenues.
For getting its $1.2-bn arbitration, Cairn sues Air India in US
17-May-2021 The Indian Express
Cairn filed the lawsuit in the US, seeking to make disinvestment-bound Air India liable for the judgment that was awarded to Cairn.
India has been short-changed by Vodafone and Cairn arbitral awards
27-Apr-2021 The Leaflet
The international economic law regime has stripped India of over $3.8 billion in taxes due by Vodafone and Cairn Energy, as the country is battling the Covid19 crisis.
Arbitration case: Cairn Energy offers to invest $1.2 bn if India relents
12-Apr-2021 Business Standard
Cairn Energy has offered to invest the entire award money in India, which includes the principal amount of $1.2 billion and interest of $500 million if the government agrees to enforce the award.
UAE and Israel move closer to tax treaty that will help boost foreign investments
8-Apr-2021 The National
A free trade agreement and double taxation treaty are among several frameworks being worked on by the UAE and Israel to increase trade and investments flows between the two nations after they normalised relations last year.
UK and EU reach agreement on post-Brexit financial services regulation
29-Mar-2021 France 24
Three months after Britain exited the EU, London on Friday reached a cooperation agreement on financial services with Brussels but despite this first step rivalries between the two sides remain.
India files appeal against $1.4-bn Cairn arbitration award
23-Mar-2021 Live Mint
India is believed to have challenged in a court in The Hague an arbitration tribunal verdict that overturned its demand for ₹10,247 crore in back taxes from Cairn Energy Plc — the second time in three months that it has refused to accept an international award against retrospective tax.
India has till mid-April to appeal against Cairn award on limited ground
19-Mar-2021 Business Standard
India has time till mid-April to file an appeal against an international arbitration tribunal ordering it to repay UK’s Cairn Energy Plc USD 1.2 billion-plus interest and cost, but the challenge can only be on limited grounds such as procedure not being followed.
India firms up grounds for appeal in Cairn Award, to file appeal this week
9-Mar-2021 Times Now News
India will be filing an appeal at The Hague this week against the $1.4-billion arbitration award against British oil firm Cairn Energy.
International investment agreements and their implications for tax measures
3-Mar-2021 UNCTAD
Most international investment agreements do not exclude taxation from their scope, which means that a wide range of tax-related measures are covered by them.
Canadian miner First Majestic wants to resolve its tax dispute with the SAT with international arbitration
3-Mar-2021 MRT
Canadian mining company First Majestic Silver Corp submitted a request for arbitration based on NAFTA, due to the tax debt and its differences with the Mexican government.
India to contest Cairn Energy arbitration award, lawsuits in international court
19-Feb-2021 Mint
The move signals the government’s resolve to defend its sovereign rights in taxation. The government has kept open possibility of settling the dispute within existing Indian laws.
Cairn Energy files case in US to push India to pay $1.2 billion award
17-Feb-2021 Mint
Cairn Energy has filed a case in a US district court to enforce a $1.2 billion arbitration award it won in a tax dispute against India, a court document showed, ratcheting up pressure on the government to pay its dues.
Regional trade pact will pave way for digital yuan
10-Feb-2021 China Daily
The RCEP will undoubtedly pave the way for China’s new digital yuan expansion throughout Asia.
Banks agree to end action against Croatia in loan conversion dispute
3-Feb-2021 Reuters
Six banks have agreed not to take legal action against Croatia over its conversion of Swiss franc loans into euros in 2015 at the lenders’ expense.
India may offer Cairn oilfield against $1.4 billion arbitration award
1-Feb-2021 Business Today
For a government struggling to find revenue to boost a COVID-19 battered economy, options of appeal against the arbitration award are limited and it may not have the financial bandwidth for such a payout.